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Tag: xrp

  • Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

    Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

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    The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.”

    XRP Price Leaves Accumulation To Markup Phase

    Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is now, and where it is headed using distinct terms.

    The first phase outlined in the chart is the markdown phase which took place after the price surge following Ripple’s first victory over the United States Securities and Exchange Commission (SEC) in July. This markdown phase saw the price go from as high as $0.9 to as low as $0.45 when all was said and done.

    What came after the markdown phase was complete was the accumulation phase. Here, the XRP price traded in a pretty tight range, offering an opportunity for investors to buy as many coins as possible. During this phase, the price never crossed above $0.55.

    Source: TradingView.com

    Next came the markup phase which is where the XRP price is currently residing. This markup phase is when the price starts to recover. “After breaking above the 0.55 level mentioned in my previous idea, XRP exited the accumulation phase and entered the markup phase,” the analyst said.

    This markup phase is important in the fact that it possesses the strength for the XRP price to continue to grow. However, like with any rally, it faces a good measure of resistance from bears who continue to try to pull the price down.

    XRP price chart from Tradingview.com (Markup phase)
    XRP recovers above $0.68 | Source: XRPUSD on Tradingview.com

    The most important level for bulls to break in this markup phase, according to the analyst, is $0.7345, from which the price has already been rejected once on Monday. The Signalyst believes that if this level is broken, then bulls can maintain control of the price. The chart suggests a rise as high as $0.8 following a break of this resistance; an event that would cement XRP’s bull rally.

    “Meanwhile, XRP could still face rejection at the resistance, which can be confirmed on lower timeframes,” the analyst warned. “In this scenario, a correction towards the 0.55 support level would be anticipated.”

    Despite the drawdown, the XRP price is still showing bullishness and a high level of interest from investors. Its daily trading volume is up 32% in the last day, breaking above $3.3 billion. Its price is currently sitting at $0.69, up 1.63% and 21% on the daily and weekly charts, respectively.

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    Best Owie

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  • Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

    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
    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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  • XRP Hits Critical Level – Should Traders Brace For Impact?

    XRP Hits Critical Level – Should Traders Brace For Impact?

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    XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. Investors and traders have witnessed remarkable gains, with the hourly chart indicating a bullish trend despite a sharp rise. As the price of XRP hovers around $0.696533, CoinGecko reports an impressive 8.9% increase in the past 24 hours, marking a seven-day rally of 24.4%.

    Bulls are flexing their muscles on the daily time frame, underlining the cryptocurrency’s resilience and potential for further upward movement. An analysis of XRP’s price action reveals several compelling factors that suggest a bright outlook for this digital asset.

    Sustained Momentum Above Key Moving Averages

    XRP’s current price of $0.696533 is not merely a fleeting spike. It is notably trading above the 50-day and 200-day exponential moving averages (EMAs), a strong indicator of bullish sentiment. When a cryptocurrency maintains a position above these key EMAs, it typically signifies a solid foundation for a prolonged uptrend.

    The potential for a bullish cross between the 50-day and 200-day EMAs adds weight to the argument for sustained growth. This technical configuration implies that XRP may continue to climb, potentially attracting even more investors looking to capitalize on the positive price action.

    XRP market cap currently at $37.546 billion on the daily chart: TradingView.com

    RSI Confirms Strong Buyer Sentiment

    In addition to the moving averages, the Relative Strength Index (RSI) for XRP is comfortably above the 50 mark. The RSI is a momentum oscillator that measures the speed and change of price movements. When it crosses the 50 threshold, it indicates a shift towards bullish sentiment.

    With the RSI clearly in the bullish territory, it further solidifies the notion that buyers are firmly in control of XRP’s price trajectory. This heightened level of buyer confidence is a crucial driver for the cryptocurrency’s ongoing price appreciation.

    Critical Resistance Point

    While XRP’s recent performance is undeniably impressive, traders and investors should exercise caution and closely monitor the daily bar closure, particularly in relation to the resistance level at $0.6541. This price point serves as a critical juncture that could influence the direction of XRP’s price movement.

    Breaking through this resistance could propel XRP to even greater heights, possibly establishing new support levels at higher values. Conversely, failing to surpass this obstacle may lead to a temporary setback. Therefore, staying vigilant and responsive to the market’s dynamics is paramount for those considering XRP investments.

    Source: Santiment

    XRP Whale Appetite Increasing

    Meanwhile, there has recently been a notable increase in the acquisition of XRP by prominent cryptocurrency investors, referred to as “crypto whales.”

    This surge in purchasing activity has contributed to a highly dynamic commencement of the month of November this year. The XRP price surge has been significantly influenced by bullish trading activity observed within a cohort of strategic crypto whales, as indicated by recent on-chain data.

    Whales, who possess between 100,000 and 1 billion XRP, accumulated an extra 1.26 billion XRP between October 24 and November 6, setting a new record for their total holdings in 2023. The chart above illustrates how the price of XRP began to rise positively around October 24, which is when these wealthy investors started making large purchases of the cryptocurrency.

