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XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over

The XRP price saw an impressive run over the last day after news broke that the US Securities and Exchange Commission (SEC) was dropping its lawsuit against Ripple’s executives. This surge carried on into Friday as the altcoin’s price was able to clear the $0.53. Naturally, there has been a pullback from this price level, but whale transactions suggest that the rally may not be over.

Crypto Whales Flex Their Buying Power

In the last day, crypto whales have been showing their buying power as the price of cryptocurrencies such as XRP saw a recovery. The first indication of this was a number of large USDT transactions that were making their way toward centralized exchanges.

The first of these reported by whale tracker Whale Alert was $100 million in USDT transferred to Binance. Then two other transactions carrying the same amount of tokens followed suit, all headed for the Binance exchange as well. Another 50 million USDT would make their way to the exchange just a couple of hours later.

Then the minting of $1 billion USDT at the Tether Treasury took place as Thursday drew to a close. What followed was a number of transactions carrying USDT in 50 million tranches headed for Binance. The transactions continued into Friday, with the most recent being two hours old, at the time of this writing.

XRP price chart from Tradingview.com

What This Means For XRP Price

The continuous transfer of stablecoins to centralized exchanges can often signal a willingness to purchase cryptocurrencies. Mostly, these purchases are in Bitcoin but the buying power tends to have a trickle-down effect. Meaning, that as the price of Bitcoin goes up, so will the XRP price.

In this case, if whales continue to buy and push the Bitcoin price past $30,000, then the XRP price is likely to follow suit and break the $0.55 resistance while at it. However, the XRP price also faces strong resistance as whales have taken to selling.

As Whale Alert shows, there were a number of large XRP transactions headed toward centralized exchanges. The most notable of these are the 32.3 million XRP worth $15.79 million at the time sent to the Bitso exchange, as well as the 31.1 million XRP worth $15.2 headed to the Bitstamp exchange.

These whale movements suggest a battle between bulls and bears as they struggle for dominance. But XRP price continues to show strength with 7.44% gains in the last 24 hours, and up 6.94% in the last seven days.

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These Bullish Factors Prove XRP Price Rally Is Not Over Yet

The XRP price has retraced a good portion of its gains following its surge above $0.54 last week. Naturally, this could signal that the end is in sight for an XRP rally but this is not necessarily the case when you look at the altcoin’s metrics and performance even amid its price decline.

XRP Daily Transaction Count Remains Above 1 Million

The XRP daily transaction count first skyrocketed above 1 million back in July when Judge Analisa Torres ruled that programmatic XRP sales did not constitute investment contracts. The XRP price had rallied more than 60% as a result of this and daily transaction counts shot up as well.

By the time August rolled around, XRP’s daily transaction counts had surpassed that of Bitcoin and Ethereum, and the network has not slowed down since. Looking at data from BitInfoCharts, XRP is still maintaining its more than 1 million transactions per day numbers.

XRP daily transactions

Since the start of October, the altcoin’s daily transaction figures have also come out consistently above that of Bitcoin and Ethereum, showing that interest in the network has not diminished.

XRP Ledger Crosses 83 Million Blocks

As transaction counts have been on the high side, block production on the XRP Ledger also shows active participation from users. Late last week, the blockchain marked its 83 millionth block.

This was confirmed by the XRPScan account on X (formerly Twitter), coming less than two months after the Ledger marked its 82 millionth block.

The rapid rise in usage is shown by the over 46,000 payments already made in the current block at the time of writing. Additionally, there have been 392,000 transactions and rising, with an average Transaction Per Second (TPS) of 20 TPS.

XRP price chart from Tradingview.com

Daily Trading Volume Jumps 56%

Another major factor that could point to the XRP price rally not being over is the jump in daily trade volume. Between Sunday and Monday, the XRP daily trading volume rose more than 56% to reach approximately $480 million. This follows a jump above $500 million previously before the cool-down.

Just like other factors listed above, the jump in trading volume suggests rising interest. Given that the XRP price has not been in free fall, it could point to the volume being skewed more toward buying rather than selling. In such a case, a rally is more likely to ensue.

XRP Price Rally Could Continue

Despite the XRP price falling to bearish pressure over the last few days, it could quickly recover as metrics continue to flash bullish. As one crypto analyst points out, the XRP price is reaching the point in its 39-month cycle where it could bounce toward another rally. For the top of this rally, the analyst puts the price at $1,000.

Currently, the XRP price is sitting at $0.5141, registering a 1.49% loss in the last 24 hours.

