TronWeekly

Crypto World News

You are here: Home / Archives for ripple price

ripple price

XRP’s Price Poised For Surge: Three Key Events That Could Propel XRP Price

by

Zach Rector, a prominent member of the Ripple community, identified three significant events that may potentially increase the price of XRP. Given the Ripple community’s eagerness to see a price surge, Rector’s observations have sparked a debate within the community.

Rector’s first argument centers around the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). He posits that the US court’s refusal to grant the SEC permission to appeal the Ripple non-security status judgment could significantly impact XRP’s price. Typically, parties in a lawsuit can only contest court rulings once the case concludes. The SEC’s attempt to challenge this norm has sparked anticipation within the Ripple community. Ripple has also indicated its intention to file counter-appeals should the SEC’s bid be approved. For Ripple enthusiasts, denying the SEC’s request would mark a turning point for the digital asset.

XRP’s Potential Game-Changer

Rector’s second point revolves around adopting Ripple’s On-Demand Liquidity (ODL) product by a prominent US-based financial institution. Given the recent regulatory clarity surrounding Ripple, many within the community are hopeful that US banks will start integrating Ripple into their operations. This adoption could be a game-changer for Ripple’s value. It’s worth noting that Ripple’s previous XRP offerings to US institutions were seen as a significant stumbling block in the ongoing legal battle.

Lastly, Rector suggests that a settlement in Ripple’s legal battle with the SEC could ultimately catalyze XRP’s price surge. A settlement would signal the end of a protracted legal dispute over multiple years. Such a resolution would undoubtedly profoundly impact the Ripple market sentiment.

However, not everyone in the XRP community shares Rector’s optimism. One Ripple enthusiast, Chad, dismissed these events as mere ‘pump and dump’ opportunities. He argues that the utility of Ripple should be the primary driver of its price, not speculative events. Another user, Daren Black, concurred, emphasizing that true value would only materialize with increased utility and retail adoption, possibly after Bitcoin undergoes its halving.

As of the latest data, XRP is trading at 0.4708 and has experienced a 5.81% decline in the past 24 hours and a 6.12% drop over the past week. With XRP trading below the $0.5 mark, the community remains on edge, hoping that one of the mentioned events, or a combination of them, will reignite a rally akin to the surge witnessed after the victory ruling in XRP’s favor.

Related Reading: | Ripple Fights Back Against SEC Appeal Over XRP Security Status

Ripple’s 2023 XRP Sales Skyrocket By 37%, Stirring The Crypto Community

by

In a surprising turn of events, Ripple’s XRP sales have experienced a substantial surge this year, reaching 2.23 billion XRP sold within the first seven months alone. This increase translates to a 37% rise in monthly XRP sales compared to the previous year. As the XRP community grapples with the implications of this development, the rising demand from institutions and potential market impact have become subjects of both excitement and concern.

Mr. Huber, a prominent investigator, and influencer in the XRP community, brought attention to the spike in Ripple’s XRP sales through a recent tweet. The data revealed that Ripple’s monthly average sales for 2023 stand at 315 million XRP.

Considering the data from prior years provides further context, there was a significant increase from the 230 million XRP sold monthly in 2022. Averaging 166 million XRP monthly, Ripple sold 2 billion XRP in 2021, demonstrating a constant upward trend in XRP sales.

XRP Community’s Response To Ripple’s Sales Surge

The XRP community reacted to Ripple’s disclosure of its monthly XRP sales. It shows that institutional investors are becoming more interested in XRP, which is encouraging for the future of the asset. It makes people worry about how more distribution may affect the XRP market.

XRP immediately locks back any unsold balance to liberate 1 billion XRP from escrow each month. Demand for XRP among institutional investors impacts the monthly sales volume. Given the asset’s regulatory clarity in the US, the fact that neutral institutional investors are buying more XRP tokens indicates a positive trend.

While some XRP supporters see the increase in monthly XRP sales as a sign of increased institutional interest, others worry about the possible market effect. The distribution of XRP could have a more noticeable impact on the market as the rate of sales rises, prompting some community members to express caution.

