With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has openly slammed the United States Securities and Exchange Commission (SEC) for its most recent legal move, marking a significant step in the ongoing dispute over XRP and the blockchain payment firm. US SEC’s Appeal Move Receives Backlash From Stuart Alderoty The prolonged legal tussle between the US […]
On Wednesday, October 2, the United States Securities and Exchange Commission (SEC) took a formal step in extending the XRP lawsuit with Ripple by filing a Notice of Appeal of Judge Torres’s ruling. This move came on the heels of the final judgment by the US District Court, Southern District of New York on August […]
XRP price extended losses and tested the $0.5240 support level. The price is now consolidating and might struggle to start a fresh increase. XRP price declined further below the $0.5850 zone. The price is now trading below $0.580 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could struggle to recover above the $0.5950 and $0.600 resistance levels. XRP Price Dips 5% XRP price extended its decline below the $0.600 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5550 support zone. A low was formed at $0.5231 and the price is now consolidating losses. There was a minor move above the $0.5350 level. The price is still well below the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low. The price is now trading above $0.5550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5565 level. The first major resistance is near the $0.5950 level. There is also a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term. More Losses? If XRP fails to clear the $0.5565 resistance zone, it could continue to move down. Initial support on the downside is near the $0.530 level. The next major support is near the $0.5240 level. If there is a downside break and a close below the $0.5240 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 pivot zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5240 and $0.5050. Major Resistance Levels – $0.5565 and $0.5950.
Bitwise Asset Management has officially filed for a spot XRP exchange-traded fund (ETF) with Delaware’s Division of Corporations on September 30. The filing encompasses the registration for establishing a Delaware statutory trust, a business-oriented trust recognized under Delaware state law. This strategic move aligns with precedents set by prominent financial entities such as BlackRock and […]
Crypto native asset manager Bitwise is moving toward creating an exchange-traded fund tracking XRP, the token closely associated with crypto company Ripple.
The crypto-focused asset manager confirmed filing the XRP exchange-traded fund trust registration with the state of Delaware.
The XRP price has struggled for the last three years, staying down even when Bitcoin and other altcoins rallied to possible new all-time highs. However, even through this, the XRP community has remained steadfast in their belief that the altcoin’s price will reach new peaks. Forecasts have ranged from reaching $1 to as high as $1,000. The latter has been hotly debated among crypto investors. However, one crypto researcher believes that the XRP price will be able to touch $1,000 eventually, giving reasons for why this could happen. Dominating Global Banking Systems The selling point of the XRP token has always been the fact that it is to be integrated into the world banking systems, allowing for cheaper, faster, and smoother transactions. The expectations for the token’s use in banking were the initial reason behind its meteoric rise, and this has continued to foster belief in its future. Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why Crypto researcher CryptoTank took to X (formerly Twitter), to reiterate the value proposal of this for the XRP Price, alluding to this utility. The researcher points out that SWIFT is already integrating the RippleNet into its systems, and given SWIFT’s volume, it could mean a lot of inflow for the token. They point out that SWIFT currently does around $5-$7 trillion in daily volume, even with high fees of $20-$50 per transaction. However, compared to this, using RippleNet would bring fees down to pennies, allowing the payment platform to save hundreds of billions of dollars yearly. Furthermore, the researcher explains that even if Ripple were to only get 10% of SWITF’s trading volume, it would mean a substantial $500 billion at least passing through RippleNet daily. At this rate, the low XRP price would not be adequate to handle the volume from SWIFT alone. Thus, the researcher believes that the XRP price would rise to be able to compensate for this new volume. “XRP has to be very high to move just 10% of Swifts daily volume,” the researcher said. “When you start adding the other banks in it gets crazy how high XRP will go.” XRP Price To $1,000 Debate The recent debate surrounding the XRP price reaching $1,000 began with the Uphold crypto exchange asking the community what they would do if the XRP price were to hit $1,000. This sparked speculations on whether or not the altcoin can actually reach this price, triggering input from various angles. Related Reading: US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi However, on-chain investigator TruthLabs debunked this possibility, citing how much the market cap would have to grow for it to hit this target. According to the investigator, the XRP market cap would have to reach $100 trillion, whi Featured image created with Dall.E, chart from Tradingview.com ch is 50x the current market cap of the entire crypto market. Featured image created with Dall.E, chart from Tradingview.com
Recent activities include minting significant amounts of RLUSD, suggesting the testing phase might be wrapping up or moving into a more active phase of development.
