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XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4

XRP has shown notable signs of renewed bullish momentum in the market. It bounced back from a significant 11% price drop on April 12th, which took the token to its lowest level of the year at $0.4230. 

However, last week saw a solid 12% price recovery, with XRP outperforming the other top 10 altcoins in the market, behind only Solana (SOL) and Binance Coin (BNB). 

Signs Of A Strong Bullish Trend Ahead For XRP? 

On Tuesday, XRP hit a high of $0.5571, demonstrating its bullishness and outperforming its peers. This resurgence was paired with a spike in wallet activity, a positive sign for the token’s overall market sentiment. 

According to the network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has steadily increased over the past six weeks, rising by 3.1%. It is now just one wallet away from reaching an all-time high (ATH).

XRP

In addition, crypto analyst Ali Martinez reported a notable buying spree among XRP whales, who purchased over 31 million tokens in the past week alone. This has contributed to the cryptocurrency’s price recovery, emphasizing renewed confidence in its uptrend prospects.

Regarding price action, market analyst Egrag Crypto points out that XRP has formed a double bottom pattern, considered a strong bullish signal. This pattern, combined with the transition of the consolidation zone into a supply zone and the wicking area into a demand and accumulation zone, indicates a promising outlook for the token, according to the analyst. 

Egrag Crypto is confident that a significant price spike or “thrust” is imminent, and the analyst has updated his target to $1.4 for XRP. 

Critical Resistance Levels To Watch 

Despite initial bullish outlooks for XRP, the token has retraced to the $0.5474 price level as of the time of writing, accompanied by a 14% decrease in market capitalization over the past 30 days.

Moreover, as XRP aims to reach higher levels, potential resistance barriers may impede the token’s recovery and the bullish trend. Analyzing the XRP/USD chart below reveals the immediate resistance at $0.5644, which has prevented consolidation above current levels for the past week.

XRP

After that, the final obstacle before a retest of the $0.600 zone lies at the $0.5884 level. This level previously served as a support floor for the token, leading to a rebound during the uptrend seen in March, which took XRP to its yearly high of $0.745.

Conversely, monitoring the support levels at $0.52910, $0.5184, and $0.5044 is crucial. If a bearish scenario develops in the coming days, these levels may prevent XRP from falling below $0.500.

Featured image from Shutterstock, chart from TradingView.com

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XRP Ledger (XRPL) Token Market Cap Surged 47% In Q4 To $169M: What Caused The Surge?

A recent report by Messari sheds light on the state of the XRP Ledger (XRPL) and its notable performance during the fourth quarter (Q4) of 2023. 

The report highlights significant milestones, including its native token market capitalization, distribution, burning mechanism, price movement, legal battle, and network activity.

Distribution Of 4 Billion XRP Contributes To Market Cap Growth? 

As of Q4 2023, XRP, the native token of the XRPL, emerged as the sixth-largest cryptocurrency by market capitalization, reaching $33.7 billion. The token’s circulating market cap witnessed a substantial 21.2% increase quarter-over-quarter (QoQ) and an impressive 93.6% growth year-over-year (YoY). 

According to Messari, the increase in market capitalization was primarily due to the distribution of 4 billion XRP and a significant price spike on November 13, when the token reached as high as $0.7503.

XRP

Throughout 2023, 4 billion tokens were distributed, accounting for 8% of the XRP supply from the end of 2022. While this distribution contributed to the increase in market cap, it was overshadowed by the impact of the price spike. 

Additionally, the XRPL employs a transaction fee-burning mechanism, applying deflationary pressure to the total supply of 100 billion XRP. However, the low transaction fees on the network have resulted in a relatively low burn rate of approximately 12 million XRP since the inception of the XRP Ledger.

Network Activity Shows Mixed Trends In Q4 2023

Q4 2023 marked a significant turning point for XRP, concluding a multi-year legal battle with the US Securities and Exchange Commission (SEC). In July 2023, the district court ruled that XRP is not considered an investment contract or a security, distinguishing it from many other blockchain assets. 

This ruling triggered a surge in XRP’s price, with an increase of over 70% on July 14 and a peak of $0.82 on July 20. The subsequent relisting of XRP on major cryptocurrency exchanges further bolstered its position.

XRP

Network activity on the  XRPLedger displayed mixed trends in Q4. While active addresses decreased by 31.3% QoQ, transactions increased by 22.7% QoQ. 

Notably, a significant portion of transaction activity originated from a group of accounts sending transactions to a single account for inscription-related activity. The number of accounts on the XRPL increased by 188,000, reaching 5.00 million in Q4. 

Overall, the Q4 2023 report on the XRP Ledger showcases its growth, driven by various factors such as price spikes, legal victories, and network activity. With its expanding market capitalization and increasing adoption, XRP continues to solidify its position in the cryptocurrency market.

Featured image from Shutterstock, chart from TradingView.com

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Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple’s co-founders.

Personal XRP Accounts Impacted, Not Ripple’s

Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.

According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated: 

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.

XRP Price Analysis

Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.

Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.

Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.

XRP Price

According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.

Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.

However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.

If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.

XRP price

Featured image from Shutterstock, chart from TradingView.com

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XRP Price Projection: Analyst Envisions Potential 50X Surge To $14, Here’s Why

Since the beginning of December, the XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows. 

However, recent developments surrounding the potential rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have added to market uncertainty and triggered a 10% drop in the XRP price, pushing it toward the $0.500 level.

XRP Price Legal Catalyst 

Despite these challenges, a significant catalyst could potentially propel XRP to new heights—the ongoing legal clash between Ripple Labs and the SEC regarding XRP sales. 

Crypto analyst Egrag Crypto has expressed optimism, stating that a 40X or even 50X boom is possible for XRP, citing the impressive performance of the cryptocurrency in the previous cycle despite the SEC lawsuit. Egrag Crypto stated:

Last cycle, despite the pesky SEC lawsuit, XRP surged almost 20X. This time, with its unparalleled legal regulatory clarity, the potential for a 40X or even 50X boom seems promising

By the numbers, according to Egrag Crypto’s analysis, at its cycle low of $0.28, a 40X surge could potentially push the price to around $11. 

Taking it further, a 50X leap might see XRP soar to around $14. To put this into perspective, Egrag, compared with Ethereum’s (ETH) previous cycle multiplier of 58X, XRP at $0.28 could reach an astounding $16. 

While XRP’s future holds promise, the Ripple vs. SEC lawsuit remains a focal point for investors. Understanding the key dates in the legal proceedings is crucial. Here is a breakdown of the upcoming milestones:

Key Dates Revealed For Ripple-SEC Legal Battle In 2024

12th February 2024: Remedies briefing begins: Ripple and the SEC will present their respective arguments and proposals regarding potential remedies for the legal dispute on this date. This briefing will provide insights into the parties’ positions and suggested resolutions.