    At $0.68 per XRP, the 1.26 billion XRP obtained are worth $850 million. XRP price rose over the important resistance zone at $0.65 after this significant investment in two weeks.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Shutterstock

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    Christian Encila

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  • XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com

    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.

    Daily transaction count crosses 1 million | Source: BitInfoCharts

    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.

    XRP price chart from Tradingview.com (Ripple)

    XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com

    Featured image from AMB Crypto, chart from Tradingview.com

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    Scott Matherson

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  • Pro-XRP Lawyer Reveals Why A $20 Million Settlement Is A Total Victory For Ripple

    Pro-XRP Lawyer Reveals Why A $20 Million Settlement Is A Total Victory For Ripple

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    Ripple is now well on its approach to putting its extended legal battle with the SEC behind it, and a settlement is finally in sight. Prominent lawyer and XRP supporter John E. Deaton recently contributed his two cents, noting how a settlement would be the best case for Ripple. According to the attorney, it is a 99.9% victory if Ripple ends up paying $20 million or less in settlement.

    A Lengthy Legal Battle Almost Getting To An End

    The legal tussle between the US Securities and Exchange Commission and payment giant Ripple has dragged on for quite a while. The SEC filed a lawsuit against Ripple Labs in 2020, alleging that Ripple’s XRP token is an unregistered security. This shocking lawsuit sent shockwaves through the crypto community and XRP’s price growth remained stunted until the second part of this year. 

    Ripple secured partial victory for XRP in court, as the sales of the crypto to retail investors was deemed not to be sales of securities. Although federal Judge Analisa Torres rejected the SEC’s motion to appeal the Ripple ruling, the case is still in court as the category of the early sale of XRP to institutional investors is still yet to be determined. An order on the SEC and Ripple’s request to propose the next steps on the judgement regarding institutional sales of XRP was recently approved.

    The consensus among industry experts is that Ripple has won a partial victory with a score of 50-50, and that the next stage will be to reach a settlement. On the other hand, Deaton is of the opinion that the judge ruled “more like 90-10 in Ripple’s favor.” 

    Deaton made this known in a reply on social media to another post about the SEC’s setback in SEC v Govil. According to Deaton, a $20 million settlement payment or less would be a huge win for the blockchain company. It’s important to note that Deaton has suggested in the past that the SEC wants a $770 million settlement. 

    The SEC has since dropped its separate lawsuit against Ripple’s CEO, Brad Garlinghouse, and Co-founder, Chris Larsen. However, Larsen believes the regulator should be held accountable for its baseless witch hunt and the chaos which it created.

    XRP market cap currently at $34.542 billion. Chart: TradingView.com

    Precedent For Future Crypto Lawsuits

    The final outcome of Ripple’s legal battle with the SEC will have major implications for the entire crypto industry. It would provide clarity on how the SEC determines if a digital asset qualifies as a security. 

    As of right now, XRP is the only crypto with regulatory clearance in the US.  On the other hand, executives of SafeMoon were recently arrested by the US Department Of Justice for perpetrating a massive fraud on its investors.

    Featured image from Shutterstock

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    Scott Matherson

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  • Is A Ripple IPO Good Or Bad For XRP? Expert Shares Reasons

    Is A Ripple IPO Good Or Bad For XRP? Expert Shares Reasons

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    A number of intriguing developments have emerged, all of which point to cryptocurrency giant Ripple may be in the works of launching an Initial Public Offering (IPO). As expected, concerns have been raised among the XRP community about whether a Ripple IPO could negatively affect the price of XRP in the long run. But crypto expert Panos Mourkas isn’t worried, dismissing concerns about the launch of an IPO negatively impacting the price of XRP.

    Concerns Surface Over Ripple’s Planned IPO Hurting XRP

    Ripple hasn’t announced its going public yet, but crypto analysts have pointed to the company’s recent hiring trends as preparations. Crypto analyst Lewis Jackson pointed out this hiring trend in a YouTube video, signaling reactions from XRP enthusiasts. One concern that came from this video was a comment about an IPO being the death of Ripple. According to the comment, an  XRP “might pump off the news,” but then Ripple could “dump and manipulate XRP.” The screenshot of this comment was shared on X by Mason Versluis, sparking another round of debate. 

    https://x.com/MasonVersluis/status/1720530978064789910?s=20 

    However, according to Mourkas, Ripple’s IPO will likely increase interest in XRP rather than hurt it. It’s no news that the price of XRP is largely affected by happenings around Ripple. As Ripple’s visibility and credibility rise on Wall Street, more mainstream investors will recognize the potential of its offerings, one of which is XRP. This exposure and validation can attract new buyers to the XRP market, boosting demand and prices.

    https://x.com/panosmek/status/1720547127703560532?s=20 

    It’s also important to note that Ripple and XRP are two separate entities. XRP is an independent digital asset. Therefore, an IPO from Ripple will involve selling shares of Ripple stock, not XRP tokens. Experts have predicted Ripple’s valuation could exceed $100 billion after going public. Even if this valuation were to drop post-IPO, XRP remains independent with more utility beyond Ripple. 