On-chain data shows the XRP whales have participated in a significant amount of buying recently, a potential reason behind the asset’s surge. XRP Whales Have Added 470 Million Tokens To Their Supply Recently As explained by analyst Ali Martinez in a new post on X, the XRP whales have expanded their holdings over the last 10 days. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of tokens that a given wallet group is carrying right now. Addresses or investors are put into these groups based on their current balance. Wallets with 5 coins, for instance, fall inside the 1 to 10 coins group. In the context of the current topic, the whale entities are the addresses of interest. Related Reading: Bitcoin Breaks $66,000, But Analyst Warns Against Fresh Longs—Here’s Why This group’s range is typically defined as 100 million to 1 billion XRP. At the current exchange rate, the lower end of this range converts to around $63.1 million, while the upper one to $631 million. Generally, the influence of any entity on the network goes up the more holdings that they carry, so the whales, who have quite the humongous balance, would carry some degree of power. As such, the behavior of these investors can be worth keeping an eye on, because even if it may not directly impact the price, it can at least tell us what the sentiment among this cohort is like. Now, here is a chart that shows the trend in the Supply Distribution of the XRP whales over the past several days: As displayed in the above graph, the supply of the XRP whales has registered a notable increase recently. More specifically, these humongous investors have added more than 470 million (almost $300 million) tokens to their wallets during the last ten days or so. From the chart, it’s visible that the bulk of this buying had come while the asset had still been trading around the $0.58 mark, suggesting that the whales believed the level to be offering a profitable window into the coin. The bet of these investors has clearly paid off, as the cryptocurrency’s price has increased from below the $0.59 mark to above the $0.63 level over the past weekend. Related Reading: Shiba Inu Rallies 34%, But Will FOMO End The Rally? While things have been going well for the coin so far, the indicator could be to keep an eye on in the near future, as what this cohort would do next can end up reflecting in the asset’s price once again. Naturally, if the indicator continues to go up, it will be a bullish sign for XRP since it would imply the whales are supportive of a further surge. On the other hand, a decline could be bad news, as it would mean the whales are participating in profit-taking. XRP Price At the time of writing, XRP is trading around $0.631, up 8% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
The XRP recent price movements have caused a major stir in the crypto market, with the cryptocurrency experiencing a significant price surge and breaking out of crucial resistance levels. Driven by its recent bullish momentum, XRP has succeeded in breaking a key bullish pattern, as a result, a crypto analyst has predicted that it could potentially jump 4X to new highs of $2.6. XRP Price Set Sights On Midterm Target At $2.3 After experiencing slow growth and bearish momentum in the past few weeks, XRP has sparked renewed confidence amongst investors with its latest price surge. Over the last seven days, XRP has skyrocketed by 8.93% and is showing signs of more gains in the future. Related Reading: PEPE Confirms Breakout From Symmetrical Triangle: How Far Can It Go? This bullish outlook is shared by prominent crypto analyst, Captain Faibik, who disclosed in an X (formerly Twitter) post on September 28, that XRP has just broken a unique bullish pattern, indicating a potential for a major price rally. In Faibik’s XRP price chart, a multi-year bullish symmetrical triangle pattern can be seen. This triangle pattern began forming in October 2021 and has extended through to September 2024, with XRP undergoing significant price fluctuations throughout this period. After experiencing its first substantial price surge in weeks, XRP successfully broke out of this bullish triangle pattern. The extent of XRP’s recent price increase is evident in CoinMarketCap’s data, which indicates that the cryptocurrency has jumped by 4.73% in the last 24 hours. This significant price increase suggests that XRP may be aiming to push significantly above its previous consolidation levels of around $0.5. As of writing, XRP is trading at $0.64, underscoring a possible rise in investor interest and demand for the cryptocurrency. By breaking out of this bullish triangle pattern, Faibik believes that XRP could be on track for a massive rally that could push its price by 4X. The analyst has declared that XRP is currently heating up for a massive breakout to mid-term targets at $2.3. XRP Breaks Critical Trendline A