13th March 2024: SEC files remedies brief: Following the remedies brief, the SEC will submit a remedies brief outlining their proposed solutions to address the alleged violations committed by Ripple. This filing will further clarify the SEC’s stance and the actions they seek against Ripple.

12th April 2024: Ripple submits opposition: Ripple will have an opportunity to present their opposition to the SEC’s proposed remedies. They will outline their arguments against the SEC’s allegations and offer counterarguments and alternative solutions. 

29th April 2024: SEC replies: The SEC will be able to respond to Ripple’s opposition. They will address Ripple’s arguments and provide additional justification for their proposed remedies.

XRP price

Currently, the XRP price has recovered slightly to the $0.5715 level, with an eye on these key dates that could shape the future, the legal denomination of the token, and its impact on the future price action. 

Featured image from Shutterstock, chart from TradingView.com 

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XRP Price Outlook: Expert Forecasts Potential Rise To $5.5

In the evolving cryptocurrency market, XRP, currently ranked as the fifth largest digital asset, has recently exhibited a modest price increase compared to its major counterparts. 

However, when examining XRP’s performance across various time frames, the token has reported significant gains. Nonetheless, it is worth noting that XRP is currently trading well below its yearly high, in contrast to its peers who have achieved and surpassed new highs in 2023 during the recent bullish surge.

Impending XRP Price Breakout?

Prominent industry expert using the pseudonym “Crypto Insight” on the X platform (formerly known as Twitter) shared an intriguing update with his over 20,000 followers, signaling an impending XRP blastoff.

According to Crypto Insight, it becomes apparent that XRP tends to lag behind the price action of Bitcoin (BTC), the leading cryptocurrency. However, there are indications that XRP breakouts are gradually converging with the movements of BTC.

Analyzing historical data, Crypto Insight highlights that the time taken for XRP to experience significant breakouts has been decreasing over time. 

The first major breakout took approximately 22 days, while the most recent pump occurred within a shorter time frame of 13 days. If this trend of closing the gap between XRP and BTC continues, it suggests a potential breakout date around November 15th.

Additionally, XRP has undergone a cooling-off period in the 4-hour time frame, implying that there might be further room for a downside correction before a reversal to the upside occurs.

Crypto Analyst Targets $5.5

Crypto analyst Egrag Crypto has recently unveiled a noteworthy forecast for XRP, centering around the Multi-Year Ascending Triangle (MYAT) pattern, which holds significant implications for XRP’s price movements.

XRP Price

According to Egrag’s analysis, The MYAT pattern indicates that XRP experienced a breakout above the Symmetrical Triangle after reaching the 70% completion mark, which aligns with the timeline of July on the chart. 

The surge in price to $0.93 and the subsequent retest at the breakout point are seen as part of a standard retest process, indicating potential strength in the upward momentum.

Looking ahead, Egarg Crypto highlights several key projections for XRP:

  1. XRP appears to be poised to reach a target of $1.3, as indicated by the Blue Ascending Triangle on the chart. This level represents a significant milestone that XRP could potentially achieve in the near future.
  2. The next notable move for XRP could potentially propel it to $5.5. However, it is important to note that at this price level, a considerable selloff by retail investors is anticipated, according to Egrag. 
  3. Building upon the larger symmetrical triangle pattern, Egarg Crypto suggests that XRP could see a remarkable 500% price increase in the future, indicating the potential for a substantial pump. 

XRP Price

Currently, XRP is grappling with the challenge of establishing consolidation above the crucial $0.600 level, which holds significant implications for the cryptocurrency’s future price uptrend and overall prospects. In the past 30 days, XRP has recorded a gain of 35%. 

However, the sustainability of this price action for the anticipated second leg up in November remains uncertain.

Featured image from Shutterstock, chart from TradingView.com 

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Ripple Vs. SEC: Epic Battle Unfolds Over $770M Disgorgement Demand

In a recent interview with CNBC, Brad Garlinghouse addressed the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) over the classification of XRP. 

Garlinghouse highlighted three consecutive wins for Ripple in the legal proceedings, emphasizing that the first judgment on July 13 clearly stated that XRP is not a security. He also mentioned denying the court’s interlocutory appeal and dismissing allegations against Ripple co-founder Chris Larsen and himself.

Ripple CEO Brad Garlinghouse Criticizes SEC’s Regulatory Approach

In the interview, Garlinghouse criticized the SEC’s approach to regulation by enforcement and lawsuit patterns, stating that the SEC needs to step back and realize that their actions are deviating from its mission to protect investors. 

Garlinghouse questioned who the SEC is truly protecting in this journey and called for a change in their regulatory approach.

Commenting on the exchange-traded funds (ETFs) currently awaiting approval, Garlinghouse acknowledged that an approved ETF could bring significant capital to the market.

However, Brad emphasized that regulatory clarity, utility, and scalable problem-solving are essential for the industry to thrive. Garlinghouse expressed his optimism for the industry’s future, citing macro catalysts that will propel it forward in the next five to ten years.

Pro-XRP Lawyer Challenges SEC’s $770M Disgorgement Demand

In a separate development, pro-XRP lawyer John Deaton chimed in on X (formerly Twitter), stating that Ripple would not come close to paying the $770 million disgorgement demanded by the SEC. 

Deaton argued that the SEC’s claim for disgorgement related to XRP sales in the UK, Japan, Switzerland, and other jurisdictions is flawed. He pointed out that XRP is deemed a non-security in those jurisdictions and was considered a legal exchange/utility token. 

Deaton questioned the SEC’s attempt to disgorge sales made in those jurisdictions and emphasized that the Court’s goal is not to punish Ripple as this is not a fraud case.

Deaton further explained that the disgorgement amount would be significantly reduced after deducting non-US sales, sales to accredited investors and considering the minimal harm caused by ODL (On-Demand Liquidity) transactions. 

Deaton highlighted that a petition filed by 75,000 XRP holders claimed that the SEC, not Ripple, was causing harm, further bolstering Ripple’s position.

The remarks made by Brad Garlinghouse and John Deaton underscore the ongoing legal battle between Ripple and the SEC, with Ripple asserting its stance on XRP’s classification and criticizing the SEC’s regulatory approach. 

The outcome of this high-profile case will likely have significant implications for the cryptocurrency industry as a whole.

Ripple

As of the time of writing, XRP is currently trading at $0.660, exhibiting a sideways price movement and consolidating above this crucial level. Despite the lack of significant upward or downward movement, the token has experienced substantial gains amidst the recent bullish reversal in the market.

