Tag: Ripple (XRP) Price Analysis

Ripple Whales Accumulate Over 380 Million XRP in Just 10 Days: Is A Breakout Near?

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XRP has shown remarkable resilience recently, maintaining its position above a critical support level, though a significant price move still looms. Key data from Santiment reveals that whales are actively accumulating XRP, having purchased over $228 million in the past few days.

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This aggressive accumulation suggests a growing confidence among large holders as the market rallies toward higher prices. Analysts and investors closely watch XRP, anticipating a breakout from key supply levels that could trigger a rally to new highs.

With bullish sentiment rising, the next few days will be crucial in determining XRP’s price direction and its role in the ongoing market cycle. Will this whale activity lead to a major upward move, or could XRP remain in its current range? Only time will tell, but expectations are high as momentum builds in the broader crypto market.

XRP Investors Waiting For A Big Move

The crypto market has seen a significant surge, with Bitcoin and many altcoins posting double-digit percentage gains in recent days. The Federal Reserve’s decision to cut interest rates by 50 basis points sparked this rally, fueling optimism among investors now eyeing the potential start of a new crypto bull run. While investor sentiment for XRP has turned positive, the market has not yet reflected this in the token’s valuation.

Top analysts and market participants are sharing insights that suggest XRP may be gearing up for a strong performance this cycle. One prominent technical and on-chain analyst, Ali, highlighted c ompelling data from Santiment, which shows that XRP whales are making substantial moves.

XRP whales bought over 380 million XRP in the past 10 days. | Source: Ali on X Santiment Chart

In the past 10 days, these large holders have purchased over 380 million XRP, valued at approximately $228 million. This marks the highest level of whale accumulation since early August, a bullish signal for XRP. The accumulation of XRP by whales—often considered “smart money”—is a sign of strength and confidence in the token’s future price action.

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As the broader market continues to push higher, investors are optimistic that this accumulation could be an early indicator of a major rally for XRP in the coming days. With momentum building, many are positioning for the next big move.

Price Levels To Watch

XRP is currently trading at $0.59 after several days of choppy price action, testing a supply level around this range. While XRP remains above the daily 200 moving average (MA) at $0.549—a sign of long-term strength—it has struggled to close above the $0.60 mark since late August.

For bulls to trigger a move to new local highs, the price must reclaim the $0.60 level and hold above it. Doing so would set the stage for a challenge to a key liquidity zone around $0.65.

XRP is trading above 1D 200 MA but struggles to close above $0.60. | Source: XRPUSDT chart on TradingView

The $0.65 price point has served as a significant resistance level, unbroken since early March. It’s also considered a psychological barrier that, if breached, could drive the price to higher levels rapidly. Investors and analysts are keeping a close watch on this level, as breaking through it would likely bring renewed bullish momentum.

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However, if the price fails to close above the current price level in the coming days, a pullback toward the daily 200 MA around $0.55 is expected. This would mark a critical test of support, and any breach below this level could signal further downside risk for the token.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

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September 20, 2024
XRP ‘The Safest Investment To Make 100% ROI’ – Former Asset Manager Shares Price Targets

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XRP is holding strong above a critical price level after weeks of choppy price action, now testing local demand to push higher. Many analysts and investors remain confident about a potential surge in the coming months, with some projecting significant price gains once XRP consolidates above current levels.

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One top analyst and former asset manager, Amdtrades, shares this optimistic outlook, predicting a price increase above $1.26 shortly. Despite the confidence, uncertainty lingers across the broader market.

The next few days will be crucial in determining the overall direction of XRP and the crypto market. Analysts believe that how XRP performs during this period could either fuel bullish sentiment or lead to further consolidation. Investors are closely watching these developments, as XRP’s movement could set the tone for market trends in the coming months.

XRP Could Surge To $1.26 In Weeks

XRP has recently demonstrated notable resilience compared to other altcoins. It has held firm above key liquidity areas and signaled a positive outlook for the months ahead. Many analysts and investors are beginning to notice the potential for a substantial price surge shortly.

One prominent crypto analyst, Amdtrades, with nine years of experience as an asset manager and derivatives trader, recently shared his technical analysis on X, highlighting XRP’s strong positioning. In his analysis, Amdtrades showcased a weekly XRP chart that clearly outlines a defined uptrend. This uptrend has been consistently respected by the price, suggesting solid monthly support that could serve as the foundation for further upward momentum in this market cycle.

XRP monthly accumulation cycle with a $1.26 price target. | Source: Amdtrades on X XRPUSDT chart on TradingView

Amdtrades views XRP as one of the safest investments for those seeking a 100% return on investment (ROI) in the crypto space. He has identified several key price targets for XRP, specifically around $1.18 and $1.26, which he anticipates will be reached in the coming weeks.

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According to his analysis, if XRP continues to hold above current levels and successfully clears out local supply near $0.70, an aggressive surge toward these targets is highly likely.

Such a breakout would not only validate XRP’s uptrend but also position the cryptocurrency for even higher price levels as bullish sentiment strengthens. As the market faces uncertainty, XRP remains a strong contender for those looking to capitalize on its strength and potential upside in the near term.

Price Action Details

XRP is currently trading at $0.587 after several days of volatility, following a 19% surge from local lows. The altcoin has struggled to break past this price level, but it remains above a critical support area.

XRP is trading above the 4-hour 200 exponential moving average (EMA) at $0.563, which has acted as a key indicator of short-term strength. This level was tested as support yesterday, confirming XRP’s recent stability despite volatile market conditions.