crypto and Elliott Wave analyst, identified as ‘XForceGlobal’ on X has highlighted a unique trendline in XRP’s price chart. According to the analyst, XRP has just broken the “multilayer BD trendline,’ and may be heading towards a price increase. Related Reading: Ripple Vs. SEC Battle Far From Over As Regulator Opposes Court’s Decision XForceGlobal has suggested that if XRP can maintain a price above this trendline for a few more weeks, it could witness a price increase between $7 to $10. The analyst has expressed confidence in his bullish forecast, indicating that a surge within this range was inevitable if the right conditions were met. To be more precise, the analyst predicts via a detailed chart that XRP’s price could potentially rise to $8.67, marking a 1,482% increase from its current price of $0.6. Featured image created with Dall.E, chart from Tradingview.com
XRP's gains of 36.83% this quarter is its highest quarterly rise since Q1 2023.
Pro-XRP attorney Fred Rispoli, founder of HODL Law, continues to assess the likelihood of an SEC appeal as higher than the probability of the agency letting the case conclude without further action. Following the US District Court for the Southern District of New York’s final judgment on August 7, 2024, the SEC now has less […]
Bitcoin is en route to locking in a historic monthly performance, which could set a bullish path for XRP, TAO, RUNE, and SEI.
XRP price again struggled to clear the $0.600 resistance and declined. The price is now testing the $0.5840 support and might continue to consolidate. XRP price is still struggling to clear the $0.600 resistance zone. The price is now trading below $0.5920 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.5920 and $0.600 resistance levels. XRP Price Stuck Below $0.60 XRP price attempted another increase (like Bitcoin and Ethereum) above the $0.5850 and $0.5880 resistance levels. It even spiked above $0.5920, but the bears were active near the $0.5960 level. A high was formed at $0.5961 and the price started a downside correction. There was a move below the $0.5920 and $0.5880 levels. The price dipped below the 50% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high. The price is now trading below $0.5920 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5880 level. There is also a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5920 level. The next key resistance could be $0.5960. A clear move above the $0.5960 resistance might send the price toward the $0.600 resistance. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term. More Losses? If XRP fails to clear the $0.5880 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5820 level. The next major support is near the $0.5800 level and the 76.4% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high. If there is a downside break and a close below the $0.5800 level, the price might continue to decline toward the $0.5740 support in the near term. The next major support sits at $0.5650. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5800 and $0.5740. Major Resistance Levels – $0.5880 and $0.5960.
XRP price failed to climb above the $0.6050 resistance and declined. The price is now testing the $0.5765 support and might consolidate for some time. XRP price is still struggling to clear the $0.600 resistance zone. The price is now trading below $0.590 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.5850 and $0.5880 resistance levels. XRP Price Dips Again XRP price struggled to gain pace for a move above the $0.600 resistance zone. The price started a downside correction and traded below the $0.5880 support like Bitcoin and Ethereum. There was a drop below the $0.580 level and the price tested $0.5750. A low was formed at $0.5744 and the price is now attempting a recovery wave. There was a move above the $0.5780 and $0.580 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. The price is now trading below $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5850 level. There is also a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5880 level or the 61.8% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. The next key resistance could be $0.5920. A clear move above the $0.5920 resistance might send the price toward the $0.5950 resistance. Any more gains might send the price toward the $0.600 resistance or even $0.6050 in the near term. More Losses? If XRP fails to clear the $0.5850 resistance zone, it could start another decline. Initial support on the downside is near the $0.5765 level. The next major support is near the $0.5750 level. If there is a downside break and a close below the $0.5750 level, the price might continue to decline toward the $0.5640 support in the near term. The next major support sits at $0.5500. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5765 and $0.5750. Major Resistance Levels – $0.5850 and $0.5880.