Over the past 30 days, XRP has surged by more than 35%, and on a year-to-date basis, it has recorded an impressive growth of over 70%.

Featured image from Shutterstock, chart from TradingView.com 

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Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court

In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the company’s regulatory hurdles. He expressed his views on the cryptocurrency landscape in the United States. 

Ripple CEO Warns Of US Risking Market Share Loss

According to a Fortune Magazine report, Garlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks must be more cautious about engaging meaningfully with cryptocurrencies. 

Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the crypto industry.” 

While Ripple’s court victory in July was seen as a positive development, Garlinghouse believes that the SEC’s overall approach, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is hindering the industry’s growth in the US.

Garlinghouse emphasized that while the US has hostility towards crypto, other countries actively welcome crypto companies and investments by providing clear regulatory policies. 

As a result, the US risks losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse expressed his belief that the US can still become a leader in the industry but highlighted the urgency for clear and constructive regulatory frameworks to be established.

CEO Vows To Escalate Legal Battle With SEC To Supreme Court

Given the challenges faced in the US, Garlinghouse announced that Ripple would continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring in the current year will be conducted outside of the US, reflecting the company’s need to operate in more favorable regulatory environments. 

Garlinghouse emphasized the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the US hinders Ripple’s ability to operate effectively within the country.

During the conference, Garlinghouse expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court. 

Garlinghouse stated that Ripple is prepared to pursue legal avenues until a resolution is reached. This firm stance underscores Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.

Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the wider cryptocurrency industry in the United States. 

Despite recent court victories, Ripple encounters obstacles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s readiness to escalate the legal battle to the Supreme Court demonstrates Ripple’s determination to seek a resolution and establish a constructive regulatory framework.

As Ripple expands its operations globally, the hope remains that the US will adopt more welcoming and supportive regulations to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.

Ripple

As of the current market update, XRP is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%. 

Featured image from Shutterstock, chart from TradingView.com 

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XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD Growth Achieved

The XRP Ledger (XRPL), a decentralized public blockchain developed by David Schwartz, CTO of Ripple Labs, has continued to evolve and show growth in the third quarter (Q3) of 2023, as highlighted in a recent report by Messari.

The XRPL, facilitating cross-currency and cross-border payments for over a decade, has witnessed significant milestones, including a surge in market capitalization and advancements in network features.

XRP Ledger Shows Strong Development In Q3

As of Q3 2023, XRP, the native token of the XRPL, has secured its position as the fifth-largest cryptocurrency by market capitalization at an impressive $27.8 billion. 

XRP Ledger

Notably, the token’s market cap experienced remarkable growth, increasing by 59.9% year-to-date (YTD) and recording an 11.9% quarter-over-quarter (QoQ) surge. 

According to Messari, one unique aspect of the XRPL is the deflationary pressure applied to its total supply of 100 billion XRP. Transaction fees on the network are burned, reducing the supply over time. 

Since the inception of the XRP Ledger, approximately 10 million XRP have been burned. However, to counterbalance the burn rate, 1 billion XRP vests to Ripple each month. 

Unspent or undistributed XRP returns to escrow. This process will continue until the remaining ~48 billion XRP becomes liquid, making burned fees the sole factor influencing supply.

Unlike many other cryptocurrency networks, the XRPL does not provide rewards or transaction fees to its validators. Instead, validators are incentivized by supporting network decentralization, similar to full nodes on Ethereum (ETH) or Bitcoin (BTC). 

The Proof-Of-Authority (PoA) consensus algorithm relies on trust between nodes, organized through unique node lists (UNLs). This approach contributed to the network’s resilience and security through 2023.

NFTs Thrive On XRPL With Notable Growth In Q3

In Q2 2023, XRPL experienced declining network activity metrics, including average daily transactions and active addresses. However, Q3 witnessed a resurgence, with average daily transactions reaching 1.06 million and active addresses totaling 44,000. 

In particular, NFT transactions showed significant growth, with average daily NFT transactions increasing 7.3% QoQ to 16,700.

XRP Ledger

NFTs are built into the core protocol and do not require smart contracts for creation or transfers. Standardization of NFTs through XLS-20 2in October 2022 brought benefits such as royalties and anti-spam features. The XRPL ecosystem has grown steadily, with 3 million NFTs minted using the XLS-20 standard.

Overall, the XRP Ledger has demonstrated significant growth and development throughout Q3 2023, driven by market capitalization gains, regulatory victories, and advancements in network features. 

With a strong focus on deflationary dynamics, unique consensus algorithms, and the rise of NFT transactions, the XRPL continues to position itself as a prominent player in the world of cross-currency and cross-border payments, according to Messari. 

XRP Ledger

Conversely, XRP has demonstrated consistent gains across various time frames. Currently, the token is trading at $0.6073, which has not been reached since August 2023, resulting in a modest 0.4% profit within the 24 hours.

Notably, XRP has maintained an upward trend, delivering substantial returns of 10%, 24%, and 16% in the past seven, fourteen, and thirty-day time frames, respectively. Particularly noteworthy is the exceptional performance within the one-year time frame, where XRP has surged by 32%.

Featured image from Shutterstock, chart from TradingView.com 

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Expert Insights: 7 Altcoins Showing Promising Breakout Potential – A Must-Watch List

In a recent X (formerly Twitter) post, renowned crypto expert Miles Deutscher provided valuable insights into his weekly tokens and narrative watchlist, focusing on critical altcoins and upcoming events with significant trading potential. 

Altcoins Poised For Potential Breakout

Deutscher’s analysis sheds light on several altcoins, including Solana (SOL), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Arkham (ARKM), Dogecoin (DOGE), and XRP. 

  • Solana:

Deutscher emphasizes the importance of Solana’s Breakpoint 2023 conference and anticipates major announcements. While previous Breakpoints have resulted in “sell the news” events, Deutscher remains cautiously short on SOL. 

On the other hand, Miles expects a positive response from the community after the recent FTX collapse. However, historical patterns suggest the possibility of a sell-off, which warrants vigilance.

Altcoins

Nonetheless, SOL has broken previous weekly records every week for the past month. Currently, SOL is trading at $36.27, a new record for 2023 and a level not seen since November 5, 2022. Moreover, SOL has seen significant gains of 4.4% over the past 24 hours, following its remarkable 57% rise over the past 30 days.

  • AGIX, FET, OCEAN:

The resurgence of the artificial intelligence (AI) narrative has sparked anticipation for a series of AI conferences, including OpenAI’s developer conference on November 6. Deutscher advises focusing on established leaders such as AGIX, FET, and OCEAN. 

