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XRP Tops List Of Gainers As Whale Interest Spikes

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XRP Tops List Of Gainers As Whale Interest Spikes

XRP has been on the front lines of crypto news for the past couple of weeks as Ripple’s lawsuit with the Securities and Exchange Commission (SEC) heats up. The increased attention has translated to more market movement, and whales are looking to take advantage of this.

Whales Move Into XRP

XRP’s trading volume saw a spike on Tuesday following the upward rally in the crypto market. This saw an increase in the price of the digital asset but perhaps most important for the day was the fact that Binance Smart Chain whales were actually more interested in the coin.

Whale tracking website WhaleStats reported that XRP had become the most traded token among the top 100 BSC whales for the day. It dethroned AAVE which had previously dominated the attention of these large whales to achieve this feat.

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📰 JUST IN: $XRP @Ripple flipped $AAVE for MOST TRADED token among top 100 #BSC whales

Check the top 100 whales here: https://t.co/0SYnjw0xQs

(and hodl $BBW to see data for the top 4000!)#XRP #AAVE #whalestats #babywhale #BBW pic.twitter.com/MhK4A1ATd3

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 10, 2023

Now, the increased interest from these whales has not died down yet because while XRP is not currently the most traded token, it is still a top 10 token for them. It features in the fourth spot of most purchased tokens for the largest BSC whales.

Additionally, the XRP smart contract is one of the top 10 most used smart contracts among the top 100 BSC whales.

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Price sitting at $0.37 | Source: XRPUSD on TradingView.com

Jumping In Front Of Crypto Market Gains

There are still residual market gains from the Monday price surge in the crypto market and XRP is one of the tokens soaking up the gains. It is currently one of the top gainers over the last 24 hours, placing third on the Coinmarketcap list of gainers with a 4.34% increase in the last day.

XRP in the top five gainers | Source: Coinmarketcap

This increase in price has now pushed the price of XRP above its 20-day moving average. The breakpoints to a short-term bull trend for the digital asset, at least for the week. The most important now is for the digital asset to break the resistance at $0.037, as this will propel it above its 50-day moving average of $0.379. Once this is achieved, then a rally above $0.4 will be locked in for the cryptocurrency.

An event that could likely prove volatile for the XRP price is another hearing set for January 19 in the Ripple v. SEC case. Both parties involved are required to file any objections to the non-parties’ motions by January 18. 

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As for the final verdict for the case, Ripple CEO Brad Garlinghouse and lawyer Stuart Alderoty both expect a decision from Judge Analisa Torres sometime in the second quarter of 2023.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from The Coin Republic, chart from TradingView.com

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altcoin

XRP retests support zone: Bulls can look to book profits here

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XRP retests support zone: Bulls can look to book profits here

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XRP consolidated beneath the highs of a range over the past three weeks.
  • This consolidation can see a breakout provided Bitcoin defends $22.3k.

Ripple [XRP] saw some volatility in the price charts in the past two weeks. A breakout past $0.412 was reversed rapidly, but the region of support at $0.39 has been defended thus far. The price consolidated beneath the $0.412 range highs.


How much is 1, 10, 100 XRP worth?


During this consolidation, the price formed another lower timeframe range. Meanwhile, Bitcoin [BTC] has a bullish bias so long as it trades above the $22.3k area. What can be expected from XRP on the charts this week?

A 12-hour bullish order block was retested: Can buyers expect a strong reaction

Source: XRP/USDT on TradingView

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The price has made equal highs and equal lows in the past week. XRP ranged from $0.39 to $0.416 since 30 January. In this period, the OBV slipped downward to show sellers were dominant. The RSI attempted to climb above the 60 mark, but was beaten back. At press time, it stood at 40 to show bearish momentum.

In the daily timeframe, the market structure was bullish. This bias would flip to bearish if a daily trading session closed below the $0.386 mark. To add further confluence to this bullish bias, the area marked in cyan is a 12-hour bullish order block.

Near-term bulls can look to buy XRP just above the $0.39 level and book a profit on the retest of the resistance at $0.41. Breakout traders can wait for a move above $0.42 and a subsequent bullish retest to buy. Similarly, sellers can wait for a descent below $0.38 and a bearish retest to enter short positions targeting the mid-range mark at $0.373.


Realistic or not, here’s XRP’s market cap in BTC’s terms


Open Interest sees a small dip as prices flattened

The Open Interest chart showed OI has fallen since January 24. In this period, XRP faced rejection at $0.426 and could not break above $0.416 in the past few days. The inference is that bullish sentiment was weakening. A breakout past $0.42 alongside a surge in OI will probably show strong bullish momentum.

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The funding rate data showed positive rates across major exchanges. This meant that long positions paid the short sellers, hinting at a bullish outlook.

