The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future. Related Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout – Analyst Whales Shedding Weight: A Bearish Signal? The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market. The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop. The behavior of these large XRP holders could indicate a shift in market sentiment, prompting concerns about the future stability of XRP prices. As these whales liquidate their positions, the market could face increased volatility, with prices reacting sharply to the influx of sell orders. Additionally, the reduction in whale holdings might signal a lack of confidence in XRP’s short-term prospects, potentially discouraging smaller investors from maintaining or increasing their positions. The price of XRP managed to shift from $0.48 to $0.52 in a few days last week. The token has been wiping out some of those gains, though. The token’s price may drop below $0.50 because to the decrease in balances. The effect was already in action because the token’s value was $0.51 at the time of publication. OI And Active Addresses: Not Shining A Bullish Light Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions. This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump. Related Reading: ADA Price Surge Could Push Ratio Of Holders In Loss Below 55% Volatility: A Double-Edged Sword A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite. The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase. Featured image from CoinCodex, chart from TradingView
Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024. The report sheds light on XRP’s soaring trading volume. It also highlights updates on the on-chain performance and recent technical developments of the XRPL ecosystem. Related Reading: NFT Market Crashes: 95% Of Assets Become Worthless XRP Spot Volume Surges According […]
On-chain data shows that XRP and Cardano whales have been accumulating recently, which can be bullish for the prices of these altcoins. XRP & Cardano Whales Have Gone On A Buying Spree Recently As analyst Ali explained in a new post on X, XRP whales have seen their holdings go up over the last couple of weeks. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of assets the different market groups hold. Related Reading: Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns The whale cohort is of interest in the current discussion. These investors hold between 1 million and 10 million XRP in their balance. At the current exchange rate, these amounts are worth around $0.52 million and $5.2 million, respectively. Clearly, these are pretty significant holdings, which is why whales are considered influential in the market. Now, here is a chart that shows how the Supply Distribution of the entities belonging to this XRP group has looked like recently: The graph shows that while the XRP price has been stuck in consolidation during the last couple of weeks, the whales have been viewing the opportunity as a buying one. These humongous investors have scooped up over 110 million cryptocurrency tokens (equivalent to almost $57 million) inside this window. This buying scale isn’t particularly massive, but the fact that these investors have been backing the coin through this poor period should be an optimistic sign. It would also appear that XRP isn’t the only one on the large holders’ radar recently. Market intelligence platform IntoTheBlock revealed in an X post that Cardano has also seen a significant buying push. In the above chart, IntoTheBlock displays the holdings of the Cardano investors, which are between 100 million and 1 billion ADA. This range’s bounds convert to about $45.3 million and $453 million, respectively, so these whales would be much more massive than the XRP ones just discussed. As is apparent from the graph, these ADA entities have expanded their holdings over the past month. More particularly, their supply has grown by 11% in this period, which, when considering the scale of the total holdings of this group, is an enormous increase. According to the analytics firm, these Cardano whales now control 6.71% of the entire circulating supply of the cryptocurrency all by themselves. Related Reading: Bitcoin Hash Ribbons Form Capitulation Signal: What It Means This latest buying push towards XRP and ADA from the whales simultaneously could be a potential sign that these large entities are expecting an altcoin rally soon. Given that Cardano has seen it happen at a much more significant scale, the coin could likely see better returns than XRP if a surge does happen. XRP Price XRP has displayed stale price action recently, as its price has continued to move sideways around the $0.52 level. Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
A crypto analyst identified as ‘Egrag Crypto’ has recently taken to X (formerly Twitter) to issue a warning to XRP investors regarding a potential bear market that could trigger a massive correction for the price of XRP. XRP Holders Prepare For More Declines In 2025 According to Egrag Crypto, XRP is expected to enter a steep bear market stage in 2025. The analyst based his predictions on a technical analysis tool he called the “Gaussian Channel,” revealing three distinct technical phases for XRP, including a Green A, Green B and Green C phase. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish He noted that the bearish phase in Green A had already been completed. However, the Green B phase is expected to end by June 2025, and Green C is anticipated to conclude by January 2025. The analyst further emphasized that the aforementioned dates do not represent cycle tops but indicate the beginning of a “deep bear market phase.” He also revealed that the Gaussian Channel was a technical analysis tool used to visualize price movements of cryptocurrencies around a mean average price. The purpose of the tool is to help identify volatility, risks, and certain support and resistance levels. Additionally, analyzing the historical trends and durations of the green phases provided by the Gaussian Channel provides valuable insights that can be used to interpret future price movements. Presently, the price of XRP has remained relatively unchanged for the past few months, primarily consolidating around the $0.5 mark without witnessing any significant momentum. This lackluster performance can be attributed to the ongoing legal challenges the cryptocurrency has faced with the United States Securities and Exchange Commission (SEC) over the past four years. While Egrag crypto anticipates more bearish sentiment for XRP in the coming year, the crypto analyst also suggests that the next 3 to 12 months could present critical trading opportunities as the market evolves. He cautions XRP holders to remain vigilant and prepared for potential market volatility, which could lead to a “life-changing window.” Analyst Highlights XRP’s Resilience In a previous X post, Egrag Crypto maintained an optimistic outlook for the price of XRP. He emphasized the cryptocurrency’s strength and resilience, noting that XRP was indicating strong bullish signals in its price fundamentals. Related Reading: Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week He revealed that if XRP can maintain a critical position within the “Launching Channel,” a trading pattern identified by partial wicking candles and ascending consolidation, the cryptocurrency could see its value potentially surging to $6.4. Related Reading: Bitcoin Long-Term Holders Buy The Blood, Snatch Up 70,000 BTC At the time of writing, the price of XRP is trading at $0.51, reflecting an increase of 3.51%, over the past 24 hours, according to CoinMarketCap. Egrag Crypto has advised the broader XRP community to remain “calm and steady,” as the next three to six months could present significant opportunities for investors. Chart from Tradingview.com
The price of XRP, the native token of Ripple, has been a topic of much debate lately. While some analysts predict a significant price jump this weekend, others remain cautious due to the coin’s recent struggles and the ongoing legal battle between Ripple and the SEC. Related Reading: Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia Stalled At The Starting Line: XRP’s Recent Performance XRP has been stuck in low gear, failing to break past the $0.54 resistance level for weeks. This sluggishness extends to the broader timeframes, with the coin experiencing a decline in the past month, week, and even the last 24 hours. At the time of writing, XRP was trading at $0.5185, down 3.8% in the last 24 hours, but managed a measly 0.4% uptick in the last week, data from Coingecko shows. Weekend Surge On The Horizon? Coincodex, a prominent crypto prediction platform, stands out from the crowd with a bullish forecast. They predict a substantial price increase for XRP, with the coin potentially reaching $0.648 by Tuesday, May 21st. This would represent a jump of over 32% from its current price. However, even Coincodex acknowledges the potential for a different scenario. The report mentions the possibility of consolidation around $0.4952 or even a price drop if profit-taking intensifies. Legal Clouds Dampen Enthusiasm Many experts believe the ongoing lawsuit between Ripple and the SEC is a significant factor behind XRP’s underperformance. The SEC alleges that XRP is a security, while Ripple argues it’s a currency. This legal battle has cast a shadow over the cryptocurrency, leading to investor hesitation. There is a glimmer of hope, however. The article reports that the lawsuit is nearing its conclusion, with a final judgment expected from Judge Analisa Torres this year. A definitive resolution, especially if it favors Ripple, could pave the way for a significant price increase in the future. Some analysts, as the report mentions, even predict XRP could surge to $47 during the next bull run. Weighing The Bullish And Bearish Signs The future of XRP remains uncertain. Coincodex’s prediction offers a ray of optimism for a near-term price jump. However, the recent price slump, ongoing legal battle, and cautious investor sentiment paint a more complex picture. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally Looking Ahead: A Post-Lawsuit Future For XRP? The resolution of the SEC lawsuit could be a turning point for XRP. If Ripple prevails, it could remove a major obstacle to wider adoption and institutional investment. This, combined with a potential bull run in the broader cryptocurrency market, could propel XRP to new heights. However, even a favorable outcome wouldn’t guarantee smooth sailing. The cryptocurrency market remains volatile, and XRP faces competition from other established players. Featured image from Pexels, chart from TradingView
XRP price is attempting a fresh increase above the $0.5050 resistance. The price could gain bullish momentum if it clears the $0.520 resistance. XRP is eyeing a steady move above the $0.520 level. The price is now trading above $0.5120 and the 100-hourly Simple Moving Average. There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if there is a close above the $0.520 resistance. XRP Price Eyes Breakout Yesterday, we saw how XRP price started a recovery wave, like Bitcoin and Ethereum. The price was able to settle above the $0.4950 and $0.50 resistance levels. There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5150 resistance level and settled above the 100-hourly Simple Moving Average. It traded as high as $0.5195 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. The price is also trading above $0.5120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5185 level. The first key resistance is near $0.5200. A close above the $0.5200 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. Another Decline? If XRP fails to clear the $0.520 resistance zone, it could start another decline. Initial support on the downside is near the $0.5145 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.5050 support zone or the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. 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 – $0.5120 and $0.5050. Major Resistance Levels – $0.5200 and $0.5220.