The latest weekly digital asset fund flows from CoinShares shed light on the ongoing dynamics among institutional investors when investing in altcoins such as XRP, Solana, and Cardano. Most of the inflow activity went into Bitcoin, but the report also highlights a diverse set of trends among altcoins to show preferences and strategies investors are […]
XRP whales are bucking the trend with noticeable moves amidst a wider backdrop of uninspiring price movements for the cryptocurrency. A recent surge in XRP acquisitions has caught the crypto community’s attention, as large-scale investors acquired $228 million worth of the digital asset in a few days. Interestingly, this noticeable spike in buying comes on the heels of the launch of the Grayscale XRP Trust and an optimistic price prediction that sees XRP potentially hitting $5 in the next six to ten months. Whale Accumulation Increases Amidst Bullish Predictions This exciting movement by XRP whales was revealed through the crypto’s supply distribution on the social media platform X by Ali Martinez. According to the Santiment chart shared by the crypto analyst, wallets holding 10 million to 100 million XRP tokens recently pushed their total balance to a September peak of 7.17 billion XRP after adding about $288 million worth of XRP tokens in ten days. Related Reading: Grayscale XRP Trust Surges 11.44% One Week After Launch, Here’s The Catalyst Based on the average price of the altcoin during this period, this equates to the acquisition of approximately 390 million tokens by this group of large holders, representing about 6.9% of the total circulating supply moving into the hands of a few key players. Although the total balance of the whales had dropped to about 7.11 billion XRP at the time of Martinez’s post, recent developments point to continued accumulation in the coming days. One of these developments is the recent launch of the Grayscale XRP Trust, which seems to be already attracting institutional investors to the token. However, despite this uptick in whale activity, XRP has not mirrored the price jumps in other major cryptocurrencies following a favorable U.S. Federal Reserve decision. The Federal Reserve’s 0.5% interest rate cut has fueled a broader inflow into the cryptocurrency market, propelling assets like Bitcoin and Ethereum to notable gains. In contrast, the price has struggled to break above the $0.60 mark, even with heightened whale activity. Crypto analyst Ash Crypto predicted that the altcoin could reach $5 in the next six to ten months. This forecast aligns with a wider backdrop of optimism within the crypto space, with multiple assets experiencing upward momentum as the effects of the Federal Reserve’s policy changes continue to ripple through markets. Related Reading: Dogecoin Open interest Remains Muted Below $500 Million, What’s Going On? XRP $5 Prediction According to a recent outlook by Ash Crypto, XRP is on target to perform a 300% to 740% increase in the current market cycle. Such a rally puts the altcoin at a price target between $3 and $5. Notably, the crypto analyst’s outlook isn’t based on a technical analysis but on fundamentals and a predicted rally by the general crypto market. As such, Ash Crypto’s outlook also forecasts Bitcoin trading between $150,000 and $250,000 and Ethereum trading between $10,000 and $15,000 in the next six to ten months. At the time of writing, XRP is trading at $0.5828. Featured image created with Dall.E, chart from Tradingview.com
Berachain was among the most hyped crypto projects at Token 2049, as investors are awaiting its mainnet launch before the end of 2024.
