Tag: XRP price performance

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
Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85
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Crypto analyst Dark Defender has also weighed in on the recent narratives revolving around the XRP tepid price action. The analyst is choosing not to listen to any of those as he is confident that the future trajectory of the XRP token is bullish.

No Need To Listen To FUD

In a post on his X (formerly Twitter) platform, Dark Defender mentioned that he doesn’t listen to the FUD (Fear, uncertainty, and doubt). He also seemed to be urging the XRP community to ignore the FUD as he stated that the token is still proceeding according to “our plan” based on the weekly time frame.
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Source: X
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He alluded back to several comments and analyses he had made about XRP’s price action. One of them was on June 4, when he had set Wave 1 on the charts to $0.89. On June 21, he also detailed the target levels that XRP could attain. Meanwhile, he had set the limit for Wave 2 to $0.46 and Wave 3 to $1.88 on September 13.

Dark Defender noted that nothing has changed since then, as the targets “were and are the same.” The crypto analyst was basically suggesting that there was no need to be worried about XRP’s price action as everything was going according to plan from a technical analysis perspective.

XRP Still Headed To $5.85

As to XRP’s future trajectory, Dark Defender reaffirmed that the upcoming target is still $1.88 and $5.85 based on the Elliot Waves, which he had highlighted months back. From the accompanying chart that he shared, Dark Defender focused more on the $5.85 price level.
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Source: X

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He is confident in XRP hitting that price because he foresees the token touching the “261.80% Fibonacci Level at $5.85.” It won’t, however, be up from $1.88 as the crypto analyst predicts that there will be a correction from that price level.

Going by Dark Defender’s past price predictions, $5.85 won’t be the peak, as one can still expect upward price movement. The crypto analyst had previously mentioned that XRP would hit $18 soon enough. He noted then that XRP was likely going to face a strong resistance at $1.08. However, he projects that it will be “kaboom” once XRP is able to break from that level.

In the meantime, many will be hoping that XRP can at least experience a significant rally to end the year. At the time of writing, XRP is trading around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap.
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Token price at $0.61 | Source: XRPUSD on Tradingview.com
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Featured image from U.Today, 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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December 21, 2023
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
Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price
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As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token.

The Right Time To Be A “Buyer”

In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.

As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54.

However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.

In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”
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Source: X
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To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”

XRP Fundamentals Are Also Bullish

The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia.

The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service.
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Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com
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Featured image from Decrypt, chart from Tradingview.com
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Scott Matherson

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November 9, 2023
XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com
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The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.

Rise In Daily Transactions Could Be Driving The XRP Price

Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.

According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.
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Daily transaction count crosses 1 million | Source: BitInfoCharts
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By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.

Ripple Lawsuit Coming To A Natural End

After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.

Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”

While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.

A Possible IPO

A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.

There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.
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XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com
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Featured image from AMB Crypto, chart from Tradingview.com
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Scott Matherson

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November 6, 2023
Crypto Analyst Who Predicted XRP Price Breakout Reveals What’s Next | Bitcoinist.com
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Crypto analyst Alan Santana has been continuously bullish on the XRP price and has previously predicted a breakout for the digital asset. With the rise in the crypto market over the last day, the analyst’s prediction of a surge has come to pass. Now, in an update, Santana reveals what is next for the beloved altcoin.

Predicting The XRP Price Rally

Santana first took to TradingView to share his analysis of the XRP price performance on October 13. This initial post had been made when the price of the digital asset was still trading at just $0.48, and way before the United States Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple’s co-founders.

In this initial post, Santana had referred to the XRP price at the time as “great timing” for an entry and he turned out to be right. The next update from the crypto analyst was on October 16 where he said that the digital asset still had very high growth potential.
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XRP maintains bullish momentum | Source: Tradingview.com
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Then on October 20, after the SEC dropped its charges against the Ripple execs, Santana said that the victory “opens the doors for a 150% rally.” Now, while the XRP price is yet to hit this 150% target, it has already risen 114% from the time of the first post when XRP was trading at $0.48.
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XRP shows strength amid correction | Source: XRPUSD on Tradingview.com
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What’s Coming Next?

In the latest updates of the analysis, Santana explains that “XRP is showing zero signs of weakness.” As the analyst puts it, every single XRP signal across all timeframes has been waxing stronger amid the crypto market resurgence.

