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XRP Price Goes Upward With Increasing Whale Activity

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XRP Price Goes Upward With Increasing Whale Activity

The crypto market is still facing a declining effect from the raging crypto winter, but  XRP is faring on the daily chart. Since last year, several crypto assets have been struggling to stay afloat as the prices of tokens fluctuate. Unfortunately, the overall outcome has not impressed many crypto participants and investors.

But the new year is bringing a positive turn in the crypto market. Some crypto tokens have started reclaiming their value over the past seven days. For example, XRP has taken a more vital route as it joins the train of bullish tokens for an upward move.

XRP Price Trends Upward

In a new development, the price of XRP surged impressively within a few days. As per data from Coincodex, XRP rose by approximately 10% in the past seven days.

Further, Santiment, an on-chain data provider, reported that cryptocurrency’s recent reclaim in value is due to increasing active addresses.

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According to the data provider, XRP recorded about 41K active addresses on January 8, 2023. But the number surged rapidly within the next few days. As a result, the active addresses have grown to over 148K since January 12, 2023. This shows an addition of over 107K active addresses, representing over a 200% increase in less than seven days.

Whales Show Increasing Activities

Additionally, XR´whales have been engaging massively in transactions, as per WhaleAlert, a crypto data provider. It noted that within the past 24 hours, whales had moved about 193 million XRP worth almost $70 million cumulatively.

One of the most significant single transactions is a whale’s purchase of 41 million tokens from the Bitso crypto exchange. The tokens are worth more than $15.2 million in the current market price.

Also, WhaleAlert reported a transfer of 28 million XRP worth $10.55 million from an unknown whale wallet. In addition, another transfer of 40 million XRP worth $15.07 million from an anonymous wallet. These transactions moved the funds to Bitso and Bitstampc crypto exchanges, respectively.

The report disclosed that whales transferred up to 88 million tokens to several crypto exchanges in the past 24 hours. 29.1 million XRP tokens went to the Bitstamp crypto exchange within the past day.

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Source: Santiment App – Ripple (XRP) Daily Active Addresses

On the other hand, the whales purchased 45.2 million XRP tokens from Bitso over the past 24 hours. The value of the total coins is almost $30.7 million based on the current market prices.

Ripple (XRP) Price Performance

The recent bullish trend for XRP indicates a turning for the crypto asset. The coin exhibited impressive volatility, pushing the token to cross its $0.33 support level.

XRP price continues to hike on 24-hour candle l XRPUSDT on Tradingview.com

At the time of writing, XRP is trading at $0.3766. Currently, the market cap sits at $18.61B, and its dominance is 2.12%.

According to CoinMarketCap, XRP recorded $1.33 billion in its 24-hour trading volume. This is showing a rise of 5.99% in the past day. Also, in the past 24 hours, its hit $0.3783 and $0.3659 as high and low prices, respectively. Featured image from Pixabay, charts from TradingView.com, Santiment.net

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Ripple

XRP Bulls Try To Break Consolidation At $0.4 To Conquer New Levels

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XRP Bulls Try To Break Consolidation At $0.4 To Conquer New Levels

XRP bulls are trying to ride the wave along with Bitcoin to reclaim previously lost territory. The bulls are targeting new annual highs.

XRP has been trading in the green zone since the beginning of the year with a strong recovery and bullish sentiment from its investors. At press time, XRP is trading at $04.96, representing a gain of 0.78% in the last 24 hours. The token is auctioning 34% below its 2018 high of $3.40.

Can XRP Sustain Its Bull Streak?

XRP started the year with a spike in volatility that characterized the market and has been able to profit 11.85% in the last 30 days, pushing its market cap to $20.6 billion. 

In addition, the trading volume that XRP has experienced in recent days and weeks and the profitable trend of XRP shows that market makers are involved in the project. According to a recent report from NewsBTC, it’s possible to assume that  XRP whales are once again buying and accumulating the token. 

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This increase in activity in the XRP Ledger’s native token suggests that more wallets are being created with large amounts of XRP. While the perspective of many investors may be bullish, we can also find traces that lead us to consider a bearish scenario. 

XRP can break the trend line that touches three key levels and continue its bullish trend to find a position in the following challenge represented by $0.5.

XRP Heaven or Hell Levels

Despite the breach of previous target zones, there are strong signals that XRP’s bullish days may be numbered. The current market scenario, where some tokens are consolidating or forming a range price, suggests that the price action can explode in any direction.

As with any pivotal moment in the market, this leaves XRP with two scenarios, which are explained in the following chart:

XRP can break the trend line that touches three key levels and continue its bullish momentum to find a position in the following challenge represented by $0.5.

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XRP’s price trends to the upside on the daily chart. Source: XRPUSDT Tradingview

On the daily chart above, XRP has formed a bearish divergence, which may represent a significant pullback for the token. The Relative Strength Index (RSI) sits at 42.51, approaching oversold territory, but for XRP, there needs to be a correction in the daily time frame before the price action can follow the RSI indicator.