    XRPUSD currently trading at $0.62757 level today. Chart: TradingView.com

    Future Of Ripple And XRP

    Ripple is now on its way to putting its ongoing legal tussle with the SEC behind it, and a settlement is now in sight. The company was recently selected by the National Bank of Georgia as an official partner for a pilot of the Georgian Lari currency. 

    XRP, on the other hand, is starting to grow without restraint after it was deemed not to be a security by a US federal judge. The crypto is up 13.73% in a seven-day timeframe and is looking to establish a strong footing over the $0.62 level. XRP was recently integrated into the Dubai crypto market by the Dubai Financial Services Authority. 

    In essence, recent happening point to a further potential upside for XRP when a Ripple IPO is fully established. According to one of Ripple’s co-founders, XRP price will climb to $10,000.

    Featured image from Freepik

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    Scott Matherson

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  • Did You Know? Sam Bankman-Fried Lost Millions Worth of Ripple (XRP)

    Did You Know? Sam Bankman-Fried Lost Millions Worth of Ripple (XRP)

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    TL;DR

    • Sam Bankman-Fried supposedly lost $4 million in XRP from Alameda Research, underestimating the issue despite internal concerns.
    • The mishandling of the missing XRP eroded trust within Alameda Research’s executive team.
    • SBF was convicted on multiple fraud and money laundering charges, facing up to 115 years in prison, with his lawyer considering an appeal.

    What Happened With the Missing XRP?

    A recent Wall Street Journal coverage revealed that the former CEO of FTX – Sam Bankman-Fried (SBF) – had incurred substantial losses when trading Ripple’s native token. The $4 million worth of XRP had “simply vanished” from Alameda Research’s accounts since the 31-year-old American used the sister company to conduct the trading.

    SBF assumed that the amount had been transferred from an exchange in the United States to one in South Korea, with the latter “just dragging its feet in crediting it.” Other people involved in the operation supposedly insisted that Bankman-Fried cease trading so they could figure out where the tokens had gone.

    “At length, Sam agreed. He stopped trading for two weeks. The other members of the management team confirmed that millions of dollars’ worth of Ripple was indeed missing,” the report reads.

    One of Alameda’s managers said the team considered telling investors about the issue so they could think about their options, “but Sam hated that idea.” SBF continued to insist that the missing assets were no big deal, telling his staff that there was an 80% chance that the XRP stash would eventually turn up somewhere. 

    “After the fact, if we never get any of the Ripple back, no one is going to say it is reasonable for us to have said we have 80% of the Ripple. Everyone is just going to say we lied to them. We’ll be accused by our investors of fraud,” a fellow manager of the company stated. 

    By the spring of 2022, many other executives of Alameda Research “had grown to fear how little Sam worried about where exactly their money was.” The firm was making approximately 250,000 trades a day, but the system was not recording all of them. 

    According to the coverage, the missing XRP tokens were “the final straw” that ended the trust connection between Alameda’s team and SBF.

    SBF Might Spent His Life in Jail

    Bankman-Fried was recently found guilty on all charges: two counts of wire fraud, four counts of conspiracy to commit fraud, and one count of conspiracy to commit money laundering. This comes roughly a year after his cryptocurrency exchange collapsed, triggering multi-billion losses for investors, while many described this as one of the biggest financial frauds in the history of the USA. 

    His sentencing is scheduled for March 28 as he faces the ridiculous 115 years behind bars. SBF’s lawyer said his client respects the jury’s decision but is “very disappointed with the result,” suggesting a possible appeal on the conviction. 

     

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    Dimitar Dzhondzhorov

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  • XRP And Shiba Inu Rally Is Not Over According To This Indicator

    XRP And Shiba Inu Rally Is Not Over According To This Indicator

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    The crypto industry saw a spectacular run in October, as a few cryptocurrencies like Bitcoin and Solana registered new yearly highs. However, the entire market seems to be taking a breather after this action-packed October that saw Bitcoin, XRP, and Shiba Inu lead impressive rallies. 

    On-chain data, particularly from the crypto analytics platform Santiment, showed October ended on a somehow bearish note. But history from this particular metric suggests that the rally might not be over. 

    XRP And Shiba Inu Rally Not Over

    The first few days of November appear to be devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down by 1% and 2%, respectively, in a 24-hour timeframe. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this decline to traders taking profit, while others think the crypto market has returned to its normalcy of bearish sentiment.

    Popular crypto analytics platform Santiment predicted this sentiment a few days ago. According to Santiment, the Bullish Vs Bearish Sentiment Keyword turned towards a bearish ratio at the end of October. The metric, which tracks various keyword mentions like “buy,” “sell,” “buying,” “selling,” “topped,” and “bottom” on social media, spent the bulk of October on the bullish end of its range.

    The firm quickly pointed out that previous instances of higher ratios of bearish keywords had preceded gains in the market caps of popular cryptocurrencies. Aside from Bitcoin, on-chain metrics and fundamental analysis point to a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in the past few months, according to this indicator.