XRP price is still facing many hurdles near $0.600. The price is consolidating gains and might aim for a clear move above $0.5920 and $0.600. XRP price remained supported near the $0.5620 zone. The price is now trading below $0.5850 and the 100-hourly Simple Moving Average. There is a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels. XRP Price Holds Support XRP price formed a base above $0.5600 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5720 and $0.5850 resistance levels. It even cleared the $0.590 level and tested $0.5935. A high was formed at $0.5932 and the price is now correcting gains. There was a minor decline below the $0.5850 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high. The price is now trading below $0.5850 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high. On the upside, the price might face resistance near the $0.5850 level. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6065 resistance. The next major resistance is near the $0.6120 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term. Another Decline? If XRP fails to clear the $0.5850 resistance zone, it could start another decline. Initial support on the downside is near the $0.5765 level. The next major support is $0.5680. If there is a downside break and a close below the $0.5680 level, the price might continue to decline toward the $0.560 support in the near term. The next major support sits at $0.5500. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5765 and $0.5600. Major Resistance Levels – $0.5920 and $0.6000.
A recent buzz on the X (formerly Twitter) social media platform has sparked speculation that the XRP price could hit $1,000. However, a crypto pundit has slammed these overly inflated and seemingly unrealistic predictions, pointing to market capitalization and the coin’s current fundamentals as clear obstacles to such a price surge. Analyst Criticizes $1,000 XRP […]
The XRP price has experienced a notable surge in recent days amidst the wider backdrop of the crypto industry. At the time of writing, many cryptocurrencies are starting to reverse their seven-day gains due to Bitcoin’s failure to break above $60,000 on Monday. However, XRP continues to stand firm, registering a 2.23% gain in the past 24 hours. This positive price movement has sparked discussions within the crypto community about the potential for a significant breakthrough. Analyst Identifies $0.75 As A Crucial Target EGRAG CRYPTO’s highlight of the $0.75 price mark for XRP is based on an XRP/USD price chart on the weekly candlestick timeframe, which he shared on social media platform X. Interestingly, the latest highlight comes as an update to his XRP analysis from January 2024. This analysis focuses on XRP’s price structural formation, sentiment status, MACRO range, and psychological zone, all in critical price zones. The most notable are the MACRO range, which starts at $0.71, and the psychological zone at $0.932. Related Reading: Dogecoin At $0.1 Is A ‘Gift’, Falling Wedge Breaking Bullish To Send Price To $0.2 According to crypto analyst EGRAG Crypto, the key resistance level for XRP is $0.75, which could make or break its journey to $1. As EGRAG noted, all these levels can be shattered with just one strong daily candle, with emphasis on $0.75. For XRP, the $0.75 mark is within the MACRO range. Interestingly, XRP is yet to break above $0.75 this year, with its highest point so far being $0.718. Should the cryptocurrency manage to close above this level on a weekly timeframe, it could pave the way for a more substantial price rally. Will The XRP Price Sustain A Rally To $1? At the time of writing, the XRP price is trading at $0.5851 and is still on 8.4% gains in seven days. Based on the recent update, EGRAG noted that the move towards $1 is still in play, as XRP is poised for a massive breakout. Although EGRAG only noted the $0.75 price as the most crucial for a breakthrough, there exist other resistance levels that serve as forerunners. Looking at the XRP price chart, XRP has been trading below $0.62 since March. Interestingly, the cryptocurrency has retested this price level at least six times since then and has failed to break above. Related Reading: Bitcoin Accumulation In Full Swing As $1.3 Billion Exits Exchanges, $75,000 Next? From a technical perspective, $0.62 has emerged as a pivotal price point, acting as a short-term hurdle that XRP bulls must conquer before setting their sights on the more significant $0.75 resistance. A clear break above these levels would signal increasing buyer strength and potentially open the door for a campaign to $1. From a fundamental point of view, the XRP price is starting to campaign to the $1 mark in light of recent events in the XRP ecosystem. One such event is Grayscale’s recent unveiling of the first XRP trust in the US. This move has prompted speculation that an XRP ETF will hit the market soon. Another noteworthy development is the relisting of XRP on the European version of Robinhood. Featured image created with Dall.E, chart from Tradingview.com