These tokens have demonstrated strength during previous AI market surges. Deutscher suggests avoiding speculation on low-cap coins and opting for long positions on these altcoin AI leaders.

Over the past 30 days, AGIX has seen a remarkable 19% increase in price. However, over the past 1 year, the token has seen a staggering 350% rise amidst the AI narrative hype. It is currently trading at $0.2284. On the same note, FET has surged over 329% over the 1 year and is currently trading at $0.3665. 

OCEAN has posted smaller gains over the 1 year, but has still recorded a significant 110% surge over this period and is currently trading at $0.3645.

  • ARKM:

According to Deutscher, although ARKM has received less attention than other altcoins, it is promising due to its involvement in AI-related businesses and its investment by Sam Altman. 

Deutscher highlights ARKM’s potential in the AI space, especially during the Solana conferences. This makes ARKM one of the altcoins to watch closely for potential trading opportunities, according to Deutscher. 

Currently, the crypto analytics and data tracking platform’s native token is trading at $0.3833, up 20% in the last fourteen days.

XRP Speculation Intensifies Ahead Of Ripple’s ‘Swell Conference’

  • DOGE:

While DOGE has seen a decline in price action and hype, Deutscher highlights two key factors that could influence its performance. 

First, DOGE Day, has historically attracted retail interest. Second, the potential for a Halloween tweet from Elon Musk, as was the case last year. Deutscher suggests that DOGE is best suited for spot trading and dollar cost averaging (DCA), as it remains an attractive option for retail investors and has the potential for a strong pump in the future.

Currently, the Meme coin has lost its bullish momentum and has erased most of its gains over the past few days. Currently, the token is trading at $0.0686, down 1.9% in the past 24 hours and 42% in the 1-year time frame. 

  • Last but not least is XRP:

With Ripple’s “Swell Conference” scheduled for November 8-9, Deutscher acknowledges the heavy speculation surrounding a potential initial public offering (IPO), although he believes it is unlikely. 

However, given the speculative nature of the crypto market, such speculation can fuel FOMO (fear of missing out) )-driven rallies. XRP has experienced pre-conference spikes, making it a token to watch this week and next.

Altcoins

Currently, XRP is experiencing a sustained uptrend price action, gaining 2% in the past 24 hours, pushing the token to the 0.5949 level, which has not been seen since August.

Featured image from Shutterstock, chart from TradingView.com 

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Expert Insights: 7 Altcoins Showing Promising Breakout Potential – A Must-Watch List

In a recent X (formerly Twitter) post, renowned crypto expert Miles Deutscher provided valuable insights into his weekly tokens and narrative watchlist, focusing on critical altcoins and upcoming events with significant trading potential. 

Altcoins Poised For Potential Breakout

Deutscher’s analysis sheds light on several altcoins, including Solana (SOL), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Arkham (ARKM), Dogecoin (DOGE), and XRP. 

  • Solana:

Deutscher emphasizes the importance of Solana’s Breakpoint 2023 conference and anticipates major announcements. While previous Breakpoints have resulted in “sell the news” events, Deutscher remains cautiously short on SOL. 

On the other hand, Miles expects a positive response from the community after the recent FTX collapse. However, historical patterns suggest the possibility of a sell-off, which warrants vigilance.

Altcoins

Nonetheless, SOL has broken previous weekly records every week for the past month. Currently, SOL is trading at $36.27, a new record for 2023 and a level not seen since November 5, 2022. Moreover, SOL has seen significant gains of 4.4% over the past 24 hours, following its remarkable 57% rise over the past 30 days.

  • AGIX, FET, OCEAN:

The resurgence of the artificial intelligence (AI) narrative has sparked anticipation for a series of AI conferences, including OpenAI’s developer conference on November 6. Deutscher advises focusing on established leaders such as AGIX, FET, and OCEAN. 

These tokens have demonstrated strength during previous AI market surges. Deutscher suggests avoiding speculation on low-cap coins and opting for long positions on these altcoin AI leaders.

Over the past 30 days, AGIX has seen a remarkable 19% increase in price. However, over the past 1 year, the token has seen a staggering 350% rise amidst the AI narrative hype. It is currently trading at $0.2284. On the same note, FET has surged over 329% over the 1 year and is currently trading at $0.3665. 

OCEAN has posted smaller gains over the 1 year, but has still recorded a significant 110% surge over this period and is currently trading at $0.3645.

  • ARKM:

According to Deutscher, although ARKM has received less attention than other altcoins, it is promising due to its involvement in AI-related businesses and its investment by Sam Altman. 

Deutscher highlights ARKM’s potential in the AI space, especially during the Solana conferences. This makes ARKM one of the altcoins to watch closely for potential trading opportunities, according to Deutscher. 

Currently, the crypto analytics and data tracking platform’s native token is trading at $0.3833, up 20% in the last fourteen days.

XRP Speculation Intensifies Ahead Of Ripple’s ‘Swell Conference’

  • DOGE:

While DOGE has seen a decline in price action and hype, Deutscher highlights two key factors that could influence its performance. 

First, DOGE Day, has historically attracted retail interest. Second, the potential for a Halloween tweet from Elon Musk, as was the case last year. Deutscher suggests that DOGE is best suited for spot trading and dollar cost averaging (DCA), as it remains an attractive option for retail investors and has the potential for a strong pump in the future.

Currently, the Meme coin has lost its bullish momentum and has erased most of its gains over the past few days. Currently, the token is trading at $0.0686, down 1.9% in the past 24 hours and 42% in the 1-year time frame. 

  • Last but not least is XRP:

With Ripple’s “Swell Conference” scheduled for November 8-9, Deutscher acknowledges the heavy speculation surrounding a potential initial public offering (IPO), although he believes it is unlikely. 

However, given the speculative nature of the crypto market, such speculation can fuel FOMO (fear of missing out) )-driven rallies. XRP has experienced pre-conference spikes, making it a token to watch this week and next.

Altcoins

Currently, XRP is experiencing a sustained uptrend price action, gaining 2% in the past 24 hours, pushing the token to the 0.5949 level, which has not been seen since August.

Featured image from Shutterstock, chart from TradingView.com 

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XRP Derivatives Volume Soars by over 200%, Could This Signal A Price Breakout?

In a remarkable turn of events, XRP derivatives trading volume has experienced an astonishing surge of 204% within a mere 24-hour period. This surge coincides with the recent disclosure by Judge Torres regarding the denial of the Securities and Exchange Commission’s (SEC) interlocutory appeal against Ripple Labs. 

Judge’s Ruling Against SEC Boosts XRP Sentiment

According to data from Coinglass, a leading cryptocurrency analytics platform, XRP derivatives trading volume has witnessed an unprecedented spike, reflecting a significant increase in market activity. 