    Altcoins Still Poised For Growth

    On the fundamental side, XRP has done extremely well, especially as trading resumed on various crypto exchanges. XRP is up by 32% since the beginning of the year, and various analysts have pointed to another price surge. 

    A look into XRP’s price action shows a series of higher low formations since October 30, indicating waning pressure from the bears. XRP is now trading at $0.6036, and the bulls could make another attempt to break over the latest higher high of $0.62 if the price stays above $0.60.

    SHIB has also had a similar path, with updates to its ecosystem like Shibarium contributing to various price surges. SHIB’s price momentum has slowed down at the time of writing, but planned updates to the Shina Inu ecosystem could lead to another price rally soon. 

    At the same time, on-chain signals point to more bullish than bearish. SHIB whales have resumed large transfers to private wallets, as shown by data from Whale Alerts. SHIB is trading at $0.000007788 at the time of writing.

    Despite the entire market cap being down by 2.24% in the past day, data from Coinmarketcap points to greed on the Fear & Greed Index.

    SHIB holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

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    Scott Matherson

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  • Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

    Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

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    In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project. 

    The collaboration aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users. 

    Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.

    NBG And Ripple Forge Path To Digitalization

    According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies. 

    Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership. 

    As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs. 

    With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases. 

    Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions

    Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries. 

    Ripple’s Valuation Soars To $15 Billion

    Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed. 

    China and India have launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.

    Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.

    Overall, Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector. 

    Through the utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders. 

    XRP’s price surge on the daily chart. Source: XRPUSDT on TradingView.com

    As of the current update, XRP has reclaimed the $0.600 level and is currently trading at $0.6112, reflecting a 1.3% increase in the past hour. The maintenance of this level as support is crucial for XRP bulls to anticipate additional gains and to restore previously lost levels.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure

    Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure

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    The SEC faces a series of legal challenges, including a recent rebuke from the Fifth Circuit Court, highlighting scrutiny over its regulatory decisions and potential implications for the cryptocurrency market.

    Recent legal proceedings have prompted commentary from Ripple’s Chief Legal Officer, Stuart Alderoty, regarding the United States Securities and Exchange Commission’s (SEC) actions under the leadership of Chair Gary Gensler.

    Alderoty has pointed to a “deeply concerning trend” of decisions by the SEC that he considers to be arbitrary and lacking a solid legal foundation.

    The commentary follows a decision by the Fifth Circuit Court of Appeals, which on Oct. 31, criticized the SEC’s rule regarding stock buyback disclosures as arbitrary and insufficiently justified. The ruling called on the SEC to provide more substantive reasoning for its regulations, echoing Ripple’s triumph in the XRP lawsuit earlier in July 2023.

    These developments come amidst a broader debate on the SEC’s approach to regulation and enforcement, especially in the evolving cryptocurrency sector. In the XRP lawsuit, Judge Analisa Torres ruled in favor of Ripple executives, dismissing charges against CEO Brad Garlinghouse and executive chairman Chris Larsen.

    The lawsuit’s outcome, especially the Summary Judgment on July 13, which favored Ripple concerning retail sales of XRP tokens, may have far-reaching implications for the crypto industry’s regulatory landscape.

    The SEC has been challenged by business and trade associations over a rule that requires companies to report daily on share repurchases every quarter and explain their reasons for such transactions.


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    Bralon Hill

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  • XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

    XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

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    XRP, the native cryptocurrency of the Ripple network, reached a significant milestone as it soared to the crucial psychological level of $0.60, marking its highest value since the mid-August market crash. 

    In financial terms, psychological levels are key price points where traders and investors have historically shown heightened interest, often leading to increased buying or selling pressure.

    Crossing this mark after a prolonged period of market volatility signals a potential shift in sentiment for XRP enthusiasts, who have eagerly awaited a resurgence in the coin’s value.

    Related Reading: Solana Bull Run Could Smash Through $40 Barrier This Week – Here’s How

    XRP’s Remarkable Rebound

    According to the latest data from CoinGecko, XRP was trading at $0.606379, reflecting a notable 2.7% gain over the past 24 hours. Over the course of the week, the digital asset witnessed an impressive seven-day rally of 9.2%, solidifying its upward trajectory and instilling confidence in the cryptocurrency market.

    This upward momentum, while significant in itself, has also sparked a flurry of activity among XRP whales, who have long been regarded as influential players capable of shaping the market’s direction.

    Recent data from the crypto analytics platform Whale Alert shed light on a substantial transaction involving a major XRP whale. The data revealed that an anonymous entity had transferred a staggering 412,890,441 XRP tokens, valued at approximately $248,922,341, from one wallet to another. Such large-scale movements by influential holders can often trigger a domino effect, leading to increased interest from smaller investors and, in turn, contributing to further price fluctuations.

    Key Milestones And Challenges For XRP

    In parallel to these developments, Ripple, the company behind XRP, published its comprehensive market report for the third quarter, highlighting several key achievements of the cryptocurrency during the period. Notably, the report indicated a significant uptick in the number of new wallets, recording a remarkable surge of nearly 12% to reach a total of 157,936. 