XRP price rallied above the $0.5550 and $0.560 levels. It is now consolidating gains above $0.550 and might aim for more gains in the near term. XRP price gained pace for a move above the $0.550 resistance zone. The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could regain traction if it stays above the $0.550 pivot level. XRP Price Gains Momentum XRP price remained well-supported above the $0.5320 level like Bitcoin and Ethereum. The price started a fresh increase and was able to clear the key hurdle at $0.5420. There was a surge above the $0.5550 and $0.5650 levels. The price even tested the $0.5870 zone. A high was formed at $0.5869 and the price started a sharp pullback. There was a move below the $0.5720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high. The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high. On the upside, the price might face resistance near the $0.5660 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5920 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term. More Downsides? If XRP fails to clear the $0.5660 resistance zone, it could start another decline. Initial support on the downside is near the $0.5550 level. The next major support is $0.5500. If there is a downside break and a close below the $0.5500 level, the price might continue to decline toward the $0.5380 support in the near term. The next major support sits at $0.5250. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5550 and $0.5500. Major Resistance Levels – $0.5660 and $0.5720.
In the ever-evolving world of cryptocurrency assets, it is believed that most digital assets possess speculative bubble characteristics, demonstrating uncertainty about the stability of their value. However, a market expert has claimed that XRP’s value remains robust and free from the speculative bubble pressures often seen with other cryptocurrencies. Is XRP More Stable Than The […]
A crypto analyst is mega bullish on the future outlook of the XRP price, predicting a massive price surge to $40 for cryptocurrency. Despite XRP’s stagnant price growth over the years, this crypto analyst remains confident in the cryptocurrency’s short-term and long-term prospects. XRP Surge Incoming, Don’t Panic Sell XRP, the native token of the XRP Ledger (XRPL) is currently showing incredibly bullish signals according to ‘Steph Is Crypto,’ a market expert on X (formerly Twitter). Sharing a video discussing his analysis of the XRP chart, Steph Is Crypto disclosed that cryptocurrency is gearing up for a substantial breakout in the immediate short term. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why The analyst disclosed that XRP is currently shaping a “larger inverted head and shoulders” technical pattern. As a result, he predicted that a breakout would be confirmed in XRP when a daily candle was seen close to the neckline at the $0.65 level. Once XRP closes above this crucial price level, the cryptocurrency could witness a price increase to $1.11, representing a 106% surge from its current value. Steph Is Crypto further revealed that on the monthly time frame, XRP’s price is getting closer to the apex of its distinctive symmetrical triangle pattern. A symmetrical triangle is a neutral chart formation consisting of two converging trend lines that suggest a potential price breakthrough after a period of sideways trading. Based on XRP’s triangle chart pattern, the analyst believes that the cryptocurrency could experience a massive price surge to $40 in the next few weeks. Considering the ambitious nature of this price forecast, Steph Is Crypto has warned investors to take it with a grain of salt, noting the market’s unpredictable nature. However, should XRP break above the downward-sloping resistance line on its symmetrical triangle pattern, the cryptocurrency could see a rapid move to the upside. A jump to $40 would mean that the XRP will require a 75.5% rally from its present price of $0.53. Looking at the Fear and Greed index of the broader crypto market, the majority of investors are in a fearful state due to the recent market decline and volatility. However, Steph In Crypto has urged XRP investors to stay bullish, emphasizing that now is the worst time to panic sell their holdings. He also revealed that XRP is witnessing a significant build-up of liquidity from short positions. As a result, he recommends that investors keep an eye out on the cryptocurrency’s liquidity margin, predicting a short squeeze or a move upwards soon. Related Reading: Bitcoin Recovery Path To $60,000: Analyst Reveals Why $55,881 Is Important Update On XRP Price Analysis Despite XRP’s bullish forecast from analysts and its newfound legal clarity, the cryptocurrency continues to experience sluggish growth. CoinMarketCap’s data has shown that XRP is still consolidating around the $0.5 price level, showing only modest gains even during favorable market conditions. In the last 24 hours, the price of the cryptocurrency has jumped by 1.06%, however in the previous week it also fell by 1.90%. Featured image created with Dall.E, chart from Tradingview.com
