Tag: XRP Price Chart

XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC
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Market intelligence platform Santiment recently revealed how XRP whales look to be going all in on XRP following significant purchases of the crypto token. Notably, these buys are said to be the most since Ripple’s partial victory over the Securities and Exchange Commission (SEC).

XRP Records 217 Whale Transactions

Santiment stated in an X (formerly Twitter) post the XRP Ledger processed 217 ‘$1 million whale transactions’ on the network on January 31. This happens to be the most transactions of such magnitude recorded in a single day since Judge Analisa Torres ruled that XRP wasn’t a security in itself last year July.

Just like Santiment noted, such an occurrence has the potential to impact XRP’s price positively. XRP had risen to as high as $1 on the back of Judge Torres’ ruling as it strengthened the conviction of the altcoin’s holders, who then decided to double down on their investments. If such a similar scenario plays out again, then XRP is expected to experience price surges soon enough.

The market intelligence platform also added that some key signals indicated that XRP was “one of the better candidates for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of the week.” The altcoin had dropped below the crucial support level of $0.5 following Bitcoin’s recent decline. However, it is back above that level as the market shows signs of recovery.

Meanwhile, despite XRP’s relatively stagnant price action, these whales do not seem to be worried. Santiment revealed that wallets holding at least 10 million XRP tokens combined to hold 67.2% of the available supply, the most since December 31, 2022.
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Token price at $0.5 | Source: XRPUSDT on Tradingview.com
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Binance Freezes $4.2 Million Worth Of Tokens

Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze $4.2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach on the personal XRP accounts of Ripple’s co-founder Chris Larsen, which led to the theft of more than 213 million tokens.

Teng also mentioned that the Binance team will help retrieve the remaining funds in any way they can. He added that they were closely monitoring the majority of the funds in the exploiter’s external wallets just in case they tried depositing these tokens to Binance.

The exploiter is reported to have laundered some of these funds through crypto exchanges like MEXC, Gate, Kraken, OKX, and HitBTC.

Featured image from Analytics Insight, 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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Scott Matherson

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February 2, 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
Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

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Following Bitcoin’s spot exchange-traded fund (ETF) approval on January 11, market speculation has grown around the possibility of similar investment vehicles for major cryptocurrencies, including a spot XRP ETF. However, certain requirements and regulatory considerations must be met before such a development can occur.

Regulatory Prerequisites For Spot XRP ETF

FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF.

In the case of Bitcoin, the approval of spot ETFs was conditional upon the Securities and Exchange Commission (SEC) concluding that the Chicago Mercantile Exchange (CME) Bitcoin futures market provided sufficient surveillance against fraud and manipulation.

Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

Bloomberg ETF expert James Seyffart shares a similar sentiment, stating that he does not anticipate an XRP ETF launching this year. Seyffart cites the ongoing SEC case against Ripple as a factor influencing his stance, suggesting that an XRP ETF is more likely to emerge once the regulatory matter is resolved.

Seyffart adds that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange would be a prerequisite for the SEC to consider any applications for a spot XRP ETF. Seyffart hints that an XRP futures ETF could also be advantageous in this context.

The SEC has maintained a cautious approach towards spot ETFs involving crypto assets due to concerns about potential market manipulation. Seyffart emphasizes that the availability of XRP futures trading on a regulated platform, such as the CME, would provide a favorable framework for the SEC’s consideration of a spot XRP ETF, especially given previous court rulings highlighting the correlation between futures and spot markets.

Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space.

A recent job advertisement posted on Ripple’s website reveals their search for a Senior Manager in business Development, with a focus on institutional decentralized finance (DeFi). The role includes spearheading cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.

XRP’s Future Potential – From $0.5299 To $27?

Crypto market analyst EGRAG crypto has conducted a comprehensive price analysis of the XRP token. Despite peaking in 2023, when the price reached a high of $0.9376 on July 13, the token has retraced more than 15% since the start of 2024 to a current trading price of $0.5299.

However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement.

The analysis focuses on three price levels: $3.5, $6.5, and $27. Based on previous instances (labeled A, B, and C), EGRAG extrapolates potential future price movements using the same percentage increases observed in the past.

XRP’s price targets are based on historical patterns. Source: EGRAG Crypto on X

The first potential scenario is a significant price surge to $27, representing a massive 4500% increase. This prediction is based on a similar percentage move observed in the past (from previous instance A), seen in the chart above.

The second scenario suggests a more conservative projection, with XRP potentially experiencing a solid 1000% increase to $6.5. This projection is based on historical patterns observed in previous instance B.

In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token.

Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen.

Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

The daily chart shows XRP’s downtrend. 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 27, 2024
Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

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The XRP price has seen a strong uptrend in recent days, demanding attention from investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.

“We set $0.66 as a very short-term target, and now it’s broken in the 4-hour time frame. Congrats, who believed in it,” tweeted Dark Defender.

The Next Near-Term XRP Price Target

The analyst highlights the necessity for XRP to maintain its stance above this level to confirm its bullish trend. “We need to stay above this level today as well. The daily time frame indicates we are oversold, so there might be back-tests to $0.66 daily,” Dark Defender added, hinting that a corrective move could be imminent.

Remarkably, Dark Defender’s not solely confined to daily movements; the analyst provided a comprehensive bullish outlook across various time frames. “Daily Time Frame, Bullish; Weekly Time Frame, Bullish; Monthly Time Frame Bullish,” stated Dark Defender, reaffirming a strong uptrend sentiment after several months of anticipation.

In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We must observe XRP close above $0.6649 first, a prerequisite for a crucial Fibonacci Level of $1.88.”

Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equivalent in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.

Long-Term Price Targets

The realignment of focus will shift to $5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815 is broken, then we can set $5.8563” as the next target, the analyst explains, setting an ambitious but calculated path for XRP’s potential growth.

XRP price analysis | Source: X @DefendDark

The chart shared by Dark Defender showcases the XRP price targets, illustrating a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method hinges on the notion that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.

The chart indicates that XRP is currently in an Elliott Wave pattern, a structure that consists of impulse and corrective waves. The impulse waves, labeled as 1, 3, and 5, move in the direction of the trend, while the corrective waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP completed its wave 1 and wave 2, with wave 1 characterized by a sharp increase in price and wave 2 marking a retracement.

Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The 1.618 Fibonacci extension level provides the next target for this wave at $1.88. However, Dark Defender’s ultimate target for wave 3 is above the 2.618 Fibonacci extension level at $5.88.

As for wave 4, Dark Defender expects a slight corrective wave, which will likely see the price retrace from the highs of wave 3, but not below $3.5. Finally, wave 5 is anticipated to push the price up again, completing the Elliott Wave cycle. If the prediction of the analyst holds true, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial increase of more than 2,500% from the current levels.

At press time, XRP trade at $0.6933.

XRP price, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Jake Simmons

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November 7, 2023