Crypto analysts continue to be super bullish on the future of the XRP price despite its poor performance in the past. However, while some analysts have predicted price targets that, to many, seem unrealistic, others have set more conservative targets. This is the case of crypto analyst Alan Santana, who just unveiled his 6-month prediction for the XRP price. XRP Price Is Ready For A Bullish Wave Alan Santana took to the TradingView website to share his latest analysis on the XRP price. This prediction is expected to play out over the next six months as the crypto market heads into what is expected to be an explosive bull rally. Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 The crypto analyst believes that in this cycle, the altcoin may find its price moving well ahead of other altcoins. “it is likely to be one of the first to move… One of the first to move big!” the analyst said. Santana also gives reasons for this, one of them being that the waiting period between each bullish wave for the XRP price has elapsed. His analysis showed that the altcoin has usually seen a 6-8-month gap between each bullish wave. However, it had been 308 days since it saw its last bullish wave, which is well over 10 months. This means that the altcoin is more than ready for another bullish wave. He also added, “The fact that XRPUSDT went through a correction and has been consolidating for this long is considered bullish.” Furthermore, the altcoin has been on a bullish trend, recording higher lows. This is usually bullish for any asset as it suggests better support for the price as it moves upward. “Higher lows means that the bulls have the upper hand when it comes to the long-term trajectory of this chart,” Santana explained. XRP Can Move 280% In 2024-2025 The crypto analyst expects a rather rapid bullish wave for the XRP price and stated that he expects this to happen sometime in 2024 and 2025. The main reason behind this is that the accumulation phase for the altcoin is finally coming to an end. This is a sentiment that has also been shared by another crypto analyst known as U-Copy. According to the analyst, the XRP price had been in accumulation for the last seven years, but it has finally come to an end in 2024, and this end in the accumulation phase will lead to a rally. Related Reading: Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When While U-Copy expects the altcoin to hit a new all-time high price as this accumulation phase comes to an end, which would be an at least 600% move from here, Santana has taken a more conservative stance. The analyst does expect the XRP price to break above $1, but puts the peak around $1.9 and $2. This would mean a 280-300% move from here. “Once it starts going, it will go really strong and for a very long while… People will be wondering, ‘why didn’t I buy when prices were low?’,” the analyst concluded. Featured image from CoinMarketCap, chart from Tradingview.com
Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade. […]
XRP, the cryptocurrency associated with Ripple, has been locked in a lengthy period of consolidation, trading between $0.300 and $0.600 for the past seven years. Despite a brief surge during the 2021 bull run that saw XRP reach a three-year high of $1.9 in April, the token has since returned to its range, lacking the bullish momentum to overcome upper resistance levels. However, some crypto analysts are now predicting a major uptrend for XRP in the coming months, potentially propelling it to new heights. Analysts Anticipate XRP Breakout A technical analyst using the pseudonym “U-COPY” on the social media site X (formerly Twitter) suggests that XRP could experience significant movement between May 15 and August. U-COPY points out that XRP has been slowly moving up from its previous low at $0.46 and is nearing the end of a long triangle formation, which has been in accumulation since 2018. The analyst believes that XRP’s real potential will be revealed in the fully formed bull cycle, with the token possibly experiencing substantial growth by the end of the year. Related Reading: Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When Supporting this bullish outlook, another analyst, Armando Pantoja, proposes that the crypto bull run could begin in September or October 2025, with XRP potentially reaching a price of $0.75. Pantoja further suggests that if former US President Trump wins the election and the Securities and Exchange Commission (SEC) eases its stance on cryptocurrencies, XRP could be propelled to higher levels. This change in regulatory dynamics, combined with the ongoing legal battle between Ripple and the SEC, may increase the likelihood of XRP gaining approval for an exchange-traded fund (ETF) similar to Bitcoin. Pantoja outlines a price range of $1-2 for an XRP ETF announcement in early 2025. If interest rates are cut multiple times during the same period, XRP could potentially reach $5-10. Ultimately, Pantoja predicts the possibility of XRP hitting $10-$20 by the fourth quarter of 2025 or the first quarter of 2026. ‘Buy the Dip’ Opportunity? According to market intelligence platform Santiment, The XRP Ledger (XRPL) has recently witnessed a notable increase in the movement of dormant tokens, signaling a potential shift in market dynamics for the token. Coinciding with the opening of May, the company’s Token Age Consumed metric reveals a spike in the transfer of old coins, reminiscent of a similar occurrence in April, just before a significant downturn in the market. During that period, XRP experienced a sharp decline in value, dropping by 16%. However, in contrast to the previous event, Santiment suggests that there is a “compelling argument” that this current surge in old coin movement might be attributed to the interest of key stakeholders looking to “buy the dip.” Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 Furthermore, it is worth noting the growing open interest in exchanges, which has recently reached a three-week high. This uptick in open interest indicates increased active positions in XRP, potentially reflecting growing market participation and heightened trading activity. Considering these factors together—the surge in dormant token activity, the potential buy-the-dip interest from key stakeholders, and the rising open interest on exchanges—there appears to be a shift in sentiment surrounding XRP. At press time, the seventh-largest cryptocurrency trades at $0.5020, down over 7% in the past week alone and 1% in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com
John E. Deaton, a fervent advocate for XRP and critic of current regulatory approaches to digital assets, has officially secured his place on the Massachusetts Republican ballot for the 2024 US Senate elections. Deaton’s campaign announcement has stirred notable attention, setting the stage for a direct challenge against incumbent Democrat Senator Elizabeth Warren. Pro-XRP Lawyer […]
In a court filing on May 13, 2024, Ripple Labs has formally requested the United States District Court for the Southern District of New York to seal various documents that were submitted in connection with the SEC’s Motion for Judgment and Remedies. These documents, collectively referred to as the “Remedies Materials,” contain sensitive financial data, […]
XRP price is attempting a recovery wave from the $0.4865 support. The price could gain bullish momentum if it clears the $0.5120 resistance. XRP remained stable and started a recovery wave above $0.500. The price is now trading above $0.5050 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a decent increase if there is a close above the $0.5120 resistance. XRP Price Reclaims $0.50 After a steady decline, XRP price found support near the $0.4865 zone. A low was formed at $0.4864 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels. Besides, there was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even spiked above $0.5100. A high was formed at $0.5120 and the price is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. The price is now trading above $0.5050 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5085 level. The first key resistance is near $0.5120. A close above the $0.5120 resistance zone could spark a strong increase. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. Another Decline? If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.5050 level and the 100-hourly Simple Moving Average. The next major support is at $0.50 or the 50% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. If there is a downside break and a close below the $0.50 level, the price might accelerate lower. In the stated case, the price could retest the $0.4865 support zone. 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 – $0.500 and $0.4865. Major Resistance Levels – $0.5120 and $0.5220.
A crypto analyst has predicted a substantial bullish surge for the the XRP price in the future. According to the analyst, XRP is gearing up for a substantial increase to $33.5 from an initial price of $0.50. He expects the price of the cryptocurrency to explode by 6600% in this current market cycle. Analyst Forecasts Exponential Rise In XRP Price In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Egrag Crypto,’ revealed a series of bullish price targets for XRP in the near future. The analyst focused his predictions on a technical analysis called “the Line of Hestia.” Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Egrag Crypto’s latest findings suggest that XRP could rise to $33.5 if it touches the Line of Hestia, a technical indicator featuring an ascending trend line which signals a potential upsurge for the price of a cryptocurrency. According to the analyst, “Historical data indicates that every time the XRP price touches the “Line of Hestia,” it experiences significant price pumps.” This implies that there may be a correlation between XRP’s bullish price movements and the ascending trend line. Egrag Crypto also revealed that following this historical pattern, XRP has witnessed pumps ranging from 6600%,1444%, 100%, 80%, and 171%. Given the established trend, Egrag Crypto predicts XRP’s ascent to new all-time highs. He calculated the average percentage increase of XRP’s price each time it touched the Line of Hestia, dividing the sum by the total number of occurrences, which is five. Using this data, the crypto analyst estimates that if XRP were to experience a 6600% increase, its future price would be $33.50. Similarly, he