    Moreover, the document emphasized the robustness of the XRP trading volume, consistently surpassing the $1 million mark throughout July and August, with certain days witnessing an impressive trading volume range of $20 million to $30 million.

    However, amidst these positive indicators, the report also pointed to a slight downturn in the overall transaction count, registering a decrease of over 8% compared to the previous quarter. This decline, while not entirely alarming, underscores the need for continued market analysis and strategic measures to maintain a steady growth trajectory for XRP.

    As Ripple and its native coin XRP continue to make significant strides, market observers remain vigilant, analyzing various factors that could impact the cryptocurrency’s trajectory in the coming months.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Freepik

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    Christian Encila

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  • Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

    Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

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    In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL). 

    Uphold’s Largest Crypto Holding

    In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.    

    Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token. 

    Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) filed a lawsuit against the company and its executives back in 2020.

    While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users. 

    XRP On The Platform Set To Increase

    The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions. 

    Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market. 

    Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”

    At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.

    Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com 

    Featured image from Shutterstock, chart from Tradingview.com

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  • WIll Ripple (XRP) Price Explode in November? Popular Analyst Chips in

    WIll Ripple (XRP) Price Explode in November? Popular Analyst Chips in

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    TL;DR

    • Cryptoinsightuk predicts XRP’s price might increase significantly, possibly reaching $1.36 by mid-November, based on recent performance and a bullish RSI crossover on the weekly timeframe.
    • Positive developments in the lawsuit between Ripple and the US SEC, combined with an overall bullish market trend, have boosted XRP, which currently trades around $0.57, marking a 17% rise in two weeks.
    • Another analyst, Dark Defender, forecasts XRP’s value to hit $0.66 at the beginning of November, citing the formation of a “Bull Flag Pattern.”

    XRP to Spike by 140%?

    One of the latest cryptocurrency analysts to forecast a substantial price increase for Ripple’s native token – XRP – is the popular X (Twitter) user Cryptoinsightuk.

    They observed the coin’s recent performance to conclude that it might soon touch an important resistance level, following which an expansion towards $1.36 could be in the cards. What’s more, the surge is expected to occur by mid-November.

    “On the Weekly time frame, XRP is telling me we could be prepping to take off. The RSI is about to cross bullish,” the analyst argued.

    The asset has been among the top performers in the industry lately, possibly driven by positive developments surrounding the lawsuit between Ripple and the US SEC and the overall green wave of the market. 

    Currently, it trades at approximately $0.57 (per CoinGecko’s data), representing a 17% increase on a two-week basis.

    XRP Price
    XRP Price, Source: CoinGecko

    What About the Next Few Days?

    Another analyst who laid out their XRP price forecast is the X user Dark Defender. In their view, the coin’s valuation might soar to $0.66 at the beginning of November since it has formed a “Bull Flag Pattern.”

    We also released a video depicting XRP’s potential trajectory in the remaining months of 2023. Those curious to find out more on the matter can take a look at the clip below:

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  • Ethereum Whistleblower Shares Bullish Expectations For XRP Price

    Ethereum Whistleblower Shares Bullish Expectations For XRP Price

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    Steven Nerayoff, one of the earliest advisors for Ethereum, has added his two cents to discussions regarding XRP price. Many predictions have come in recent months on XRP’s future price trajectory.

    Most of these predictions have been bullish, although some more than others. In a recent discussion on social media, Nerayoff mentioned that XRP “has no price ceiling” it can get to due to its unique use case.

    He also stressed the significance of Ripple’s foothold in a “network effects” model on XRP, stating that the cryptocurrency has the potential to become a reserve currency.

    Nerayoff: XRP Has No Price Ceiling

    XRP has garnered a strong supporter ecosystem in the past few years amidst the tussle between Ripple, the company behind the cryptocurrency’s creation, and the SEC. One of these supporters is Steven Nerayoff, who has in the past claimed that the SEC was corrupt in its dealings with Ethereum. 

    Nerayoff’s recent stance on XRP came as a response to another XRP enthusiast asking for his opinion on whether XRP could spike above $10 possibly up to $100. 

    In his reply, Nerayoff noted that XRP could surpass the $100 price point as it has no price ceiling if Ripple can win in a “network effects” model. 

    Nerayoff admitted that it is difficult to provide a simple response. Predicting any crypto’s price is challenging, but Nerayoff is confident in XRP’s long-term potential. 

    Cryptocurrency market cap currently at $1.2 trillion. Chart: TradingView.com

    He made this exclamation while drawing parallels between the cryptocurrency and the US dollar. Like the US dollar, XRP’s price could become irrelevant in the coming future, as investors would be focused on its necessity.

    XRP was designed by Ripple to facilitate lightning-fast, low-cost payments across borders. As more banks and payment providers adopt Ripple’s solutions, demand for XRP will skyrocket.

    This would see XRP potentially taking the role of a global reserve currency “in part or whole.” He also suggested that Ripple may be unfairly targeted because of this potential, referencing the ongoing lawsuit with the SEC.