XRP

This surge in trading activity suggests a growing interest in XRP among investors eager to capitalize on the recent legal developments surrounding Ripple Labs.

To provide further context, derivatives trading refers to the buying and selling financial instruments that derive value from an underlying asset, such as a stock, bond, commodity, or cryptocurrency. 

These instruments, known as derivatives, include futures contracts, options, swaps, and other financial contracts. Derivatives allow investors to speculate on the underlying asset’s price movements without owning it directly.

A surge in derivatives trading volume can have significant implications for XRP. Firstly, it indicates higher market participation and interest in the cryptocurrency. 

When more investors and traders actively engage with XRP through derivatives, it can lead to increased liquidity and price discovery.

Derivatives trading can also contribute to increased price volatility in XRP. As traders speculate on the future price of XRP through derivatives contracts, it can amplify price swings. 

With higher trading volume, there is a larger number of participants taking positions on XRP’s price movement, which can result in more pronounced price fluctuations.

Furthermore, a surge in derivatives trading volume can reflect growing market sentiment and investor confidence in XRP. When trading activity increases, it suggests a higher level of interest and engagement from market participants. 

XRP

With XRP currently trading at $0.5347, the cryptocurrency has experienced a notable 4.3% surge in the past 24 hours. 

The surge in derivatives trading volume further adds to the growing evidence that the token could be on the cusp of a significant breakout if the bullish momentum continues.

Poised For Upward Movement?

Renowned crypto analyst Dark Defender recently highlighted that XRP has exhibited signs of breaking out from its ongoing consolidation phase given the recent win against the SEC.

This occurrence draws parallels to a previous instance on July 13, with the first ruling of Judge Torres, during which the token experienced a remarkable rally of 80%, reaching as high as $0.9343

XRP

Drawing insights from this historical precedent, it is plausible to speculate that XRP might be gearing up for another upward movement. Dark Defender emphasizes that traders should keep a close eye on the next Fibonacci level, which is $0.66. 

However, XRP must maintain support above $0.50 to attain this level. This support level is of particular significance as XRP remained relatively stagnant around it for most of September.

Overall, the recent disclosure by Judge Torres, denying the SEC’s appeal, has provided a significant boost to Ripple Labs and its supporters. 

Furthermore, the news has instilled renewed optimism within the XRP community, leading many investors to believe that a total victory for Ripple Labs is now within reach, possibly just months away.

Featured image from Shutterstock, chart from TradingView.com 

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Ripple CEO’s Tattoo Predicts XRP Price Surge? Here’s When It Will Hit The Moon

In the wake of a sideways XRP price action followed by a significant decline after Ripple’s legal victory against the US Securities and Exchange Commission (SEC), a new wave of speculation has emerged, fueled by the astrology-inspired tattoo sported by Ripple CEO Brad Garlinghouse. 

Unveiled during a recent Ripple party held to celebrate the legal triumph on July 13, the tattoo has captured widespread attention, triggering discussions and conjecture about its potential significance.

Ripple CEO’s Intriguing Tattoo Sparks Speculation

The tattoo, prominently displayed on Garlinghouse’s arm, features a combination of intriguing symbols, including the XRP logo, moon, planets, rocket, and constellations. 

XRP enthusiasts have been dissecting these elements in search of hidden messages and insights into Ripple’s long-term plans. Some interpret the tattoo as a bold statement of confidence in XRP’s prospects. In contrast, others delve deeper into its symbolism, particularly regarding the next anticipated XRP price surge date.

Jeremy Hogan, a prominent lawyer supporting XRP, has taken on the role of decoding the tattoo’s cryptic meaning. According to Hogan, the tattoo’s elliptical shape represents the solar eclipse that will occur on April 8th, as observed from the coordinates 37°46′39″N 122°24′59″W. 

Notably, this elliptical path intersects with the full “moon” when viewed from northern latitudes. Many within the XRP community have embraced this interpretation, considering it a potential indication of an upcoming bull run.

Historical patterns in the cryptocurrency market are worth considering to bolster this hypothesis regarding a potential price surge on April 8 or in the first half of 2024. These patterns lend credibility to the notion that significant events, such as the Bitcoin halving, can influence market trends.

In April, the next Bitcoin halving is expected, marking a reduction in the mining reward for Bitcoin. Past halving events have often coincided with notable price increases for Bitcoin, suggesting a potential positive impact on the broader cryptocurrency market.

Moreover, another crucial factor that could propel XRP to new heights is the possibility of another legal victory against the US SEC. Such a win could restore confidence and open doors for further adoption and usage of the token. 

Although the outcome remains uncertain, these developments contribute to an atmosphere of anticipation within the crypto community.

XRP Price Struggles Below Key Moving Averages

After experiencing a prolonged downward trend over the past three months, the price of XRP has now dipped below two critical levels: its 200-day and 50-day Moving Averages (MAs). 

These MAs have proven to be significant obstacles to the token’s potential for future growth, suggesting the possibility of a retracement or consolidation phase below current price levels.

XRP is trading at $0.5117, positioned below the 200-day MA of $0.5196 and the 50-day MA of $0.5290. These levels now serve as resistance barriers for the token, making it more challenging for XRP to regain upward momentum.

XRP price

Another noteworthy indicator of the unsuccessful attempt to penetrate upper resistance lines is XRP’s squeeze momentum indicator and ADX. 

The squeeze momentum indicator indicates a downward slump in what was anticipated to be an upward movement, impeded by the resistance barriers. Additionally, the ADX reflects declining buying activity and bullish momentum among investors and bulls.

The future course of XRP remains uncertain, as it is yet to be determined whether the token will succumb again to a wave of selling pressure or remain in a consolidation phase below these critical levels, potentially delaying another uptrend.

Featured image from Shutterstock, chart from TradingView.com  

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XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle

The cryptocurrency sector, particularly Ripple Labs, has been embroiled in a scenario of concern and uncertainty following a contentious exchange between the US Securities and Exchange Commission’s (SEC) chair, Gary Gensler, and the House Financial Services Committee in Congress which could affect the XRP price. 

Despite Ripple’s partial legal victory against the SEC, Gensler’s stance remains unchanged, as he emphasized the regulatory body’s determination to pursue an interlocutory appeal in the ongoing case. This has raised further questions and apprehension within the industry.

Congressman Highlights Ripple Case’s Far-From-Over Status

During the hearing, Congressman Stephen F. Lynch expressed his concern about the potential pattern whereby court battles become the norm to determine the classification of individual tokens as securities. 

While Gensler did not respond directly, he mentioned the SEC’s filing for an interlocutory appeal, highlighting the regulator’s intent to continue the legal battle. Lynch acknowledged that the case is far from over.