calculated new prices for XRP based on the previous percentages. It’s important to note that the price of XRP, at the time of writing, is trading at $0.5. The cryptocurrency has been recording considerable declines over the past year, consolidating around the $0.5 price mark for months. According to CoinMarketCap, XRP has also recorded a 7.35% decrease over the past seven days and a 0.08% decline in the last 24 hours. Although Egrag Crypto has remained optimistic about XRP’s future price, other crypto community members have expressed skepticism over the analyst’s ambitious forecast. A few community members have denied the prediction, emphasizing that the cryptocurrency’s surge to $33.5 during this cycle was highly unlikely. Possible Price Correction Ahead Of Projected Surge In one of his most recent X posts, Egrag Crypto disclosed that XRP could witness a major price correction before experiencing a significant rally. The analyst has urged crypto investors to remain cautious of the cryptocurrency unless the XRP/BTC ratio closes above the $0.00010 threshold. Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 Egrag Crypto anticipates a potential 45% decline for XRP/BTC, emphasizing that this substantial price drop could indicate a bottom between $0.0000055 and $0.0000077. However, he also disclosed that overcoming resistance at $0.00001 would be crucial for a rebound in XRP. Token price at $0.5 | Source: XRPUSDT on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com
Expectations for the XRP price have fluctuated greatly in the last year, mostly due to the uncertainty that continues to cloud the Ripple legal battle with the United States Securities and Exchange Commission (SEC). However, bullishness has prevailed despite the altcoin’s disappointing performance in 2024, with one analyst pretending an end to what has been […]
XRP price started a fresh decline from the $0.5050 resistance zone. The price could decline further if there is a close below the $0.4865 support. XRP extended losses and traded below the $0.500 support. The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could slide further toward the $0.4550 support in the near term. XRP Price Dives Below $0.50 Recently, XRP price attempted a recovery wave above the $0.5050 level. However, the bears were active and the price started a fresh decline below the $0.500 support, like Ethereum and Bitcoin. There was a move below the $0.4920 and $0.4880 levels. A low was formed at $0.4867 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low. The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.4980 level. There is also a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low. Source: XRPUSD on TradingView.com The first key resistance is near $0.500. A close above the $0.500 resistance zone could spark a strong increase. The next key resistance is near $0.5085 and the 100-hourly Simple Moving Average. If the bulls remain in action above the $0.5085 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.550 resistance. More Losses? If XRP fails to clear the $0.50 resistance zone, it could start another decline. Initial support on the downside is near the $0.4865 level. The next major support is at $0.4780. If there is a downside break and a close below the $0.4780 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support 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 – $0.4865 and $0.4780. Major Resistance Levels – $0.500 and $0.5085.
The once-booming cryptocurrency Ripple (XRP) finds itself in a precarious position. The past month has been marked by a significant drop in XRP’s value, leaving investors and analysts in a state of flux. While some fear a continued decline, others see potential for a comeback, with technical indicators hinting at a possible reversal of fortune. However, the road ahead for XRP remains shrouded in uncertainty, with the ongoing legal battle with the SEC and broader market sentiment playing a crucial role. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit A Downturn And Dampened Enthusiasm The last few weeks have been a rough ride for XRP holders. The cryptocurrency, which once held the distinction of being the only one with apparent regulatory approval in the United States, has shed over 5% in the last week alone. The price dipped as low as $0.49 before recovering slightly to its current position around $0.50. This downtrend has coincided with a noticeable dampening of enthusiasm within the crypto community. Discussions about XRP have dwindled, and the usual “bullish” fervor seems to have gone quiet. Technical Signals And Expert Opinions Despite the gloomy outlook, there are some glimmers of hope for XRP. Analysts point to technical indicators on TradingView that suggest a potential uptrend in the making. The chart shows a series of “higher lows and higher highs,” a pattern typically associated with bullish momentum. Additionally, the $0.50 mark seems to be acting as a support level. Each time the price dips close to this point, it rebounds slightly, indicating that some investors see it as an attractive entry point. This bullish sentiment is echoed by some experts. Dark Defender, a prominent crypto analyst, remains optimistic about XRP’s prospects for 