    XRP Price Outlook

    Nerayoff isn’t the first to make claims about XRP becoming a reserve currency. At the time of writing, XRP is trading at $0.546, up by 5.85% in a 7-day timeframe and 61.25% since the beginning of the year. A recent prediction from crypto analyst ERGAG CRYPTO indicates an XRP price rally of 40 times from its current level to $27 in the subsequent bull run.

    According to a report by on-chain analytics firm Messari, DEX volume on the XRP Ledger increased by 390% last quarter. 

    Featured image from Shutterstock

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    Scott Matherson

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  • XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target

    XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target

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    Another bullish prediction has come in for the XRP price which is arguably more optimistic than many would expect. This time around, a crypto analyst is expecting XRP to use up its stored energy for an explosive rally that could see the altcoin rally to $27, well above its all-time high. 

    XRP Price Suppressed During Last Bull Run Because Of SEC Lawsuit

    Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in an X post, detailing how this price surge can be actually possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing lawsuit from the SEC against Ripple Labs, XRP’s creator. 

    While Bitcoin and other altcoins were hitting new all-time highs, the XRP price struggled to keep up due to fears the lawsuit could severely impact the project’s future. For instance, during this time period, Bitcoin skyrocketed by 23X, and Ethereum also went up a whopping 58X. 

    A federal judge in the United States has since determined that the programmatic sales of XRP do not constitute the selling of securities. Now that the lawsuit seems to be coming to an end with a settlement in sight, XRP is poised to make up for lost time and shoot up with this lost energy. 

    The analyst predicts the XRP price could rally 40 times from its current level to $27 in the subsequent bull run, which would exactly coincide with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.

    Source: X

    Although a timeline for the next bull run is not known at the moment, ERGAG puts this spike to happen around mid-2024.

     

    What’s Next For XRP?

    The entire crypto market has witnessed gains since the middle of October, and the XRP price hasn’t been left out. Bitcoin, for instance, attained a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up by 5.73% in the past seven days. 

    Although its price is relatively low compared to other altcoins, XRP is still one of the strongest in the entire market, occupying the 5th spot in terms of market cap. 

    ERGAG CRYPTO has also had some very optimistic price predictions for XRP in the past. While a $27 price point seems very overachieving, XRP could easily smash through its previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not see a new all-time high by July 2028.

    Shiba Inu price chart from Tradingview.com (SHIB whales)

    XRP sees slight retracement | Source: XRPUSD on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • Early Bitcoin Adopter Says XRP Price Is Closer To $10 Than You Think – Here’s Why

    Early Bitcoin Adopter Says XRP Price Is Closer To $10 Than You Think – Here’s Why

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    A Bitcoin adopter has outlined the various achievements of XRP, foreseeing a significant price increase for the cryptocurrency that could move it closer to the $10 milestone. 

    Bitcoin OG Says XRP $10 In Sight

    In an X (formerly Twitter) post, Bitcoin OG, Lucky predicted that the value of XRP could significantly appreciate, pushing closer to the $10 mark. He stated that he had been observing the operations and state of affairs of the XRP ecosystem since July. He also expressed admiration for the XRP team, highlighting the strength and commitment the team has displayed during its lengthy legal battle with the United States Securities and Exchange Commission (SEC).

    Lucky commended the XRP team for its effort in staying strictly committed to the growth and health of its community. He mentioned many of the achievements made by XRP in recent months including multiple partnerships and the integration of XRP payments with renowned crypto exchanges like Bitstamp and Bitso. 

    He stated several ongoing expansion projects in the XRP ecosystem, including XRP utilities incorporated into the XRP ledger as well as the increased user base for the XRP Xumm wallet. 

    “With more developments and projects like the Xumm wallet steadily pouring into the XRP Ledger and gaining upwards of 600,000 users in 3 months, $XRP will grow massively,” Lucky said. 

    Total crypto market cap currently at $1.2 trillion. Chart: TradingView.com

    Calling attention to all the recent developments in the XRP network, Lucky stated that XRP is on a path to explosive growth and he believes that the price of the cryptocurrency is already inching up to a $1 or $10 milestone. 

    “If I’m being honest, I’d say that the $XRP price isn’t as far from $1 or $10 as we think, looking at the current ecosystem developments,” Lucky stated. 

    Whales Move Over 55 Million XRP To Crypto Exchanges 

    Whale Alert, a prominent blockchain tracker and analytics system known for reporting large crypto transactions, has released new data showing deep-pocketed crypto investors moving millions of XRP tokens from unknown wallets into two major crypto exchanges.

    Whale Alert disclosed two major XRP transactions on Friday to Bitstamp and Bitso. One transaction showed an XRP whale transferring 27,000,000 XRP tokens worth $14,879,092 to Bitstamp. Another transaction revealed 28,500,000 worth $15,704,941 moved to Bitso. 

    These large-scale transactions have caused mixed reactions within the XRP community as the price of XRP has shown tendencies to react according to the actions of prominent cryptocurrency whales.