On August 17, Judge Torres granted the SEC’s request to file an interlocutory appeal, granting the regulatory body an opportunity to present a compelling case to the Second Circuit. 

However, it’s important to note that this permission only allows the SEC to file the motion for an interlocutory appeal, presenting a significant opening for the regulator to challenge the previous ruling and seek a different outcome.

These recent developments, as highlighted by Congressman Lynch, indicate that the ongoing Ripple case may take considerable time to resolve. 

As a result, XRP is likely to remain stagnant, trapped in a consolidation phase, or potentially retracing beyond its current levels. This could potentially push the cryptocurrency to pursue another annual low, extending beyond the $0.4225 mark reached on August 17.

XRP Price Analysis Points To Potential Macro Uptrend

Despite the legal battles and the uncertainty surrounding the current state of the crypto market, some signs might point to a different scenario, where XRP could follow a macro uptrend. 

Technical analysis highlights a pattern resembling the last market cycle, which consists of five phases: rise, crash, retrace, reaccumulation, and eventual breakout.

Drawing parallels to previous cycles, many coins have experienced explosive growth beyond their previous all-time highs after the reaccumulation phase. 

For instance, Bitcoin went through its reaccumulation phase during the COVID-19 pandemic. Still, due to the ongoing lawsuit, XRP has entered a more prolonged reaccumulation phase in the form of an Elliott wave triangle, similar to the previous cycle. 

XRP

Currently, the market is in phase E, which suggests a potential retracement upwards, followed by another dip to lower levels. Eventually, there is anticipation for a breakout from this massive triangle, leading to a new all-time high likely to occur next year or the year after.

While some argue that the XRP price fate depends on Bitcoin’s performance, it is worth noting that when comparing XRP to BTC, it is also within an accumulation range and exhibits a bullish outlook. From this perspective, XRP is expected to outperform other alternative coins significantly.

XRP

However, for the XRP price to sustain an extended uptrend in the near term, it must overcome significant resistance levels that pose potential challenges. In the immediate time frame, XRP faces a resistance at $0.5132, followed by two additional formidable barriers, which are expected to be particularly challenging in the coming weeks.

XRP’s 50-day and 200-day Moving Averages (MAs) are currently positioned at $0.5194 and $0.5318, respectively. These MAs, once considered reliable support levels, have failed to hold, necessitating a significant catalyst for XRP to surpass them. 

This is evident in the chart, depicting the partial victory on July 13, when XRP surged above both MAs. However, since August, XRP has been trading below them.

Featured image from Shutterstock, chart from TradingView.com

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XRP Summer Showdown: Trading Hype Versus Price Reality, What Lies Ahead?

XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of $0.4858 and $0.5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13. 

XRP Consolidation Continues Despite Strong Trading Activity

According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached $462 million, four times higher than the following most prominent altcoins by trade volume.

XRP

The question arises as to why XRP failed to sustain its price gains despite its impressive trade volume. 

Analyzing the average share of sell volume for XRP provides some insights. Notably, the largest Korean exchange, Upbit, and OKX experienced significant selling pressure, while buying activity was more prominent on US-based Coinbase throughout the previous month.

Another interesting observation is the rise in average trade size for XRP on Coinbase, surpassing all other top ten altcoins. 

This suggests that buying demand may have been driven by large traders in the United States, as investors regained access to the token following the July court ruling. 

However, it is essential to note that even though XRP tops the list on offshore markets, its share of trading volume in the United States remains lower, ranking it as the sixth most traded altcoin by cumulative trade volume.

Currently, XRP is trading at $0.5063, displaying a stable price within 24 hours. Moreover, the token has maintained a consistent consolidation phase, experiencing a slight decrease of 2.7% and 1.4% over the past seven and fourteen days, respectively. 

This raises whether XRP’s uptrend will prevail or if further downside movements are looming.

Is A Bullish Resurgence Or Downtrend Imminent?

Crypto analyst Egrag Crypto recently took to the social media platform X (formerly known as Twitter) to present two contrasting scenarios for XRP’s price movement. 

The first scenario suggested a potential dip to $0.43 or even $0.35, which could be seen as a shakeout before a rebound. The second scenario proposed a more optimistic outlook, with XRP potentially aiming for heights of $0.60 and $0.67 before skyrocketing to new levels.

XRP

To gain further insights into the likelihood of these scenarios, it is crucial to examine XRP’s resistance and support lines on the daily chart above.

The chart reveals that while surpassing the next resistance level of $0.5401 and regaining bullish momentum, XRP could potentially experience a substantial 27% uptrend toward $0.6700, as predicted by Egrag Crypto. However, the token currently faces two significant hurdles in achieving this.

XRP’s 200-day and 50-day Moving Averages (MAs) can act as solid resistance levels if the token’s trading volume is not accompanied by sufficient buying pressure. Presently, XRP is trading below these two lines, which adds to the challenge of surpassing the resistance.

If XRP fails to overcome these resistances and sustain its consolidation phase, another correction may soon be on the horizon for the token.

On the other hand, bullish investors will need to defend the nearest support floor for XRP at $0.4524. If this level is breached, the token could decline further to the $0.3495 zone or even the $0.2854 line, representing XRP’s one-year support.

Considering the various scenarios and the resistance and support lines depicted in the chart, the absence of catalysts that could propel XRP to higher price territories, coupled with a failed attempt to maintain its macro consolidation zone, may lead XRP towards continuing its downtrend and potentially reaching a new yearly low.

Featured image from iStock, chart from TradingView.com

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XRP Poised For Bullish Breakout: Inverted Hammer Formation Signals Rise Above $0.8 Resistance

After the initial excitement surrounding Ripple Lab’s partial legal victory against the US Securities and Exchange Commission (SEC) subsided, XRP experienced a decline that led it to test its 4-month support line at $0.4240. 

However, the cryptocurrency has demonstrated resilience by reclaiming its important psychological level of $0.50 and reentering its previous consolidation or accumulation zone. This renewed stability has sparked optimism among bullish investors, indicating a potential rebound for XRP.

Presently, XRP is trading at $0.5295 with a 24-hour trade volume of $1,419,623,015.56. This reflects a 1.89% increase in price over the last 24 hours and a 1.60% increase over the past 7 days. 

These gains and a promising chart formation suggest that XRP may be poised for further growth in the days and months ahead.

Potential XRP Breakout As 2-Month Candle Nears Conclusion

Crypto analyst Egrag Crypto, known for insightful market analysis, recently took to the social media platform X (formerly Twitter) to highlight an intriguing development in the XRP market. 