If this is confirmed, XRP could significantly retreat to the $0.36 support level. If the bulls cannot stop this hypothetical scenario, the token may also lose territory and test the $0.288 level. 

In short, XRP needs to find its momentum before a significant correction of the token and the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) forming bearish divergences on the daily charts.

Confirmation of the bearish divergences for XRP will be complete when the price action breaks below $0.379. In that case, bears may find themselves in the perfect scenario to ride down the hill to visit lower prices. If XRP’s downturn continues, it could retest $0.33, the following primary support line for the token.

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Ripple

XRP Price Prediction: Key Upside Break Could Trigger Rally To $0.5

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XRP Price Prediction: Key Upside Break Could Trigger Rally To $0.5

Ripple is rising steadily above the $0.380 resistance zone against the US Dollar. XRP price could rise further if it clears the $0.4320 resistance zone.

  • Ripple is currently rising above the $0.38 resistance zone against the US dollar.
  • The price is now trading above $0.380 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.3960 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could rally further if there is a clear move above the $0.4320 resistance zone.

Ripple Price Starts Steady Increase

After forming a base above $0.32, ripple’s XRP started a steady increase against the US Dollar. The price climbed above the $0.35 resistance zone to move into a positive zone.

The bulls pushed the price above the $0.365 level and the 100 simple moving average (4-hours). The increase was such that xrp price even surged above the $0.40 level. It traded to a new yearly high at $0.4324 and is currently consolidating gains, similar to bitcoin.

The price is now trading above $0.380 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.3960 on the 4-hours chart of the XRP/USD pair. The pair is stable above the 23.6% Fib retracement level of the upward move from the $0.3655 swing low to $0.4324 high.

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Source: XRPUSD on TradingView.com

An immediate resistance is near the $0.432 zone. The next key resistance is near the $0.45 level. A successful break above the $0.450 resistance might send the price towards the $0.480 resistance. Any more gains might send the price towards the $0.50 level in the coming sessions.

Dips Limited in XRP?

If ripple fails to clear the $0.432 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.416 level.

The next major support is near $0.400 and the trend line. It is close to the 50% Fib retracement level of the upward move from the $0.3655 swing low to $0.4324 high. If there is a downside break and close below the $0.40 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.365 support.

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Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.416, $0.400 and $0.392.

Major Resistance Levels – $0.432, $0.450 and $0.480.

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Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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altcoin

Why Ripple’s predicted victory could be SEC’s regulatory undoing?

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Why Ripple’s predicted victory could be SEC’s regulatory undoing?

  • Full crypto regulation was not bound to happen soon according to Ripple’s lawyer.
  • The XRP technical outlook showed that the token’s movement could end in consolidation.

It is no longer a new development that the Ripple [XRP] issue with the United States SEC could get a resolution in the first or second quarter of 2023. As time draws near, the blockchain-payment firm has growing support concerning its projected triumph. 


How much are 1,10,100 XRPs worth today?


Regulation in the mud?

In a related development, John E. Deaton commented that the action of the SEC meant the U.S. could be left behind in crypto innovation.

Furthermore, the blockchain enthusiast and XRP lawyer mentioned that the regulator’s hopes of full regulation might not happen anytime soon, as he resounded a “CRYPTO REGULATION IS NOT COMING!” statement. He also conceived that the earliest notable enforcement in the sector could be around 2025.

While maintaining his opinion, Deaton said he cared less if people thought that he was fighting a lost battle. He tweeted,

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“People have told me that I’m likely fighting a losing battle. Maybe I am. But what else do we do? We have to fight all of these Court battles because clarity through legislation is NOT coming.”

In response to the growing support Ripple received, John Reed Stark said the firm was exaggerating the regulator’s policies. In his LinkedIn post on the same day, the former SEC official said that crypto lobbyists were making deflective efforts to gain sympathy. Describing it as utter nonsense and referring to the SEC as a principled-based organization, Stark wrote,

“Not a day passes without a crypto-promoter or shill disdaining the SEC’s perilous practice of RBE”

XRP on the consolidation radar

Meanwhile, XRP has merely put up a great performance after the first two-week 2023 rally. In the last seven days, the token increased its value by 3.03%, CoinMarketCap data revealed.


Read Ripple’s [XRP] Price Prediction for 2023-2024


However, the daily chart indicated that XRP was close to reaching an overbought region. At press time, the Relative Strength Index (RSI) was 65.32. Since this RSI trended toward an overbought zone, XRP might reverse from the greens.

Concerning the Directional Movement Index (DMI), neither the positive (green) nor negative (red) was in complete control of the market. The Average Directional Index (ADX) moved in a similar direction. Hence, XRP could later end in short-term consolidation.

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Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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