The cryptocurrency community closely monitors the performance of the asset and the ramifications of Ripple’s XRP sales as they continue to change. The future course of Ripple’s XRP and its overall influence on the landscape of digital assets will be determined by this rise in sales, but only time will be able to tell.

Related Reading:| Ripple Wins Partial Victory In SEC Case, But Faces More Challenges Ahead

Mid-Week Market Analysis for Bitcoin, Ethereum and Ripple

by

Cryptomarkets Highlights 

Bitcoin and Ethereum have been front running the entire crypto markets.

  • Last week’s Ethereum upward momentum at the $200 suggested a possibility to break through its hurdles. Now the second leading crypto by market capitalization is trading $246.
  • On the other hand, Bitcoin has already broken out from the $10,000 price resistance. Bitcoin is trading at $10,300 during press time, which shows it could be headed for a massive $11,000.
  • Ripple (XRP) is surging and has retested the $0.2880 resistance area against the United States Dollar. Ripple’s price shows signs of rising further beyond $0.2900 and $0.3000 in the near term.

Ethereum seems to have slight weaknesses while hovering around its key support and major resistance. Bitcoin has overcome some of these weaknesses given eleven past days of almost losing its share market.

The leading digital asset set new 2020 highs at $10,400. Meanwhile, the crypto market is warming up for more price levels and upsides.

The most bullish belief is that the approaching halving event is in favor of upward correction. According to past historic data of the halving of the reward, bitcoin has always surged in prices. 

Yet another key indicator that spells the bulls are in favour of the market, is Google Trends search data for the keyword “Buy Bitcoin”

The search numbers have taken a parabolic zoom. This indicates that retail investors could be preparing their grand entry into the market. 

Ripple (XRP) is surging and has retested the $0.2880 resistance area against the United States Dollar. Ripple’s price shows signs of rising further beyond $0.2900 and $0.3000 in the near term. There is a likelihood that the bulls have already regained their strength.

Once the price of XRP breaks its next key resistance level of $0.2900, it could surge further upwards. 

Another prominent coin, litecoin, is trading 3.02 % high at its present price of $78.67. Against the price of Bitcoin, the LT/BTC pair is likely to hit 0.0075 BTC before attaining its next supply zone around 0.0095 BTC. The coin is targeting the $100 support level within the next 30 days. 

Bitcoin  Price Analysis

A surge in google search volumes of the phrase “Buy Bitcoin” is a good thing. The last time it happened was in 2017 prior to Bitcoin rising to an all-time high. Meanwhile, that 2017 bull run had been the result of market scrambling by neophyte retail investors. At the start of the week, Bitcoin broke below the five figures, giving traders a lot to be bearish about. 

Dave the Wave, a crypto analyst who predicted Bitcoin’s  December bottom to $6,000 has also predicted a bitcoin rally of $11,000 in the near term. While the community laughed off his December prediction, it came to pass and Bitcoin hit the mid $6K price levels. The analyst is now calling for 7.7% upside for Bitcoin to hit either $11K or $11.5K. 

Ethereum Price Analysis

Ethereum found its support around $218 against the United States Dollar following a short term downside correction. The leading altcoin began a fresh increase after forming a support base at the $220 level. 

Additionally, there was a sharp upward momentum beyond resistance levels $225 and $230. Meanwhile, the bulls pushed the coin’s prices above a $230 swing high on the 100 hourly -SMA (Simple Moving Average). 

Along with the surging price, Ethereum had a break above the major contracting triangle of the $223 resistance on the ETH/USD pair hourly chart. The altcoin cleared its $240 resistance and is now trading above closely at $246.58. 

Ripple Price Analysis

XRP has been able to gain strength and climb beyond $0.2700 and $0.2750 resistance levels. Additionally, there was a price close beyond the $0.2750 and the 100 hourly -SMA.