As the two-month candle for XRP draws to a close, it displays the potential formation of an inverted hammer pattern.

For further context, the inverted hammer is a technical analysis candlestick pattern that typically appears at the end of a downtrend. It is characterized by a small body at the candle’s upper end, with a long upper shadow and little to no lower shadow.

The inverted hammer pattern suggests a potential reversal in price direction. It indicates that buyers have stepped in after a period of selling pressure, causing the price to bounce back from its lows. 

XRP

As seen in Egrag’s chart above, throughout 426 days, XRP has demonstrated remarkable resilience, maintaining its market structure and solidifying its foundation amidst market fluctuations. On this note, Egrag further claimed:

The chart unequivocally illustrates this trend, consistent with my earlier analyses wherein I underlined the significance of the 0.80c mark as a pivotal macro resistance level. Establishing this price range as a foundation marks a highly bullish macro stance. 

Notably, per the information compiled by the analyst, this consolidation around the mentioned price range indicates a highly bullish macro stance for XRP

Egrag Crypto predicts a scenario where the upcoming candle could propel XRP towards the $2.3 range. However, this achievement would merely serve as a stepping stone within a larger macro range of $3.3 to $5.5, signaling a seamless continuation of XRP’s upward trajectory.

Egrag Crypto’s symbolic reference to Valhalla beyond the $5.5 threshold reflects the analyst’s belief in the substantial potential for XRP’s future growth. While these words evoke a sense of grandeur, they emphasize the possibility of XRP reaching unprecedented heights in the market.

XRP

Amidst growing anticipation within the crypto community, all eyes are on the impending conclusion of the two-month candle, which holds the key to a potential breakout indicated by the inverted hammer formation. 

This pivotal moment raises questions about whether the cryptocurrency and the broader market are on the cusp of another upward trend, supported by favorable macro conditions, or if they will face a test of lower resistance levels again.

Featured image from iStock, chart from TradingView.com

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XRP Epic Price Setup: Accumulation Surge Paves The Way For Imminent Price Blast

After a highly anticipated partial victory for Ripple Labs and XRP investors, the fifth-largest cryptocurrency has succumbed to the overall market downward trend, dampening the excitement following its July 13 triumph against the US Securities and Exchange Commission. Over the past 30 days, XRP has retraced by more than 26%.

Despite experiencing significant price fluctuations since its 16% drop on August 16, the token has recovered 4% of those losses within the past seven days. As the market approaches the monthly close and witnesses liquidity re-entering, there is a growing possibility that XRP will continue its upward trend.

Potential Price Explosion For XRP Following Extended Accumulation Phase

In cryptocurrency, few phenomena captivate investors and traders more than anticipating a price explosion fueled by a prolonged accumulation phase. 

Such is the case for XRP, which shows a setup that mirrors previous patterns that led to significant price surges. 

Crypto analyst and trader, known by the pseudonym “Crypto Bull,” has caught the attention of market participants with its bold prediction that XRP could be on the brink of a major upward rally.

According to Crypto Bull, historical data reveals a recurring pattern for XRP, where explosive price movements have consistently followed extended periods of upward accumulation. 

XRP

Crypto Bull’s analysis suggests that XRP is currently in its longest accumulation phase in history, further strengthening the potential for a significant price surge. 

Examining the weekly chart provided by Crypto Bull, it becomes evident that XRP has previously undergone notable price explosions in 2020 and 2021, making this its third accumulation phase.

XRP’s Bullish Momentum

During the first uptrend in 2020, XRP surged by an impressive 220%, starting below the $0.250 level and reaching a high of $0.774 in November. Following a typical price correction, XRP embarked on another upward trend merely months later, in February 2021, aiming to surpass its previous all-time high.

In April 2021, XRP experienced a remarkable bull run, aligning with the overall market trend, and skyrocketed from $0.540 to its current all-time high of $1.946. Subsequently, the token attempted to retest this pinnacle but fell short of reclaiming it.

These historical patterns in XRP’s price action following significant surges are noteworthy; however, whether the cryptocurrency will follow its established trajectory or surpass its all-time high remains uncertain.

What is certain is that the ongoing accumulation phase, coupled with potential positive developments in the US courts and growing investor excitement, positions XRP for a possible major breakout. 

Despite briefly surpassing its macro range between $0.548 and $0.295 on July 13, XRP is currently within this range again, possibly establishing a new base or awaiting the ideal conditions for its next uptrend.

As the cryptocurrency ecosystem eagerly awaits further developments, XRP’s future trajectory holds considerable intrigue. 

Whether it will reiterate its historical patterns or embark on an unprecedented journey remains to be seen. Nonetheless, the current accumulation phase and the optimistic sentiment surrounding XRP set the stage for potential growth and renewed excitement among investors.

XRP

At the time of writing, XRP is traded at $0.5231, reflecting a 1.3% increase over the past 24 hours.

Featured image from iStock, chart from TradingView.com

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XRP Correction Continues: Elliott Waves Theory Predicts Wave 2 At $0.38

Since reaching its yearly high of $0.5842 on March 29th, XRP has experienced a significant price drop. The token has lost its bullish momentum and failed to breach higher levels, disappointing investors who were optimistic about the uptrend of one of the largest cryptocurrencies in the market.

It is worth noting that XRP’s recent price drop is part of a wider market correction affecting the entire cryptocurrency market. Despite this, trader and crypto analyst “Dark Defender” believes that there is still further correction ahead for XRP.

No Signs Of Recovery For XRP?

On April 1st, Dark Defender made a bold prediction for the price of XRP based on Elliott Waves theory. According to Dark Defender, the token completed its first wave (W1) at around $0.59 and is expected to enter a second wave (W2) that will find support between $0.48 and $0.38.

XRP

As of now, there have been no changes to Dark Defender’s prediction, and XRP remains in correction unless it breaks its resistance level of $0.59 and stays above it for three consecutive days. Dark Defender has provided a list of support levels for XRP, including $0.4812, $0.45544, $0.42044, and $0.38813. The analyst believes that XRP will finish this last correction at one of these levels before targeting the $3 mark. 

Furthermore, the analyst has provided a bullish prediction for XRP’s future, stating that the third wave (W3) of this structure is expected to reach between $2 and $3.47 by the end of this year. However, this wave 3 above $1.33 will be the predecessor of the Grand Wave 3. In scenario 2, Dark Defender predicts that XRP will continue to rise in value.

As of this writing, XRP is currently trading at $0.4582, which represents a drop of over 2.6% in the last 24 hours. On wider time frames, the token has recorded significant drops of 11% and 9.2% in the seven and fourteen-day time frames, respectively. This means that if Dark Defender’s prediction is correct, XRP may still have plenty of downtrends to experience, potentially reaching the lower lows of March 21st at $0.380.