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Analyst Points Out Why End Of 2023 Will Not Be Great For XRP Price

The XRP price enjoyed a significant rise following Judge Analisa Torres’s ruling in favor of Ripple against the US Securities and Exchange Commission (SEC). However, a crypto analyst has explained why the token is unlikely to enjoy such a similar trajectory till the year runs out.

XRP Price To End 2023 On A Low

In a tweet shared on his X (formerly Twitter) platform, Jungle, a prominent figure in the XRP community, stated that he doesn’t “believe the end of 2023 will be great for XRP.” However, it is not only XRP that he believes will end on a low as, according to him, “crypto in general” will not enjoy so much success in the remaining months of this year.

Jungle’s belief stems from the fact that many consumers are currently experiencing financial difficulty, so they might not be looking to invest in cryptocurrencies. He also mentioned the fact that the Federal Reserve keeps hiking interest rates in a bid to keep inflation down. This move ultimately curbs consumer spending, with many only focusing on what they consider necessary.

He projects that the financial market will take more hits before the year runs out and states that crypto “will not be immune from the pain.” According to him, now doesn’t feel like a “great time for growth,” further dampening the hopes of anyone who might have had a positive outlook for the crypto market for the remaining months of this year.

Jungle’s comment comes at a time when the crypto market is experiencing low trading volume across the board, which suggests that traders aren’t actively participating in the market. One reason could be that they have little or nothing to invest in the market, so they would rather stay out for now. 

Ripple XRP price chart from Tradingview.com (Crypto analyst)

Light At The End Of The Tunnel

Jungle, however, mentioned that there are positives to look forward to for XRP and the crypto market in general. He noted that Judge Torres’ ruling, alongside a stablecoin on XRPL and an AMM capability, will spark significant growth for the ripple ecosystem. 

He has also singled out certain factors and events that could drive up the crypto market’s value in the coming year. One of these events is the SEC approving the pending ETF applications by certain traditional financial institutions. An approval from the SEC will see institutions like BlackRock, Fidelity, and ARK Invest onboard a new class of investors to the crypto industry. 

The Bitcoin Halving coming up in the first half of 2024 is another event that Jungle has predicted will help drive up the crypto market’s value. Bitcoin and other cryptocurrencies’ value is expected to rise significantly once the Halving occurs.

Co-founder of Delphi Digital Kevin Kelly had previously noted that Bitcoin’s Halving was a key metric in determining when the next bull run would happen as he noted then that the last two halvings occurred 18 months after BTC bottomed and 7 months before it broke to a new all-time high (ATH). 

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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.

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.

XRP price chart from 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 gainers

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. 

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.

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Santiment Paints Bullish Picture For XRP, But This May Not Be The Case

XRP price is having a shaky start to the year 2023 after a sharp drop on Monday during Asia hours. The digital asset eventually recovered but it remains shaky even now a new report from Santiment shows that there could be a bull case for the cryptocurrency. This bull case is tied to large XRP holders who have been accumulating coins over the past six months.

A Bull Case For XRP

The report from Santiment starts out with the revelation that large investors holding between 1 million and 10 million XRP tokens have been increasing their bags aggressively. Apparently, over the last six years, these investors raised their collective balances by 25%. This now meant that they were holding more than 4 billion XRP.

Santiment notes that such accumulation trends were important given that they are often observed during bear market bottoms. Basically, when these whales go on a buying spree such as this, it is when the price has already reached its lowest point in the bear market.

So if history is anything to go by and this was to have the same effects as previously seen, then it could mean that there is a bull rally in scope for the digital asset. Additionally, it explains that the MVRV 30 for the altcoin shows that short-term holders were seeing losses of 7% on average. So this points to a hesitancy to sell among these holders because they do not want to take a loss.

This refusal to dump tokens and whales adding to their balances adds up to less supply hitting the market while demand is on the rise. Basic laws of economics will easily put this as a recipe for a jump in the price of assets, hence the bull case for XRP.

XRP price chart from TradingView.com

But What If This Isn’t The Case?

One thing that XRP holders have to take into account is the Securities and Exchange Commission’s lawsuit against Ripple. This case is yet to be concluded and it continues to put a damper on the price of XRP. To know just how much of an effect it had, while most cryptocurrencies in the market were hitting new all-time highs, XRP’s price had declined, unable to even reclaim its own all-time high price from 2018.

What this shows is that until the case with the SEC is concluded, XRP will continue to struggle in the market. Furthermore, if the final judgment were to be against Ripple, then investors should expect a rapid decline in the price of the asset.

The only thing that can categorically determine if there is a bull rally coming for the altcoin would be for the outcome of the case to be in favor of Ripple. Until then, the price of the digital asset is expected to trade sideways, as well as lag behind the general crypto market.

