Connect with us

Market

Can XRP Price Break New Highs as Whales Exit Exchanges?

Published

on


Ripple’s (XRP) price has surged back to $0.60 for the first time in 10 days, recording a 7.74% gain in the last 24 hours. This rally aligns with a broader market recovery, making XRP the top gainer among the top 10 cryptocurrencies.

Starting the week with this positive momentum is promising, but the key question remains whether XRP can maintain this trend and end the week even stronger.

Demand for Ripple Jumps as Whales Take the Bull by the Horn

According to CryptoQuant, the Whale-to-Exchange Transactions obtained from the XRP Ledger have fallen tenfold since August 18. This metric measures how active cryptos move between whales and exchanges — in this instance, Binance.

Typically, an increase in transactions suggests that whales are willing to offload some tokens. A decrease points to withdrawals from the platform, which is a bullish sign. 

On Sunday, there were about 664 transactions. But as of this writing, there are 60, indicating that most whales do not plan to sell their XRP anytime soon. Furthermore, it appears that this lack of selling pressure was crucial to the cryptocurrency’s rebound.

Read more: XRP ETF Explained: What It Is and How It Works

XRP Whale to Exchange Transactions.
XRP Whale to Exchange Transactions. Source: CryptoQuant

If sustained, XRP’s price will likely trade above $0.60 in the coming days. However, it is important to mention that the transactions in the above context are related to centralized exchanges (CEXes).

While large transactions on CEXes dropped, the volume of transactions on Decentralized Exchanges (DEXes) jumped by 28% in the last 24 hours. This increase suggests that demand for XRP increased on-chain.

Likewise, the high volume concentration is likely a byproduct of active user engagement on the XRP Ledger. DEX volume is an important metric that measures liquidity in the market. 

XRP Ledger DEX Volume.
XRP Ledger DEX Volume. Source: CryptoQuant

If the volume falls, there is a high chance that the price of the token involved may not be stable, possibly undergoing a downtrend. Therefore, the surging volume is a bullish sign for the token, and if the increase continues, so will XRP’s price.

XRP Price Prediction: This Crypto Wants $0.65 Again

Moving on, XRP’s price upswing may remain intact according to signals from the Parabolic Stop And Reverse (SAR) indicator. The Parabolic SAR is a technical indicator that works well in detecting trends and reversal.

For context, if the dotted lines of the indicator are above the price, the uptrend is weak, and a downturn could be next. However, for Ripple’s native token, the indicator is below the price, suggesting that the upswing may continue

Apart from this, XRP price trades above the 20 (blue) and 50 (yellow) EMAs. This indicator, which stands for Exponential Moving Average, measures trend direction. Since the token’s price is above it, the trend is bullish.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Daily Analysis.
XRP Daily Analysis. Source: TradingView

If it were below the indicators, then the trend would have been deemed bearish. Meanwhile, a look at the Fibonacci retracement indicators shows that if the rally continues, XRP’s price could hit $0.65.

However, if demand for the token drops or whales begin to transfer their assets to CEXes, this optimistic thesis might be invalidated. Should this be the case, the price could drop to $0.59.  In a highly bearish scenario, XRP could slide to $0.55.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

XRP To Hit $40 In 3 Months But On This Condition – Analyst

Published

on


XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.

Can XRP Repeat 2017 Historical Price Movement?

In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017. 

Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings. 

Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future. 

Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.

According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.

XRP

Price Resistance Levels In XRP’s Dream Surge

While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price. 

Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.

At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.

XRP

Featured image from Trackinsight, chart from Tradingview



Source link

Continue Reading

Market

Kraken Eyes Token Expansion as Trump Promises Crypto Support

Published

on


Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.

This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.

Kraken Plans to List 19 Tokens and Integrate 3 Blockchains

According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.

“Kraken lists BNB,” Binance founder Changpeng Zhao stated.

In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.

Kraken Token Listing Roadmap.
Kraken Token Listing Roadmap. Source: Kraken

However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.

Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.

Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.

Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.

Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Why BTC Miners Are Selling Their Coins

Published

on


Bitcoin miners have been actively reducing their holdings in recent weeks as the coin’s price continues to hover below the critical $100,000 mark. At press time, the leading coin trades at $98,535, noting a 1% decline from its all-time high of $99,860 recorded during Friday session. 

As the BTC market begins to trend sideways, its miners may be prompted to further distribute their holdings for profit or to offset growing mining costs.

Bitcoin Miners Sell Their Holdings

According to CryptoQuant’s data, Bitcoin’s miner reserve has fallen to its lowest level since the beginning of the year. As of this writing, it sits at 1.81 million BTC. 

This metric tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. A decline in the BTC miner reserve indicates that miners on the Bitcoin network are distributing their coins either to take profits or to cover mining-related costs.

Bitcoin Miner Reserve.
Bitcoin Miner Reserve. Source: CryptoQuant

Moreover, readings from BTC’s miner netflow confirm the daily trend of coin sell-offs by the network’s miners. As of this writing, the metric’s value is negative at -1,172 BTC.

Miner netflow refers to the net amount of Bitcoin that miners are buying or selling. It is calculated by subtracting the amount of Bitcoin miners are selling from the amount they are buying. When it is negative, it indicates that miners are selling more coins than they are buying. This is often a bearish signal and a precursor to a short-term downward trend in the coin’s price.

Bitcoin Miner Netflow.
Bitcoin Miner Netflow. Source: CryptoQuant

BTC Price Prediction: The Bulls Remain in Control

While BTC miners have added to the coin’s selling pressure over the past few weeks, the bullish bias toward the king coin remains significant. This is reflected in the positioning of the dots that make up its Parabolic Stop and Reverse (SAR) indicator. As of this writing, these dots rest below BTC’s price.

The Parabolic SAR identifies an asset’s trend direction and potential reversal points. When its dots are positioned under the asset’s price, it suggests a bullish trend. Traders interpret this as a signal to go long and exit short positions. 

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

If this trend persists, BTC’s price will reclaim its all-time high of $99,860 and may rally past the $100,000 psychological barrier. On the other hand, a spike in profit-taking activity will invalidate this bullish outlook. If buying pressure weakens, BTC’s price may drop to $88,986.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io