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XRP Price Eyes Upside Break: Will The Gains Keep Rolling?

Published

5 months ago

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XRP price started a fresh increase from the $0.540 zone. The price is now rising and eyeing an upside break above the $0.600 resistance zone.

  • XRP price started a fresh increase above the $0.580 zone.
  • The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
  • There is a key contracting triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could extend gain bullish momentum if it clears the $0.60 resistance zone.

XRP Price Eyes More Upsides

XRP price remained stable above the $0.540 level and started a fresh increase. There was a move above the $0.5650 and $0.5720 resistance levels but lagged Ethereum and Bitcoin.

The price climbed above the 50% Fib retracement level of the downward move from the $0.6374 swing high to the $0.5404 low. The current price action is positive above the 100-hourly Simple Moving Average, but the bulls are now facing resistance near the $0.600 level.

There is also a key contracting triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair. The pair is now trading above $0.5880 and the 100-hourly Simple Moving Average.

XRP Price

If there is a fresh upward move, the price could face resistance near the $0.600 level. The first major resistance is near the $0.6150 level. The next key resistance could be $0.6370. A clear move above the $0.6370 resistance might send the price toward the $0.650 resistance. The next major resistance is near the $0.6665 level. Any more gains might send the price toward the $0.680 resistance.

Another Drop?

If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5880 level and the triangle lower trend line. The next major support is at $0.5650.

If there is a downside break and a close below the $0.5650 level, the price might continue to decline toward the $0.540 support in the near term.

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 – $0.5880 and $0.5650.

Major Resistance Levels – $0.6000 and $0.6150.



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Ripple Transfers 90M Coins, What’s Happening?

Published

19 hours ago

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December 22, 2024

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XRP has regained its footing above the $2 support level, fueled by significant whale activity. In only 30 minutes, 90 tokens, worth approximately $202,5 million, were transferred to unknown wallets.

Ripple has emerged as one of the top post-election performers, quadrupling in value since November 5. This impressive rally, alongside gains in other cryptocurrencies, has spotlighted digital assets and fueled speculation about their potential trajectory heading into 2025.

XRP Whales Make Massive Moves, Sparking Price Speculation

XRP has regained its footing above the $2 support level, fueled by significant whale activity. In only 30 minutes, 90 tokens, worth approximately $202,5 million, were transferred to unknown wallets.

The unusually large withdrawals, flagged by Whale Alert, have sparked heightened interest among investors and increased speculation about the token’s future price movement.

Whale Alert reveals that the recent XRP transfers consisted of two significant transactions. The largest involved 50 million tokens, valued at approximately $112.5 million, moved to a newly created wallet. The second transaction saw 40 million tokens worth $90 million sent to a recently activated address.

The destination wallets are not linked to any known cryptocurrency exchanges, leading investors to speculate that high-net-worth individuals or institutional investors may be accumulating Ripple. This has fueled expectations of further price movement. Also, recently, renowned hedge fund manager Scott Melker has revealed that former President Donald Trump is actively accumulating XRP and HBAR tokens.

Crypto analysts think that large transfers to exchanges from unknown wallets are often a bullish indicator. This is a signal that the whales-the major holders-are moving their holdings to cold storage, which typically reflects a long strategy, rather than short-term selling. This can set up a positive outlook for the cryptocurrency’s price. However, the reversal situation results usually with reversal outcome so it’s interesting the price is still on the rise.

This development comes as a US appeals court announces the filing deadlines for the opening and reply briefs by Ripple and its CEO, Brad Garlinghouse.

Holding Steady at Key Support, Awaiting Next Move

XRP and the broader cryptocurrency market have remained relatively flat in recent days, with the token holding critical support levels that could spark a renewed uptrend. At the time of writing, XRP was trading at $2.25, reflecting a slight 0.35% rise over the past 24 hours.

If the bulls stay in control, Ripple may continue its upside, having key resistances between $3.62 and $4.30. A break above such a range could send prices towards $5.73. At 46, though, the RSI rests, showing that sellers have still managed to be at the helm and cap upside momentum. Increased buying pressure will, thus, be critical for resuming the uptrend.

The Awesome Oscillator supports a bullish divergence with the histogram bars turning positive, yet still remaining in negative territory. This indeed would hint at a possible reversal, though additional buying pressure needs to be generated to confirm the uptrend.

The critical support level that traders should watch is at $2.20. A drop below this might set off panic and send prices lower.

In spite of this uncertainty and the possible bearishness of it all, this token is still attracting a great deal of interest from institutional investors-a fact that points to its long-term potential.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors.

She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*.

Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain’s potential, viewing cryptocurrency as one of humanity’s most transformative innovations.

Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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What BlackRock Reveals About Real XRP ETF Plans?

Published

1 week ago

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December 16, 2024

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Multiple positive developments including XRP ETF filings, SEC Chair Gary Gensler stepping down and RLUSD stablecoin have further fueled XRP ETF launch speculations. However, BlackRock has no plans to file an ETF application for XRP or any other altcoins, disclosed BlackRock‘s ETF department head Jay Jacobs.

This has sparked a major debate in the crypto community as the $12 trillion asset manager was the leading force behind spot Bitcoin and Ethereum ETF approvals.

