As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the current state of XRP is nothing short of intriguing. Having witnessed several market cycles and navigated through countless bearish and bullish phases, I find myself drawn to the potential breakout that XRP seems to be on the brink of.
As a crypto investor, I’ve noticed that Bitcoin (BTC) has been leading the market consolidation recently, with its price fluctuating around $59,926 and a 24-hour volatility of 3.9%. Its market capitalization stands at a staggering $1.18 trillion, while the daily volume traded amounts to approximately $31.02 billion.
Looking at the technical aspect, week by week, the XRP price tends to finish higher than the 50 RSI level.
Furthermore, the digital currency equivalent to Bitcoin, often referred to as an altcoin, has been consistently ending its weekly sessions above the 50 Moving Average (MA). Currently, it’s attempting to breach the long-term logarithmic resistance line that has remained in place since mid-2021.
Reaching a favorable trade closure beyond the significant logarithmic resistance line could potentially drive up the XRP value relative to the U.S. dollar. This rise might push the price towards the next noteworthy target of approximately 73 cents, which aligns with the daily Fibonacci Retracement level of 1.618.
The positive outlook for XRP‘s price may be further strengthened due to a possible reversal pattern called an inverted weekly Head and Shoulders (H&S), along with a growing disparity in the Relative Strength Index (RSI).
As a researcher delving into cryptocurrency analysis, I’ve come across MikyBull Crypto’s perspective that suggests an impending XRP price surge reminiscent of the 2017 bull market.
$XRP
It’s one of the most bullish macro charts out there.
— Mikybull 🐂Crypto (@MikybullCrypto) September 17, 2024
XRP Whales on the Move
After the SEC vs Ripple case verdict where Ripple, a blockchain payment firm, was ordered to pay a penalty of about $125 million for allegedly selling XRP to institutional investors in an unlawful manner, there has been increased activity on the XRP Ledger network from large-scale investors.
Over the last few days, various significant XRP transfers have been made across multiple exchanges like Upbit, Bitso, Bitstamp, and Binance. Notably, approximately 50 million units of XRP, valued at around $29 million, were recently transferred from Chris Larsen, a co-founder and current executive chair of Ripple, to an unidentified wallet.
🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallet
— Whale Alert (@whale_alert) September 16, 2024
Because Ripple releases a billion XRP tokens every month, the secondary market has been experiencing a pessimistic outlook, with investors shifting their focus towards other cryptocurrency projects that have a deflationary nature.
Ecosystem Growth
Ripple consistently emphasizes that the proceeds from monthly XRP sales are crucial for expanding their ecosystem and ensuring profits. Moreover, they’re working diligently to construct the XRP network in a way that allows it to smoothly integrate with various Web3 projects across multiple chains.
According to recent information from Coinspeaker, Ripple plans to launch a smart contract feature on the XRP Ledger (XRPL) network by 2025, which will operate simultaneously with the XRPL Ethereum Virtual Machine (EVM) Sidechain.
As a crypto investor, I’m thrilled about the company’s progress in creating their own decentralized exchange (DEX) on the XRP Ledger (XRPL). This move is strategic, particularly with the upcoming launch of fiat-backed stablecoins. These stablecoins will significantly enhance the company’s cross-border operations, making transactions smoother and more efficient.
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2024-09-17 17:45