Ripple broke above its key bearish trend line that had a key resistance new $0.2725 on the hourly XRP/USD pair chart. The third leading coin by market capitalization retested both $0.2880 and $0.2890 after climbing above the $0.2800 support. 

The altcoin is currently consolidating gains and has formed a high around $0.2881. Meanwhile, it formed initial support around $0.2830, coinciding with a 23.6% Fibonacci retracement level of the recent upward correction from $0.2700 low to $0.2881 high. 

 

Ethereum [ETH] Gearing for a Strong Uptrend , XRP Denies Manipulation Claims

by

Ethereum posted strong gains this week above the $135 resistance against the United States Dollar. On the other hand, both Ripple and Bitcoin began an upward surge in the past few sessions; and rallied beyond the $7,800 and $0.2150 respectively.

Meanwhile, Ethereum remained in positive territory only to gain pace beyond the $138 resistance area. Moreover, the coin saw a successful break above $140 and the 100 hourly simple moving average.

In addition to a 2020 High near the $145 price level. Currently, the price is consolidating gains with initial support around $143 and the 23.6% Fibonacci retracement level of the recent upward correction from $139 low to $145 high.

Ethereum could be preparing an upside break past the $145 resistance. In case the bulls gain momentum above $145 and thereby push the price point towards the next key resistance of $150.

Meanwhile, the next key resistance beyond the major resistance of $150 is near the $158 level. A clear break took shape above the $158 price hurdle and this could set the tone for a higher push towards $167.

Last Week’s Performance

Ethereum’s price surpassed the 50% Fib retracement level of the key decline from the $138 high to $125 low. It opened the doors for more gains above $130 and the 100 simple moving average (4-hours).

More importantly, there was a break above a key declining channel or bullish flag with resistance near $130 on the 4-hours chart of ETH/USD. The pair is now trading nicely above the $132 and $135 resistance levels.

However, there could be a downside correction below the $143 price zone in the short term. In such a case, $142 could provide a sufficient support area for the correction.

Besides, will a major bullish trend form its support around $138 on the hourly ETH/USD trade pair chart, a dip towards the $140 trend line is likely to protect further losses.

Ethereum price is also facing a gradual rise and the recent upward movement seems to be gaining pace past the $145 resistance levels.  The next key bullish targets could be $150 and $157. Which could possibly strike a close below the $138 zone and therefore post substantial price corrections.

Ripple Denies Allegations of  Whale Market Manipulation

Ripple CEO Brad Garlinghouse Denied claims of manipulating XRP prices. During an interview with CNN on the fifth of January, Garlinghouse added new contention to the controversial dumping of XRP; with the executive officer stating their stand and relationship with XRP.

Meanwhile, the third leading coin by market capitalization hit a 10 percent gain within the past 24 hours.

Brad: Ripple Can’t Control the Price of XRP 

Brad Garlinghouse
Brad Garlinghouse

Ripple owns the highest amount of XRP in the community. Garlinghouse further observed his company was the most interested party in the welfare of XRP. He added that:

“Yes, Ripple owns a lot of XRP, was very interested in the success of XRP but the accusations of us dumping, that’s not in our best interests to do that. We would never do that in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”

His comments seemed to reveal the company’s position according to market patterns. Especially regarding the dumping of XRP coins in bulk. Such as last year market dump recording the highest number in the history of Ripple.

Ripple released at least 1 billion XRP coins at the beginning of the year from its escrow. The digital assets are equivalent to approximately $200,000.

Brad Added that:

“Ripple is not in a position to control the price of XRP anymore. Comparing to the ability of the whales to control the price of bitcoin”

XRP [XRP/USD] Price Analysis: Cryptocurrency sees bullish light as price tries to hold steady

by

The cryptocurrency market recently went through a change in sentiment with the bull ensuring that the value of digital assets gets a reprieve. XRP, the 3rd placed cryptocurrency has been trying to get on a price ramp for some time now and the latest pump was just what the doctor ordered. XRP, along with its compatriots blinked green across the charts and holders have kept their fingers crossed for the current phenomenon to continue.