Grayscale, a leading cryptocurrency asset manager, unveiled the first XRP trust in the US, propelling the token’s price by 8% to $0.57 at press time. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why XRP Trust Announced, Is The XRP ETF Incoming? Digital assets manager Grayscale today announced the launch of a closed-end XRP trust in the US, paving the way for institutional investors to gain exposure to the top 10 cryptocurrencies, an official announcement by Ripple confirms. Commenting on the development, Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, said: We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure. For the uninitiated, a closed-end trust differs from an exchange-traded fund (ETF) because it allows certain investors to gain exposure to the underlying asset with relatively fewer regulatory constraints. On the other hand, an ETF approval requires several checks from regulators – in this case, from the US Securities and Exchange Commission (SEC) before they are made available to investors. That being said, it’s worth highlighting that an approved trust holds the potential to transform into an ETF with the required regulatory approvals. For example, Grayscale’s single-asset investment trusts – Bitcoin (BTC) and Ethereum (ETH) – were given the go-ahead to become ETFs earlier this year. Related Reading: 11% Of Bitcoin Supply In Coinbase’s Hands: Analyzing The Potential Risks As a result, it won’t be surprising to see an XRP ETF in the US sometime soon. The fact that Grayscale has published an intended four-phase product life cycle for its newly unveiled XRP trust further gives weight to the possibility of an XRP ETF shortly. Interestingly, the XRP trust’s launch comes when its parent company, Ripple, is tackling multiple legal battles with the US SEC. XRP’s price following the announcement skyrocketed by 8%, currently at $0.57. Featured image from Zebpay.com, Chart from Tradingview
The fund will offer investors exposure to XRP tokens.
XRP price is holding gains above the $0.5250 level. The price is now trading in a tight range and might soon attempt a move above the $0.550 resistance. XRP price is eyeing a clear move above the $0.5420 resistance zone. The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. There was a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5420 and $0.5450 resistance levels. XRP Price Eyes Upside Break XRP price remained well-supported above the $0.5220 level like Bitcoin and Ethereum. The price started a fresh increase within the range and was able to clear the $0.5320 resistance level. The price climbed above the 50% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. There was also a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair. The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5380 level or the 76.4% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5550 resistance. The next major resistance is near the $0.5640 level. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. Another Decline? If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5330 level and the 100 hourly SMA. The next major support is $0.5280. If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5330 and $0.5280. Major Resistance Levels – $0.5420 and $0.5450.
XRP price managed to stay above the $0.5000 level. The price is rebounding and must clear the $0.5480 resistance level to start a decent increase. XRP price is struggling to gain pace for a move above the $0.5350 zone. The price is now trading below $0.5320 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline again if it fails to clear $0.5320 and $0.5480. XRP Price Faces Resistance XRP price extended losses below $0.5350 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.5020 support zone. A low was formed at $0.5021 and the price is now attempting a recovery wave. There was a minor increase above the $0.520 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. However, the bears seem to be active near the $0.5320 and $0.5350 levels. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5320 level. The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5620 resistance. The next major resistance is near the $0.5750 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term. Another Decline? If XRP fails to clear the $0.5320 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is $0.5200. If there is a downside break and a close below the $0.5200 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits at $0.5020. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5200 and $0.5120. Major Resistance Levels – $0.5320 and $0.5480.
The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) has yet to be concluded despite Judge Analisa Torres’ August 7 ruling, which appeared to have ended the case. This follows a recent development showing that the SEC is still considering appealing the court’s ruling. Related Reading: Satoshi Nakamoto Tells NBA […]