2024, predicting a surge to $1.80 before year’s end. A recent poll conducted by Egrag Crypto among nearly 4,000 crypto community members also revealed mixed feelings. While a significant majority (61%) expressed optimism about XRP’s ability to participate in an upcoming bull run, a sizable minority (40%) remained apprehensive. Total crypto market cap currently at $2.2 trillion. Chart: TradingView Clouds Over XRP: The Looming Legal Battle XRP’s path forward is far from certain. The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to cast a long shadow. The lawsuit, which centers around whether XRP is a security, has created uncertainty in the market, hindering investor confidence. This regulatory ambiguity makes it difficult for institutional investors to enter the XRP market, further dampening its potential for significant growth. XRP price down in the weekly timeframe. Source: Coingecko Related Reading: Unlocking The Dogecoin Code: One Factor Holds The Key To Its Next Ascent Market Sentiment And Ripple Effect The broader bearish sentiment currently gripping the crypto market also adds pressure to XRP’s price. Bitcoin, the bellwether of the cryptocurrency market, has seen a significant correction in recent months, dragging many altcoins, including XRP, down with it. This creates a domino effect, where negative sentiment in one cryptocurrency bleeds over to others, further exacerbating the decline. Featured image from Getty Images, chart from TradingView
SBI VC Trade, a subsidiary of SBI Holdings, has commenced its role as a validator node on the XRP Ledger (XRPL). This move by SBI, a major player in Japan’s financial sector, underscores its commitment to playing a pivotal role in the governance and development of the ledger. SBI Announces XRP Ledger Validator Launch The […]
Ripples of uncertainty continue to surround XRP, the cryptocurrency created by Ripple Labs. Once a high-flyer, XRP has seen its price plummet amidst a protracted legal battle with the US Securities and Exchange Commission (SEC). But even as dark clouds loom, some analysts see a silver lining, predicting a future surge for the digital asset. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff A Legal Tug-of-War Dampens XRP Price The SEC lawsuit, filed in December 2020, alleges that the altcoin is an unregistered security. This classification, if upheld, could severely restrict XRP’s trading and dampen its value. The legal wrangling has taken its toll, with its price dropping a staggering 84.7% from its 2018 peak of $3.40. The recent months haven’t offered much respite, with XRP experiencing a near 20% decline in the last 30 days alone. Technical Indicators Flash Red In The Short Term Technical analysis, a method used to predict price movements based on historical data, paints a concerning picture for XRP in the immediate future. Analysts point to recent price chart breakdowns, suggesting continued downward pressure. XRP 30-day price action. Source: CoinMarketCap A Bullish Case For XRP Despite the current headwinds, some analysts remain optimistic about the coin’s long-term prospects. Armando Pantoja, a well-respected crypto analyst, believes XRP has the potential to reach between $8 and $20 by 2026. This would represent a phenomenal increase of up to 3,557.6% from its current price. $XRP true value is $8-$20 by 2026. It’s the easiest trade of my life. 1. Historical Precedent Powerhouse 2. Institutional Adoption Tsunami 3. Market Trends and Utility Explosion 4. Future Financial Services Demand 5. Legal Clarity & Partnerships will Boom pic.twitter.com/fv2WlkuNHk — Armando Pantoja (@_TallGuyTycoon) May 7, 2024 Pantoja bases his bullish prediction on several factors. He points to XRP’s historical performance, highlighting its meteoric rise in 2017, where it surged over 650 times to its peak. This, according to Pantoja, serves as a precedent for future growth. Institutional Adoption Another factor fueling optimism is Ripple’s growing list of partnerships with established financial institutions. Integration with giants like Bank of America and Royal Bank of Canada could significantly boost the altcoin’s value by increasing its utility and mainstream adoption. Recent collaborations with HashKey DX and SBI Ripple Asia further bolster the case for institutional acceptance, potentially propelling XRP’s price upwards. XRP market cap currently at $28.7 billion. Chart: TradingView.com Upgrades To The XRP Ledger Ripple hasn’t been sitting idle either. Through its development arm, RippleX, the company has introduced key upgrades to the XRP Ledger (XRPL), the technology that underpins XRP. Notably, the XLS-68d specification allows platforms to cover transaction fees for users without distributing free coins. This simplifies the onboarding process and could attract new users to the XRP ecosystem. Market Trends And Community Optimism Pantoja also emphasizes broader market trends that could benefit XRP. The increasing demand for efficient financial services could create a perfect storm for XRP’s adoption. Additionally, Pantoja anticipates a legal victory for Ripple, paving the way for further partnerships and market expansion. Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing? The XRP community itself seems to echo this optimism. Social media engagement surrounding the altcoin has spiked, and the number of total holders and active addresses continues to rise. This suggests that despite the current challenges, many investors remain confident in XRP’s long-term potential. Featured image from Wikipedia Commons, chart from TradingView