XRP’s Wide Adoption Continues To Increase

XRP has been gaining traction in recent months, with its unique utility in cross-border payments attracting attention from financial institutions and investors, which has been raising with its continuous innovations to provide a better service to its users. 

According to pro-XRP lawyer John Deaton, Uphold, a digital platform that allows users to buy, sell, and hold various cryptocurrencies and traditional currencies, currently holds $1.04 billion in XRP, making XRP the single largest asset holding on the platform. This amount is significantly greater than Uphold’s Bitcoin holdings, which currently stand at $131 million.

In addition, the token volume accounted for 28.33% of total transactions on Uphold’s platform. This indicates a growing demand for XRP among Uphold’s user base and suggests a positive outlook for the cryptocurrency’s future growth and adoption.

XRP

Featured image from Unsplash, chart from TradingView.com 

 

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Ripple (XRP) Adds Over 20% In A Week While Others Plunge Heavily

The May market crash and its resulting bearish trend caused massive losses for investors. But the Ethereum merge adverse effect was an unforeseen force. The crypto market has recorded more pullbacks than rallies since September 15.

Many analysts, especially Ethereum supporters, hyped the merge, making others believe it’ll reverse the market. Unfortunately, after the upgrade, Ether and other cryptos crashed. Even Bitcoin lost $1000 a few minutes after the event. 

Related Reading: Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming?

The market is still in the Red

On September 19, many cryptocurrencies were all red in their 1hour price gain, 24 hours, and 7 days trend. The number one crypto started the day in red, causing more panic in the market. BTC lost 2.38%, pushing its weekly losses to 13.58%. 

The same day, there were also massive liquidations across exchanges amounting to $432 million. Fast-forward to September 20, many crypto assets have continued their bearish trend. 

Bitcoin managed to add 1.72% in 24 hours, reducing its weekly losses to 10.90%. But the price is still in red on the TradingView chart.

Bitcoin had lost its grip above $19K earlier today. But after adding some percentage gains, the coin regained footing but fell again to $18,968. With a 0.15% loss in the last hour, as seen on CoinMarketCap, the coin price is still in the red and may plummet further before the market closes.

Ethereum has added 1.03% in 24 hours. Its current price stands at $1,352, showing a 0.37% loss on the previous day. 

Other coins, such as USD Coin, Binance USD, Cardano, Polkadot, etc., are all red. But while the others bleed, Ripple has championed the gainers in 24 hours. 

Ripple’s XRP is currently trading above $0.40. | Source: XRPUSD price char from TradingView.com
Ripple Price Appreciates As Others Fall

 

Ripple XRP is leading in price gains today, September 20. The crypto is currently trading at $0.4075, showing a 5.22% increase in 24 hours. In the early hours of today, XRP added more every hour before losing its momentum. 

XRP is also doing well in its 7 days price gain. The coin has earned over 22% in seven days which is better than Tether, BNB, BUSD, Cardano, Solana, and many others. Tracing Ripple’s price from July to September, it has remained firm at a price between $0.3733 and $0.3421. 

But like other cryptos, Ripple dipped on the merge day, closing the market at $0.3256. Thankfully, it bounced back the next day to $0.35677 and started its upward climb until September 20, when the price reached $0.40

Ripple’s Rise: What’s Behind It

For now, the force seemingly pushing Ripple price might be the ruling in its case with SEC. As of September 19, the case was heading towards a conclusion. Both parties have called on a federal judge to rule it urgently. 

Related Reading: 3 Experts Take On The Bitcoin Price, Will $19,000 Hold Or Break?

This recent development shows that both parties have gathered adequate evidence to prove their case. Ripple maintains that it didn’t violate any securities laws in the United States. The call for ruling assured the Ripple community that the 2-year court case was almost over.

Some community members expressed their relief on Twitter, thereby possibly changing the market sentiment for XRP to positive.

Featured image from Pixabay and chart from TradingView.com

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Ripple (XRP) Fails To Hit Double-digit Gain, What Could Be Wrong?

Ripple (XRP) has had a tough time producing double-digit gains against tether (USDT) as prices continue to range with little or no movement in recent times. The crypto market in its early days saw prices of altcoins surge as most coins rallied with considerable price gains, but that can not be said of Ripple (XRP). (Data from Binance)

Ripple (XRP) Price Analysis On The Weekly Chart 
Weekly XRP Price Chart | Source: XRPUSDT On Tradingview.com

The price of XRP has had a tough time maintaining the bullish momentum it has shown in recent months as the price was rejected from the $1.9 area acting supply zone for most sellers.

XRP has since struggled to discover the bullish momentum it experienced, despite being a fundamentally strong coin with the growing sentiment on its movement. Still, XRP has found a price ranging from $0.3 to $0.38. 

The price of XRP on the weekly chart needs to break out of the range channel it has formed for its price to have a real chance of trending higher. The upper band of the channel at $0.38 continues to act as a resistance to the XRP price preventing a major movement to the upside of the chart.

XRP’s price needs to break above this region for its price to trend higher to $0.42 and possibly $0.55. The price of XRP must break and hold above this range channel for a better chance to trade higher. If the price of XRP breaks out with good volume, we could see the price going higher; should the price of XRP fails, we could have a retest of $0.3 as a good demand zone for price sell-off.

Weekly resistance for the price of XRP – $0.38-$0.42.

Weekly support for the price of XRP – $0.3.

Price Analysis Of XRP On The Daily (1D) Chart
Daily XRP Price Chart | Source: XRPUSDT On Tradingview.com

The daily timeframe for XRP prices looks choppy as prices continue to range with little volume to break out of this range. The price of XRP failed to hold its major support at $0.5 as the price flipped this support into a resistance leaving the price of XRP to have a free fall to a region of $0.3. 

After seeing a low of $0.3, the price of XRP bounced from that region, acting as a strong support and demand zone for major market players. The price of XRP tried holding above the 50 Exponential Moving Average (EMA) but saw its price rejected from that region as support. The price of $0.36, which corresponds to the 50 EMA value, is acting as resistance for the price of XRP.

On the daily timeframe, the price of XRP is currently trading at $0.33, rejected below the 50 EMA. The price of XRP needs to flip the 50 EMA to assume a strong bullish price movement. 

The Relative Strength Index (RSI) for XRP is below 50 on the daily chart, indicating low buy order volume. With good order volume, we could see the price of XRP reclaim the 50 EMA acting as resistance for prices. 

Daily resistance for the XRP price – $0.35-$0.38.

Daily support for the XRP price – $0.3.

Featured Image From zipmex, Charts From