    Although the identity of the whales remains a mystery, the crypto community is closely monitoring the possible motivations behind these significant transactions and how they could impact the broader XRP market. 

    Featured image from iStock

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    Scott Matherson

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  • XRP Price To Go Parabolic, Here’s When

    XRP Price To Go Parabolic, Here’s When

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    On Wednesday, October 25, a prominent cryptocurrency analyst Dark Defender revealed that the price of XRP will go parabolic in the future, highlighting how it is going to happen and when it is expected to happen. 

    Crypto Analyst’s XRP Price Projection

    The XRP analyst recently took to X (formerly Twitter) to share his predictions and optimism on the XRP price going parabolic and how it is going to happen.

    In the Dark Defender X post, there are two crucial support levels and three resistance levels for the digital asset, which include $0.52 and $0.46 for the support levels, while the resistance levels are $0.66, $1.88, and $5.85. 

    According to him, the XRP price could be on its way to surpass the $1 mark if it manages to break through the $0.66 resistance level. And when this happens, the next resistance level will be $1.88. 

    The analyst’s recent projection presents a 210.64% price surge if the XRP price breaks through the $1.88 resistance level, which will see the cryptocurrency potentially heading toward the coveted $6 mark.

    One interesting thing about the analyst projections is the fact that his projections are based on an examination of the XRP’s weekly market trajectory over the past two years.

    According to the chart posted by Dark Defender, the trends that were evident prior to the July surge seem to be resurfacing, suggesting a potential bullish run for XRP between 2024 and 2025.

    So far, the XRP analyst is not the only one who believes in a potential price for XRP. Several other experts have shown increased credence about the XRP’s potential price surge this year.

    In September, Wells Fargo manager Shannon Thorp predicted the price of XRP could go as high as $500, presenting a bullish concept for the cryptocurrency.

    XRP traded at $0.55 | Source: Tradingview.com

    Another prominent figure in the crypto space who has expressed his optimism about the XRP price potential is CryptoInsight, drawing comparisons to the Bitcoin fractal from 2017. This is because the question that has been swelling among the crypto community is whether XRP will mirror the 2017 Bitcoin fractal in the coming weeks.

    Leaving the result open-ended, he speculated that there is a possibility that XRP will outperform following a five-year period of consolidation.

    According to CryptoInsight, this is because most of the cryptocurrencies now basically began their bull market after surpassing their previous peak, but the XRP seems to have plummeted due to the SEC’s lawsuit on Ripple being dropped. 

    However, a recent rally has shown a significant 13% surge in the price of XRP over the past week, with a trading volume of $2.3 billion. The cryptocurrency is currently trading at $0.55 as of the time of writing.

    With XRP’s recent growth, the cryptocurrency seems to have surpassed some of the leading altcoins in the crypto market, such as Solana (SOL) and Chainlink (LINK).

    Featured image from AltcoinsBOX, chart by Tradingview.com

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    Godspower Owie

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  • XRP News: Why Is November 8-9 Important To Ripple? | Bitcoinist.com

    XRP News: Why Is November 8-9 Important To Ripple? | Bitcoinist.com

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    Like many other crypto companies, Ripple has important dates and events that carry the possibility of triggering a bullish momentum for the XRP token. This is why some dates are more important than others and the most recent of these to emerge is the November 8-9 dates.

    What Is Ripple Doing On November 8-9?

    In the early hours of Thursday, XRP Captain, a prominent member of the XRP community with over 57,000 followers on X (formerly Twitter) posted a screenshot that caught the attention of community members. The image showed the Ripple Swell event which was scheduled to take place on November 8 and 9.

    XRP Captain also captioned the image in a way that suggested that this is an important date for the community, saying: “Save The Date #XRP Could Make History On This Date.” So it looks like the analyst is expecting the XRP price to surge on account of the event.

    Taking a deep dive into the Ripple Swell event, it happens to be a two-day event held by Ripple every year. The conference helps to bring together customers, partners, and prospects and is a strictly by-invitation event – meaning only those invited by the company can attend.

    The event which was held virtually for the years 2020, 2021, and 2022 is now back to being an in-person conference and is being held in Dubai. Over 40 countries are expected to be represented at this conference with more than 80 speakers and over 600 attendees.

    Token price sitting at $0.55 | Source: XRPUSD on Tradingview.com

    A multitude of topics are expected to be covered at this event such as the future of crypto, regulation, payments, compliance, and Central Bank Digital Currencies (CBDCs), among others. “Ripple Swell will cover a sweeping range of topics from Ripple customers, team members, and industry thought leaders to reveal how financial institutions and businesses alike are leveraging crypto and blockchain technology,” the website reads.

    Will This Affect The XRP Price?

    So far, there have been no indicators as to whether this will actually have any impact whatsoever on the XRP price. Ripple Swell does not look like a highly publicized conference, so the event itself being held may not have a direct effect on the price.

    However, if Ripple were to make a significant announcement at this event, such as an impending IPO or something similar, then there could be an impact on the XRP price. Still, there is no indication that anything other than industry discussions is what is happening at this event.