The Securities and Exchange Commission (SEC) has submitted its remedies reply brief in its ongoing legal battle with Ripple Labs, accompanied by supporting exhibits. This filing marks a pivotal moment in the litigation as it is the final brief before Judge Torres will make her remedies ruling. SEC Files Final Brief As Decision Day Looms For […]
In the latest from the XRP lawsuit between Ripple and the US Securities and Exchange Commission (SEC), the agency has filed its remedies reply brief under seal, signaling a significant advance in the case’s remedies phase. This stage focuses on determining the potential sanctions that the fintech company might face if the SEC is successful […]
The US Securities and Exchange Commission has long been at loggerheads with the crypto industry, especially concerning the security status of some cryptocurrencies. Ripple CEO Brad Garlinghouse recently had some strong opinions on the matter that he’s not afraid to share. While speaking at an interview, Garlinghouse noted that the SEC is “grossly wrong” in […]
XRP has largely had a lackluster price movement in recent months, although it continues to show promise for real-world utility. Particularly, the price of XRP was recently rejected at $0.66 after a little surge which saw it falling back down as far as the $0.42 price level. The crypto now finds itself ranging between $0.6 […]
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As expected, this has raised concerns about how it could affect the XRP price, especially since Ripple has been accused of manipulating the token’s price. Ripple Unlocks 500 Million XRP Tokens Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns, considering the negative impact they could have on the altcoin’s price if dumped on the market. Further analysis of the on-chain data shows that Ripple sent 300 million XRP out of the unlocked tokens to an escrowed account (2Not4co2op). Meanwhile, the crypto firm sent the remaining 200 million XRP tokens to another wallet (4vt5x1o91m). Considering that the 200 million XRP tokens weren’t sent to escrow, Ripple may have plans to sell them at some point, although it has yet to do so. It is also worth mentioning that Ripple received another 500 million XRP tokens from an unknown wallet (ymFZmKxEsF). However, these funds were immediately sent to an escrow account. As such, the community can heave a sigh of relief since most of the XRP tokens Ripple received in the last 24 hours have been sent back to escrow. Talks About Ripple Dumping On The Market Resurface Following the latest token unlock, the crypto community has reignited talks about Ripple’s alleged dumping on XRP holders. The question of whether or not Ripple’s XRP sales influence the token’s price has been a long-standing discussion, with notable figures like pro-XRP crypto YouTuber Jerry Hall even accusing Ripple of intentionally suppressing the altcoin’s price with its sales. On the other hand, people like Ripple’s Chief Technology Officer (CTO) have clarified that the crypto firm’s XRP sales do not impact the crypto token’s price. Moreover, Ripple already discontinued programmatic sales, which means that its transactions cannot affect prices on crypto exchanges. Ripple also noted in its recent court filing in its ongoing legal battle against the Securities and Exchange Commission (SEC) that it had taken measures to ensure its institutional sales did not violate securities laws. This suggests that Ripple conducts its sales over the counter (OTC) to avoid further scrutiny from the Commission. At the time of writing, the token is trading at around $0.5, up over 2% in the last 24 hours according to data from CoinMarketCap. Price rises above $0.51 | Source: XRPUSDT on Tradingview.com Featured image from The Motley Fool, chart from Tradingview.com
In the face of growing global regulatory pressure on the crypto industry, the Biden administration’s intensified crackdown and the actions of regulatory bodies have prompted Senator Cynthia Lummis to issue a strong statement against the US government’s stance on the industry. Senator Lummis, a prominent supporter of Bitcoin and the overall crypto market, has advocated […]
The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s present regulatory challenges and the allegations surrounding the ETH Gate. Hoskinson And Schwartz Embark On Heated Debate Tensions have flared up within the crypto community as […]
Crypto firm Ripple is expanding its XRP Ledger (XRPL) enterprise solutions to Japan through a strategic collaboration with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, according to an April 30 statement. In this partnership, HashKey DX will work alongside Ripple and SBI Ripple Asia—a collaboration between SBI Holdings and Ripple—to develop […]
The post Ripple teams up with HashKey DX on blockchain-based supply chain finance in Japan appeared first on CryptoSlate.
