As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the current XRP bullish outlook has piqued my interest. Having witnessed the crypto market’s volatility firsthand and surviving the 2017-18 bear market, I can recognize the signs of a potential rally.
In light of the bullish sentiment surrounding cryptocurrencies due to the Fed’s rate cut in the U.S., XRP, a digital asset supported by Ripple Labs, is trying to break through key resistance points. This significant altcoin, currently valued at approximately $58.6 billion and traded daily for around $1.5 billion, has been steadily gaining ground against Bitcoin, which has a market cap of about $1.24 trillion and a daily volume of $40.52 billion. Over the past few days, XRP has shown resilience in its efforts to rise.
In recent times, after enduring a prolonged downward spiral, the XRP/BTC pair has recently tested a significant support point and bounced back.
As a crypto investor, I strongly believe that the technical indicators suggest an imminent surge in the price of XRP relative to Bitcoin, potentially reaching its previous all-time high if history repeats itself. This anticipated explosion could ignite a significant bull run for XRP against the US dollar, which is currently experiencing weakness due to the ongoing global de-dollarization trend, driven by the BRICS movement.
$XRP
History doesn’t always repeat itself but often rhymes.
It seems like 2017 similar move is about to happen this cycle.
— Mikybull 🐂Crypto (@MikybullCrypto) September 20, 2024
Over a weekly period, the value of XRP relative to the U.S. dollar has been shaping an upside-down head and shoulders pattern, which is often indicative of a bullish trend. Furthermore, this pattern shows a bullish divergence on the Relative Strength Index (RSI), suggesting that the momentum might be stronger than what the price suggests. If we observe a consistent close above the 200-week moving average (MA), it’s likely that the XRP price will move towards the next significant resistance level, which is approximately 70 cents or higher.
XRP Whales Make Waves
Based on an examination of blockchain data, it appears that large XRP investors (often referred to as “whales”) have been actively buying coins at lower prices in the recent timeframe. Within the last ten days, a market analysis platform called Santiment has reported that these whale investors acquired over 380 million XRP, which amounts to roughly $228 million.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million!
— Ali (@ali_charts) September 19, 2024
Institutional interest in XRP is predicted to surge significantly as Ripple continues to improve its cross-border payment solutions. Notably, Ripple has teamed up with numerous international financial entities to modernize their cross-border transactions using XRP through the On-Demand Liquidity (ODL) initiative.
After the significant expansion of Ripple, Grayscale Investment has announced today that its newly launched Grayscale XRP Trust is now available for trading to qualified investors. Importantly, Grayscale provides institutional investors with an opportunity to acquire securities that mirror the price movement of the CoinDesk Ripple Price Index (XRX).
Currently, the Grayscale XRP Trust manages a total value of approximately $689,602 in assets. Investors are charged a management fee of 2.50 percent for these services.
Growing Ecosystem
Over the past year, the core developers of Ripple have been diligently focusing on enhancing the XRPL network to make it more scalable, secure, and cost-effective for web3 applications. The Ripple team aims to increase the value for XRP holders by introducing programmability to the XRPL, with a special emphasis on supporting Ethereum Virtual Machine (EVM) protocols in the immediate future.
Currently, Ripple has introduced a decentralized exchange (DEX) and automated market maker (AMM) that operate natively on the XRP Ledger. In the near future, they intend to present their fiat-backed stablecoins.
The continued advancements in XRPL technology are essential for fostering widespread adoption of XRP in the future and maintaining a positive market perspective towards it.
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2024-09-20 17:10