1 hour:

The hourly chart put the hike in perspective as the larger green candles had outperformed any bearish pullback. The immediate support was at $0.196 while the resistance was at $0.22.

XRP Price Analysis
Hourly Chart

The Parabolic SAR was below the price candles, signaling a slight downturn in price. During the price hike, the markers were below the candles with the trend line implying the same message.

The Chaikin Money Flow indicator had dipped below the zero line. This meant that the capital coming into the market was less than the outflow.

The MACD indicator showed a drastic change in characteristics after the arrival of the bear. The MACD line and the signal line had crossed over each other while the histogram pointed to a mixed bull/bear atmosphere.

1 day:

The one day spectrum painted a more sombre picture for Ripple’s native cryptocurrency. The immediate support for XRP on the daily chart was $0.18 after a sustained bearish hold.

XRP price analysis
One day Chart

The Chaikin Money Flow indicator was much above the zero line, indicating a massive capital inflow. This change in investor sentiment is what users are expecting in the short term too.

The Parabolic SAR was below the price candles in the daily chart after the short term gains made its impact felt. The markers are indicative of a bullish atmosphere for XRP upfront.

The MACD indicator was below the histogram with the signal line and the MACD line moving parallel to each other. The histogram was a mix of both bearish and bullish signals.

Conclusion:

The XRP community has been hoping against hope that the cryptocurrency’s price goes back to its glory days. The above-mentioned indicators painted a picture of an industry struggling to get out the bear rut created in 2019. This might be a case of ‘slow and steady wins the race’ and XRP’s use cases are doing everything they can to nudge the price in the right direction.

 

 

XRP [XRP/USD] Price Analysis: Cryptocurrency Price Sees Reprieve in Short Term as it Struggles to Break $0.2

by

XRP, Ripple’s native cryptocurrency has taken multiple steps over the past year to solidify its position as the de-facto digital asset for cross border transactions.

The multiple partnerships created by its parent company has however not resulted in significant increases in its price. The XRP ‘Army’ has taken the reduced price performance in stride and despite the bearish market, even claimed that third-largest cryptocurrency would moon to record highs soon.

1 hour:

XRP [XRP/USD] Price Analysis: Cryptocurrency Price Sees Reprieve in Short Term as it Struggles to Break $0.2
One Hour Chart
 

On the hourly spectrum, XRP was trading for $0.192 after climbing substantially on January 3. The immediate support was at $0.183 while the immediate resistance was holding at $0.1985.

The Bollinger bands had diverged from one another indicating an imminent price breakout. In this case, the bullish breakout had caused the candles to fall back into the Bollinger cloud prompting many in the space to speculate a bull overturn.

The Relative Strength Index spiked near the overbought zone after trudging below the oversold zone for sustained periods of time. The hold near the upper zone signified that the buying pressure was much more than the selling pressure.

The MACD indicator also showed bullish signals in the short term. The MACD line had crossed over with the signal line while the MACD histogram flashed green.

1 day:

XRP [XRP/USD] Price Analysis: Cryptocurrency Price Sees Reprieve in Short Term as it Struggles to Break $0.2
One Day Chart
 

In the long term sequence, XRP was still far away from its earlier highs above the $1 mark. The immediate support on the daily chart was clocked at $0.1777 after a drastic fall in prices towards the end of 2019.

The Relative Strength Index in the long term was bearish as the graph was near the oversold zone. The increase in selling pressure was due to the lack of interest from institutional investors as well as a very low price hold.

The Bollinger bands had converged towards each other, pointing to the close of a price trend. The last Bollinger cloud was bearish and had contributed to a lower price point.

The MACD indicator on the daily chart was flatter than its hourly counterpart. The histogram was a mix of bearish and bullish signals while the signal line and the MACD line ran in parallel with each other.

Conclusion:

The above-mentioned indicators pointed to minuscule increases in XRP’s price over the short term while the picture was still bearish in the long run.

Many investors and proponents of the cryptocurrency believe that an increased influx of institutional investors was the key to take XRP to the next level.