Ripple has announced a major partnership with Tokyo-based HashKey DX, a consulting company of the HashKey Group, to deploy XRP Ledger (XRPL)-powered enterprise solutions in Japan’s burgeoning blockchain sector. The announcement led to an immediate 1.9% increase in XRP’s price, although this gain was slightly pared back; as of the latest data, XRP stands 1.1% higher since the news broke. The Ripple And HashKey Partnership: Details The collaboration leverages the substantial success HashKey Group has seen in mainland China. HashKey‘s blockchain-powered solutions for supply chain finance have registered over 4,000 companies, including 23 banks and 4,300 suppliers. The total transaction volume through these solutions has exceeded $7 billion, with almost $3 billion in financing transactions. In Japan, these blockchain solutions will be adapted and deployed through a partnership involving Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The XRPL will be the foundational technology platform. This blockchain specializes in tokenizing and exchanging both crypto-native and real-world assets. Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? Andy Dan, a representative from HashKey DX, highlighted the efficiency and suitability of XRPL for their needs, stating, “The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution. With its proven enterprise track record and unmatched performance metrics, including rapid settlement speeds, low costs, and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.” Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, echoed this enthusiasm for the partnership: “We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses.” XRP Price Analysis The initial spike in XRP’s price post-announcement reflects the market’s optimistic reception of Ripple’s strategic moves. However, the broader price action context reveals more complexity. Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Over recent weeks, XRP has experienced volatility, notably breaking down from a symmetrical triangle pattern on the weekly chart that began forming in September 2021. This pattern typically indicates a period of consolidation, with the eventual breakout direction suggesting the prevailing market force. Currently, the breakdown suggests that sellers have gained the upper hand, with the triangle now acting as a resistance zone. XRP faces multiple hurdles ahead as it is currently trading below several critical exponential moving averages (EMAs) – 20, 50, 100, and 200-week EMAs, all nested within the former triangle pattern. This setup presents significant resistance levels that need to be overcome for bullish momentum to resume. The Relative Strength Index (RSI), currently at 49, hovers near the neutral 50 mark, indicating that neither bulls nor bears have definitive control. This neutral position underlines the market’s current uncertainty, waiting for a catalyst that could drive the next significant price movement. Should the bulls regain control and push the price above the triangle’s resistance, the 0.236 Fibonacci retracement level at $0.68410 could initiate a shift in sentiment and potentially more robust gains for XRP. Featured image created with DALL·E, chart from TradingView.com
The once-booming cryptocurrency XRP, championed by Ripple Labs, finds itself precariously perched on a stormy sea of uncertainty. Recent weeks have been a tempestuous voyage for the digital asset, rocked by a confluence of challenges: regulatory scrutiny, dwindling investor confidence, and now, the ominous exodus of major whales. Related Reading: Render Revving Up: Analyst Predicts Potential Climb To $16 XRP Whale Exodus Sparks Fear These “whales,” the deep-pocketed investors holding vast quantities of XRP, have begun executing sizable sell orders, sending tremors through the market. On-chain data reveals a colossal transfer exceeding 24 million units, valued at slightly over $12 million, departing from the Bitvavo exchange and vanishing into an anonymous wallet. Such sizeable movements are often interpreted as a bearish signal, signifying a potential lack of faith among these influential investors and casting a dark cloud over XRP’s immediate future. Source: Whale Alert/X XRP Price Takes A Tumble The negative undercurrents permeating the market have manifested in a precipitous decline of XRP’s price. At the time of writing, XRP is trading at a meager $0.51, representing a staggering 16% devaluation over the past month alone. This price plunge underscores XRP’s struggle to regain its footing amidst a broader market correction that has gripped the cryptocurrency space since May 2023. Institutional Investors Lose Their Appetite For XRP Adding fuel to the fire of anxiety is a noticeable decline in institutional interest. Insights gleaned from Santiment’s data point towards a palpable disinterest among entities holding significant XRP reserves. XRP market cap currently at $27.7 billion. Chart: TradingView.com Investors with holdings ranging from 100,000 to 100 XRP, typically categorized as high-net-worth individuals or institutional players, are exhibiting signs of skepticism. This trend further diminishes XRP’s allure in the market, amplifying the prevailing bearish sentiment. On-Chain Metrics Signal Trouble On The Horizon Looking deeper into the murky waters of XRP’s on-chain metrics reveals a disturbing trend – a decline in both network growth and transaction velocity. The acquisition of new users on the XRP network appears to be stagnating, coupled with a decrease in the frequency of transactions. XRP 24-hour price action. Source: CoinMarketCap This suggests a potential loss of interest among investors and a reluctance to trade XRP. However, a solitary beacon of hope shines through the gloom – a surge in long-term holders. This uptick indicates that some investors remain confident in XRP’s long-term prospects, choosing to hold onto their assets despite the current turbulence. Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat Development Activity Dwindles, Raising Concerns About Innovation The realm of development also paints a concerning picture for XRP. Indicators such as code commits and the number of active developers working on XRP-related projects have displayed a downward trajectory. This dearth of development activity raises concerns about a potential lack of innovation or progress within the XRP ecosystem. A stagnant ecosystem can further erode investor confidence and exacerbate the bearish sentiment surrounding the cryptocurrency. Featured image from Corporate Finance Institute, chart from TradingView
In the latest updates on the court case between Ripple and the United States Securities and Exchange Commission (SEC), the Magistrate Judge Sarah Netburn, has ordered strict deadlines for the regulatory agency to respond to the crypto firm’s motion. Judge Issues New Scheduling Order On Thursday, April 25, the magistrate Judge Netburn issued a new […]
Recent data from Santiment, a prominent market intelligence firm, indicate that the altcoins may enter a “prime buying” phase. According to Santiment, more than 85% of the altcoins they track are currently positioned in what is historically considered a “buying opportunity zone.” Sentiment And Technical Indicators Favor Altcoins This assessment is based on the Market […]