XRP is trading above the 4H 200 EMA. | Source: XRPUSDT chart on TradingView

For bulls to maintain momentum, XRP must break above the $0.60 mark, confirming a higher high and signaling a move toward higher supply levels. Breaking this resistance would suggest the continuation of a bullish trend and potentially lead to a stronger recovery for the altcoin.

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On the other hand, if XRP fails to maintain support above the 4H 200 EMA, it could face a deeper correction. A breakdown would likely lead the price to test local demand around the $0.545 level, putting short-term bullish hopes in jeopardy. Maintaining support at current levels is essential for a sustainable rally.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

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September 17, 2024
Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

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XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple’s co-founders.

Personal XRP Accounts Impacted, Not Ripple’s

Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.

According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated:

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.

XRP Price Analysis

Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.

Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.

Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.

XRP price targets are based on the Elliott Wave theory. Source: EGRAG Crypto on X

According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.

Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.

However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.

If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.

The daily chart shows XRP’s price trading above $0.500. Source: XRPUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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January 31, 2024
XRP Price Outlook: Expert Forecasts Potential Rise To $5.5
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In the evolving cryptocurrency market, XRP, currently ranked as the fifth largest digital asset, has recently exhibited a modest price increase compared to its major counterparts.

However, when examining XRP’s performance across various time frames, the token has reported significant gains. Nonetheless, it is worth noting that XRP is currently trading well below its yearly high, in contrast to its peers who have achieved and surpassed new highs in 2023 during the recent bullish surge.

Impending XRP Price Breakout?

Prominent industry expert using the pseudonym “Crypto Insight” on the X platform (formerly known as Twitter) shared an intriguing update with his over 20,000 followers, signaling an impending XRP blastoff.

According to Crypto Insight, it becomes apparent that XRP tends to lag behind the price action of Bitcoin (BTC), the leading cryptocurrency. However, there are indications that XRP breakouts are gradually converging with the movements of BTC.

Analyzing historical data, Crypto Insight highlights that the time taken for XRP to experience significant breakouts has been decreasing over time.

The first major breakout took approximately 22 days, while the most recent pump occurred within a shorter time frame of 13 days. If this trend of closing the gap between XRP and BTC continues, it suggests a potential breakout date around November 15th.

Additionally, XRP has undergone a cooling-off period in the 4-hour time frame, implying that there might be further room for a downside correction before a reversal to the upside occurs.

Crypto Analyst Targets $5.5

Crypto analyst Egrag Crypto has recently unveiled a noteworthy forecast for XRP, centering around the Multi-Year Ascending Triangle (MYAT) pattern, which holds significant implications for XRP’s price movements.

XRP’s MYAT pattern. Source: Egrag Crypto on X.

According to Egrag’s analysis, The MYAT pattern indicates that XRP experienced a breakout above the Symmetrical Triangle after reaching the 70% completion mark, which aligns with the timeline of July on the chart.

The surge in price to $0.93 and the subsequent retest at the breakout point are seen as part of a standard retest process, indicating potential strength in the upward momentum.

Looking ahead, Egarg Crypto highlights several key projections for XRP:
1. XRP appears to be poised to reach a target of $1.3, as indicated by the Blue Ascending Triangle on the chart. This level represents a significant milestone that XRP could potentially achieve in the near future.
2. The next notable move for XRP could potentially propel it to $5.5. However, it is important to note that at this price level, a considerable selloff by retail investors is anticipated, according to Egrag.
3. Building upon the larger symmetrical triangle pattern, Egarg Crypto suggests that XRP could see a remarkable 500% price increase in the future, indicating the potential for a substantial pump.
XRP’s consolidation above $0.600 on the daily chart. Source: XRPUSDT on TradingView.com

Currently, XRP is grappling with the challenge of establishing consolidation above the crucial $0.600 level, which holds significant implications for the cryptocurrency’s future price uptrend and overall prospects. In the past 30 days, XRP has recorded a gain of 35%.

However, the sustainability of this price action for the anticipated second leg up in November remains uncertain.

Featured image from Shutterstock, chart from TradingView.com
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Ronaldo Marquez

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November 10, 2023
Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court

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In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the company’s regulatory hurdles. He expressed his views on the cryptocurrency landscape in the United States.

Ripple CEO Warns Of US Risking Market Share Loss

According to a Fortune Magazine report, Garlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks must be more cautious about engaging meaningfully with cryptocurrencies.

Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the crypto industry.”

While Ripple’s court victory in July was seen as a positive development, Garlinghouse believes that the SEC’s overall approach, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is hindering the industry’s growth in the US.

Garlinghouse emphasized that while the US has hostility towards crypto, other countries actively welcome crypto companies and investments by providing clear regulatory policies.

As a result, the US risks losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse expressed his belief that the US can still become a leader in the industry but highlighted the urgency for clear and constructive regulatory frameworks to be established.

CEO Vows To Escalate Legal Battle With SEC To Supreme Court

Given the challenges faced in the US, Garlinghouse announced that Ripple would continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring in the current year will be conducted outside of the US, reflecting the company’s need to operate in more favorable regulatory environments.

Garlinghouse emphasized the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the US hinders Ripple’s ability to operate effectively within the country.

During the conference, Garlinghouse expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court.

Garlinghouse stated that Ripple is prepared to pursue legal avenues until a resolution is reached. This firm stance underscores Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.

Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the wider cryptocurrency industry in the United States.

Despite recent court victories, Ripple encounters obstacles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s readiness to escalate the legal battle to the Supreme Court demonstrates Ripple’s determination to seek a resolution and establish a constructive regulatory framework.

As Ripple expands its operations globally, the hope remains that the US will adopt more welcoming and supportive regulations to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.

XRP’s sideways price action over the past hours on the daily chart. Source: XRPUSDT on TradingView.com

As of the current market update, XRP is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 8, 2023