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    Best Owie

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  • Top 3 XRP Developments You Should Be Aware Of That Could Boost Price

    Top 3 XRP Developments You Should Be Aware Of That Could Boost Price

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    XRP is currently up over 14% in the last seven days, and some might argue that the altcoin is simply enjoying the euphoria of a possible Spot Bitcoin ETF approval, which has seen the crypto market resurge. However, there are other developments that the XRP community might need to be aware of, as they could cause the crypto token to continue to rally. 

    Ripple To See More Liquidity With Latest Collaboration

    Blockchain company Ripple recently announced that it had partnered with Web3 financial platform Uphold. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to help facilitate transactions on its cross-border payments infrastructure more efficiently. 

    The news is significant for the XRP community because Ripple uses XRP as a utility token to help process these cross-border transactions. As such, “enhanced crypto liquidity” will generally translate to more liquidity in the XRP ecosystem, which could ultimately cause a further surge in the token’s price.  

    Xumm Wallet Records Milestone

    XRP-based wallet Xumm announced in a post on its X (formerly Twitter) platform that it had crossed 600,000 active users in the past three months. The wallet happens to be one of the notable ones on the XRP Ledger, as it also announced plans to introduce new functionalities that could see the number of its active users increase exponentially. 

    In the post, Xumm mentioned that its wallet is set to become 10x more retail-friendly with the redesign they are working on. It also plans to integrate AMM and more DEX activity, which would see the wallet become 10x better. It is believed that the wallet plans to complete this integration once the AMM goes live on the XRP Ledger. 

    Meanwhile, the wallet’s use cases will also increase as Xumm plans to incorporate XRP’s sidechain Xahua and its ‘Hooks’ feature. These developments are bullish for XRP as they will undoubtedly increase the token’s utility. 

    NFTs Are Coming To XRP Ledger

    Ripple had reportedly been working on tools and services to accommodate tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts seem to be already paying dividends, as SBI Holdings announced plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also known as ‘Myakoon’ on the XRP Ledger.

    It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more significant because of how the tokenized market is projected to grow massively to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens. 

     

    Token price sitting at $0.56 | Source: XRPUSD on Tradingview.com

    Featured image from CoinDesk, chart from Tradingview.com

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    Scott Matherson

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  • XRP Price Balloons 13%, Triumphs Over Resistance

    XRP Price Balloons 13%, Triumphs Over Resistance

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    In the past few days, XRP has achieved a significant breakthrough of notable resistance levels, offering a hint of impending substantial price movements.

    This development has been closely watched by the cryptocurrency community, who have observed a notable degree of volatility in XRP’s price dynamics in recent times.

    The cryptocurrency’s ability to surmount these substantial resistance barriers signals a possible shift in market dynamics and has generated considerable interest among traders and investors.

    XRP’s Legal Victory Sets The Stage For A Promising Future

    Ripple’s native token, XRP, has emerged as a standout performer in the cryptocurrency space following a significant legal victory against the US Securities and Exchange Commission in mid-July. At that pivotal moment, a federal judge ruled that Ripple’s structured XRP sales did not fall under the classification of investment contracts.

    Since this ruling effectively established that XRP’s status as a digital asset was distinct from being deemed a security, it delivered a much-needed boost of confidence to the cryptocurrency and blockchain communities.

    It was a watershed moment for Ripple and its digital currency, highlighting the company’s potential for growth inside the industry’s shifting legal structure. The verdict in this case has rekindled hope and set XRP’s future on a promising course.

    At the time of writing, XRP was trading at $0.55, up 1.6% in the last 24 hours and registering a decent 13% increase in the last seven days, data from crypto market tracker Coingecko shows.

    XRP seven-day price action. Source: Coingecko

    In the context of the cryptocurrency market, where trends can change rapidly, the observation that XRP has not only crossed but exceeded both the 200-day and 50-day Exponential Moving Averages carries considerable weight.

    EMAs are widely recognized as crucial technical tools, serving as essential guides for traders and analysts to evaluate an asset’s price movement over specific timescales.

    XRP market cap currently at $29.414 billion. Chart: TradingView.com

    XRP’s Price Action And Key Resistance

    When XRP’s price action consistently rises above these key EMAs, it is taken as a bullish sign that the cryptocurrency may be headed for new highs. Given the current climate of the cryptocurrency market, where rising prices tend to coincide with rising confidence and investor interest, this event takes on greater significance.

    The altcoin has exhibited a commendable weekly performance, thereby approaching a critical level of $0.56. This particular price point has consistently served as a resistance level since the middle of August.

    The Relative Strength Index (RSI) indicates a prolonged bullish trend as it remains above the neutral line at 50.0. This suggests the possibility of a breakthrough at the price level of $0.54, maybe resulting in an upward movement of the XRP price towards $0.60.

    Meanwhile, the euphoric feeling surrounding Bitcoin’s ascent to $35,000, which frequently serves as a benchmark for the rest of the crypto market, can be partially ascribed to the present momentum being enjoyed by XRP. Is this the commencement of a larger narrative?

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Protos

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    Christian Encila

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