BlackRock XPP ETF Plans Off Table

Jay Jacobs, head of BlackRock’s ETF department, turned down recent rumors surrounding the company’s plan to file an XRP ETF application. He said that even Bitcoin and Ethereum ETFs have only reached a few people yet, and the company will focus on expanding the coverage of these two types of ETFs currently.

Jacobs confirmed that BlackRock is not planning to file an ETF application for XRP or any other altcoins. Bitwise, Canary Capital, 21Shares, and WisdomTree filed applications for XRP ETF, with expectations of approval by the end of 2025.

The comment from BlackRock came after rumors of an imminent XRP exchange-traded fund amid recent positive developments in the crypto industry. Donald Trump’s building a crypto-friendly administration and SEC Chair Gary Gensler stepping down boosted the sentiment.

Experts Believe XRP ETF Launch Is Imminent

While BlackRock has decided to delay further Crypto ETFs, experts such as Ripple CEO Brad Garlinghouse and The ETF Store president Nate Geraci have remained bullish on the launch.

Contrarily, BlackRock’s decision has received appreciation from some investors. As per a comment, a step-by-step approach is better than launching a new ETF too soon as it will only worsen volatility.

However, recent data suggests that spot XRP ETF launch could be significant for issuers and the crypto market. CryptoQuant founder and CEO Ki Young Ju revealed that Coinbase whales are primarily driving the XRP rally. He said “Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13%” amid the ongoing price rally.”

Moreover, Grayscale XRP Trust has recorded a robust 300% return since May. Prominent crypto market figure Ben Armstrong, aka “The BitBoy”, claimed robust return is a “good sign” of a potential XRP ETF launch in the US soon.

XRP Price Ready to Rally After RLUSD Stablecoin Launch

The recent approval of Ripple’s stablecoin RLUSD by NYDFS sparked further speculation on an XRP exchange-traded fund as it will help create a regulated market for XRP. This will also trigger a rally in Ripple’s native crypto price.

The RLUSD stablecoin launch is the big catalyst coming up, along with Ripple vs SEC lawsuit. CME and CF Benchmarks launched the reference rates and index for XRP. Bloomberg ETF analyst James Seyffart argued it is a major catalyst for a potential XRP ETF launch.

XRP price jumped 3% in the past 24 hours, with the price currently trading at $2.43. The 24-hour low and high are $2.34 and $2.52, respectively. The crypto has rallied more than 400% in recent weeks, with the price consolidating currently for a potential XRP rally to $5.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is XRP ETF Launch Imminent? Top Expert Shares ‘Good Sign’ With Ripple Community

Published

1 week ago

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December 13, 2024

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The experts remain optimistic about a potential XRP ETF launch in the coming days, especially with soaring anticipation towards a pro-crypto regulation in the US. Donald Trump’s election win has bolstered market optimism towards a favorable environment for the crypto in the nation. Besides, the recent approval of the Ripple stablecoin RLUSD has also fueled the market sentiment.

Is XRP ETF Launch Imminent?

The investors appeared to have remained optimistic about the favorable regulatory environment in the US with Donald Trump’s election win. Notably, Trump has actively voiced his support for the crypto industry during his election campaigns, while pledging to make the US a crypto leader.

This has also fueled hopes among Ripple enthusiasts over a potential settlement in the Ripple Vs SEC lawsuit. Besides, the market enthusiast also anticipates several top altcoins to see their ETF launch in the coming days, with the anticipated pro-crypto regulation.

Amid this, prominent crypto market figure Ben Armstrong, also known as The BitBoy, has shared a bullish forecast for Ripple’s native crypto. In a recent X post, he highlighted that GrayScale XRP Trust has noted more than 300% returns since May, suggesting strong market confidence toward the crypto.

In addition, he noted that the robust return is a “Good sign” of a potential XRP ETF launch in the US soon. This comes as Ripple’s native crypto has recorded a strong rally recently, amid a positive sentiment noted in the broader crypto market. It’s worth noting that GrayScale has also recently filed for Solana ETF, which has sparked discussions over a similar move for XRP from the firm.

Ripple RLUSD Approval Sparks Further Optimism

The recent approval of Ripple’s stablecoin RLUSD by the NYDFS has boosted market optimism. Notably, investors have also shown strong confidence in the market after the US SEC Chair Gary Gensler’s resignation announcement. Notably, Ripple’s native crypto was one of the most benefited coins from that news, with market enthusiasts anticipating the regulators dropping or settling the ongoing lawsuit with Gensler’s exit.

These series of positive developments have sent the XRP price up by 250% in the last 30 days before the crypto recorded a volatile trading this week. On a weekly basis, the crypto has recorded muted trading, while dropping nearly 5% in the last 24-hour timeframe. However, the recent hint from BitBoy towards a potential XRP ETF launch is likely to reverse the trend while bolstering market optimism.

In addition, the recent filings from the renowned institutions for Ripple ETF have also fueled market hopes toward a potential launch ahead. For context, WisdomTree has filed an S-1 Form for the XRP ETF with the US SEC recently. Simultaneously, Bitwise, 21Shares, and Canary Capital, also filed for the same, boosting traders’ sentiment.

Meanwhile, Ben Armstrong appears to have remained positive on XRP’s future trajectory. For context, in a recent X post, he predicted the XRP price rally to $4.5 as soon as this year or by January 2025, gaining investors’ attention.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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