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altcoin

Ripple’s CTO confirms ‘never happening’ proposal as XRP momentum slides

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Ripple’s CTO confirms ‘never happening’ proposal as XRP momentum slides

  • Ripple’s development head held the firm’s ground on the global reserve currency proposal.
  • XRP’s momentum drifted towards the reds.

A section of the Ripple [XRP] community has long hoped for approval for the token’s buyback proposal since 2021. But all that desire may now be a pipe dream as the project’s Chief Technology Officer (CTO) put a nail to the coffin.


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


When asked about his comments on the matter, CTO David Schwartz said it was ridiculous, and directly called it a “scam”.

I haven’t looked at it very closely. But what I have seen looks an awful lot like a scam to me. If we’ve learned anything from 2012 and 2022 it’s that anyone promising high returns with low risk is almost certainly going to rob you.

— David “JoelKatz” Schwartz (@JoelKatz) February 5, 2023

Offer down and out as XRP slides

This response comes after Ripple’s legal counsel had recently opined that the suggestion was impossible. Those who supported the proposal argued that XRP could become the world’s reserve currency.

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And, a buyback XRP rate based on the supply potential held by governments could help a retail reclaim. 

While the legal opinion may have reflected some chance of approval, the public rebuttal from the development team may now mean there is no chance.

Following the clarification, the XRP price lost 2.71% of its value in the last 24 hours while exchanging hands at $0.3989. But does the blockchain-based payment token have the capability to oppose the trend?

According to the daily chart, the XRP momentum was trending downward. At press time, the Relative Strength Index (RSI) was 50.21. The RSI displays the momentum of an asset. And, its movement towards the downside means that XRP had lost its buying power and; subsequently, could head towards an oversold region.

Besides the RSI, the Awesome Oscillator is another indicator that reflects the momentum of an asset. At the time of writing, the AO was above equilibrium.

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But its bullish readiness was not in play due to the consistent red bars produced above equilibrium. Hence, XRP had a higher chance to fall to bearish pressure than recovering in bulls’ favor.

Source: TradingView

Community rallies as development activity keep the upside

In addition, some comments under Schwartz’s tweets revealed that a large part of the XRP army had wanted clarity on the matter before now. Surprisingly, many supported the CTO’s stance.


Is your portfolio green? Check out the Ripple Profit Calculator


However, on-chain data showed that Ripple was unperturbed by the outright rejection. This was because the development activity had revived from its downturn at the beginning of February. The development activity measures the devotion of a project to sustaining upgrades on its network.

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As of this writing, the metric had surged to 5.5. This implies that Ripple developers were actively contributing at a maximal rate. 

But the weighted sentiment flatlined at -0.321. This metric takes into account the unique social volume. Since it was negative, then it meant that the vast majority of comments towards XRP were not cherry.

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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Cryptocurrency

XRP And Cardano Support Region Under Scrutiny, Break Could Result In Price Drop

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XRP And Cardano Support Region Under Scrutiny, Break Could Result In Price Drop

Below is the technical analysis of the two major popular cryptocurrencies, XRP and Cardano. Both XRP and Cardano have shown significant growth and are among the top 10 cryptocurrencies by market capitalization.

XRP/USDT 1-Hour Technical Analysis (Source: TradingView)

The 1-Hour technical analysis of XRP trading against USDT reveals that the asset is currently trading near its 200-day moving average, a position that is known for high market volatility. Despite this, the overall trend remains bullish, leading to expectations of sustained upward price action in the near future.

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However, the RSI value of XRP, currently at 48.82, suggests increasing selling pressure which may drive prices downward. If the bearish momentum persists, the RSI is expected to reach the oversold region of 30, a level that could trigger a price reversal.

At present, XRP is in a support region. Failure of the bulls to maintain this support could result in a break and subsequent drop to $0.3859.

ADA/USDT 1-Hour Technical Analysis (Source: TradingView)

Looking at the 1-hour technical analysis chart of Cardano, the support level 1 for Cardano is deemed crucial in determining its price trajectory. In the event of a rebound from this support, the digital asset is likely to make a strong push toward the resistance level at $0.3949. In the event of bullish market sentiment, the possibility of breaking through resistance zone 1 and reaching prices above $0.4100 cannot be ruled out.

However, alternatively, if support level 1 fails to hold, Cardano will need to surpass its current 1-hour low at $0.3471 to avoid a downward trend.

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The RSI of Cardano is currently in the oversold territory with a value of 30.51, indicating a potential price reversal in the near future. Also, the digital asset is trading below the 200-day moving average and 50-day moving average, meaning that the market is changing the trend from bullish to bearish.

The post XRP and Cardano Support Region Under Scrutiny, Break Could Result in Price Drop appeared first on Analytics Insight.

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