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Whale Accumulation Paints Bullish Picture For XRP

XRP whales have taken advantage of the price decline recorded in the crypto market to fill up their bags. These large investors have been rapidly buying up the tokens and increasing the percentage of supply they hold. In the last month, the holdings of these large whales have seen a significant uptick, sending their cumulative total holdings to one of the highest it has ever been.

Gobbling Up The Coins

Data from Santiment shows that the holdings of XRP whales with 100,000 to 10 million coins on their balances have jumped more than 6% in the last five weeks. These whales had held around 11% of the total XRP supply in mid-November following the crash of the FTX crypto exchange. But since then, they have increased their holdings by millions.

Presently, the total percentage of supply held by these large whales is hovering around 18%. The chart below shows a clear uptrend in the last month where the holdings of these whales have increased, especially those holding between 1 million to 10 million coins.

XRP whales

The same trend is also seen among wallets holding above 10 million coins. These wallets now hold a larger majority of the total supply at 71.67%, up from the 70.8% recorded in mid-November. So in total, addresses holding 100,000 coins and above now command around 90% of the total XRP supply.

Will XRP Rally From Here?

XRP’s price is currently moving in tandem with the crypto market which is still feeling the effects of Wednesday’s FOMC announcement. However, this clear accumulation trend among XRP whales could hint at a possible decoupling of the digital asset’s price from the broader crypto market, leading to a rally.

XRP price chart from TradingView.com

With prices so low, a lot of investors are not looking to sell their coins, but rather are investing for the long term. If the available supply continues to go to investors who are long-term holders, then such demand could result in a supply squeeze. 

The Santiment data also shows accumulation even among smaller addresses, so it is possible that XRP would test the $0.4 resistance level before the week is over. The low volatility associated with weekend markets could get in the way of XRP’s rally but it could also be a blessing in disguise to help the cryptocurrency hold any gains it may register between Thursday and Friday.

XRP is trading at $0.38 at the time of this writing. It remains the sixth largest cryptocurrency with a market cap of approximately $19.2 billion.

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SHIB, XRP Show Strength As Crypto Market Begins Recovery

Shiba Inu (SHIB) and XRP have shown strength in the present recovery in the market. The crypto market decline had been triggered by the FTX collapse, and even now, the negative effects are still being felt all across the space. However, it has also been a time for digital assets in the space to show their resilience. Currently, in the middle of the week, there is already recovery going on and these two digital assets have shown the most promise.

XRP Moves Into The Green

Like the rest of the crypto market, XRP had not been spared the wrath of the market as it reeled from FTX’s bankruptcy. The token had lost about 30% of its value during this time, finally losing its footing above $0.4. Nevertheless, it continues to put up a good fight, which has now seen the digital asset move into the green.

On a 7-day moving average, the majority of cryptocurrencies in the market are still in the red, some even up to double-digit losses, but XRP has managed to break out of this trend. The digital asset now sits neutral on a 7-day average while seeing minor gains on both the 24-hour and one-hour charts.

Data from Coinmarketcap shows that XRP’s price is up 2.33% in the last 24 hours with over 5% gains recorded for Tuesday alone. In the last hour, it is already up 1.18% and this brings it closer to $0.4 once more. If this trend continues, then XRP is likely to break above $0.4 before the close of the midweek trading day. A test of the $0.42 remains likely given the strength that the digital asset continues to show.

XRP price chart from TradingView.com

XRP trending at $0.37 | Source: XRPUSD on TradingView.com

There is a decline in the trading volume of the token over the last day which could work against this recovery, but a recovery above $0.4 would put it above its 100-day moving average, triggering buy signals across the board.

SHIB Is On The Mend

Just like XRP, SHIB is also showing very strong signals in the last day. After falling below $0.00001, the sell-offs has begun quickly, but even this would not last. SHIB is seeing good momentum on a 24-hour basis, although, unlike XRP, it is still recording losses on a 7-day moving average. Add to this that whale accumulation of SHIB is on the rise and it is a recipe for another rally.

A major Ethereum whale had been accumulating the meme coin over the last day and has added 653 billion SHIB ($6 million) to its balance during this time. It has dragged up the ranking of the meme coin to number 1 among the largest 5,000 ETH whales during this time.

SHIB burning has also ramped up during this time. A single wallet burned over 51 million SHIB, bringing the 24-hour burn figure above 53 million. The digital asset is also one of the most used smart contracts among the top 1,000 ETH whales.

If the accumulation and positive sentiment among whales towards SHIB continue, then the digital asset could see a price above $0.00001 once more before the week runs out.

Featured image from Coinmarketcap, chart from TradingView.com

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