The analyst expects a continuation of the bullish momentum with further upside to come. Sticking to the expected 150% rally, the XRP price could run up to $0.6 before running out of steam or hitting major resistance along the way.

“Just as the chart succeeded in predicting a Ripple win and major XRP rally before the event actually took place… The chart is once more saying, ‘forget the doubters, a higher high comes next!’” Santana’s TradingView post reads.

As the analyst predicted, XRP is still showing a lot of strength in the market after crossing the $0.55 mark. Its price is up 4.98% in the last day alone. Its 11.45% weekly surge has brought its market cap above $29.4 billion, while its daily trading volume shows a 200% increase, according to data from CoinMarketCap.
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Best Owie

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October 23, 2023
Curious Patterns Emerge Amid XRP Price Explosion | Bitcoinist.com
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The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.

Real Volume Amid XRP Price Rally

In the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.

Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.

Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance at this time.
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Source: Messari
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There has also been an increase in the real volume on Monday, showing high levels of interest in the altcoin. Before trading hours opened on Monday, real volume was already up to $484 million, a 71% increase from Sunday’s real volume figures of $282 million.

Transaction Count Falls Below 1 Million

Since Judge Analisa Torres declared that programmatic XRP sales did not qualify as security contracts, the daily transaction counts on the XRP Ledger have been on the rise. Coupled with the surge that the XRP price underwent, the daily transaction numbers have consistently come in above 1 million.

However, this is starting to change as the XRP transaction counts have fallen below this level. According to data from BitInfoCharts, the total daily transactions over the last day have come out to 931,742 transactions. This is an increase from the October 13 local lows of 765,408 but still lower than its average over the last few months.
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Source: IntoTheBlock
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This could suggest that there is a lower activity in using the blockchain, although it is not a large margin. It could also coincide with investors being more focused on profit-taking due to the increase in the XRP price for now.

At the time of writing, the XRP price is seeing 24-hour gains of 1.77% to trade at $0.5272, according to data from CoinMarketCap. On the weekly chart, the altcoin is recording 5.41% gains.
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Token price rests above $0.52 | Source: XRPUSD on Tradingview.com
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Featured image from IndexUniverse Crypto, chart from Tradingview.com
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Scott Matherson

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October 23, 2023
XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over
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The XRP price saw an impressive run over the last day after news broke that the US Securities and Exchange Commission (SEC) was dropping its lawsuit against Ripple’s executives. This surge carried on into Friday as the altcoin’s price was able to clear the $0.53. Naturally, there has been a pullback from this price level, but whale transactions suggest that the rally may not be over.

Crypto Whales Flex Their Buying Power

In the last day, crypto whales have been showing their buying power as the price of cryptocurrencies such as XRP saw a recovery. The first indication of this was a number of large USDT transactions that were making their way toward centralized exchanges.

The first of these reported by whale tracker Whale Alert was $100 million in USDT transferred to Binance. Then two other transactions carrying the same amount of tokens followed suit, all headed for the Binance exchange as well. Another 50 million USDT would make their way to the exchange just a couple of hours later.

Then the minting of $1 billion USDT at the Tether Treasury took place as Thursday drew to a close. What followed was a number of transactions carrying USDT in 50 million tranches headed for Binance. The transactions continued into Friday, with the most recent being two hours old, at the time of this writing.
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XRP remains bullish | Source: XRPUSDT on Tradingview.com
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What This Means For XRP Price

The continuous transfer of stablecoins to centralized exchanges can often signal a willingness to purchase cryptocurrencies. Mostly, these purchases are in Bitcoin but the buying power tends to have a trickle-down effect. Meaning, that as the price of Bitcoin goes up, so will the XRP price.

In this case, if whales continue to buy and push the Bitcoin price past $30,000, then the XRP price is likely to follow suit and break the $0.55 resistance while at it. However, the XRP price also faces strong resistance as whales have taken to selling.

As Whale Alert shows, there were a number of large XRP transactions headed toward centralized exchanges. The most notable of these are the 32.3 million XRP worth $15.79 million at the time sent to the Bitso exchange, as well as the 31.1 million XRP worth $15.2 headed to the Bitstamp exchange.

These whale movements suggest a battle between bulls and bears as they struggle for dominance. But XRP price continues to show strength with 7.44% gains in the last 24 hours, and up 6.94% in the last seven days.

Featured image from Bitcoinist, chart from Tradingview.com
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Scott Matherson

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October 20, 2023