{"id":559339,"date":"2023-11-06T15:00:59","date_gmt":"2023-11-06T15:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=559339"},"modified":"2024-06-11T14:30:49","modified_gmt":"2024-06-11T14:30:49","slug":"xrp-hits-critical-price-juncture-as-whales-scoop-up-1-26-billion-coins","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-hits-critical-price-juncture-as-whales-scoop-up-1-26-billion-coins\/","title":{"rendered":"XRP Hits Critical Price Juncture As Whales Scoop Up 1.26 Billion Coins"},"content":{"rendered":"

XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. Investors and traders have witnessed remarkable gains, with the hourly chart indicating a bullish trend despite a sharp rise. As the price of XRP hovers around $0.696533, CoinGecko reports an impressive 8.9% increase in the past 24 hours, marking a seven-day rally of 24.4%.<\/span><\/p>\n

Bulls are flexing their muscles on the daily time frame, underlining the cryptocurrency’s resilience and potential for further upward movement<\/a>. An analysis of XRP’s price action reveals several compelling factors that suggest a bright outlook for this digital asset.<\/span><\/p>\n

Related Reading: Chainlink Bullish Run: Is $15 On The Horizon Amidst Strong Recovery?<\/a><\/div>\n

Sustained Momentum Above Key Moving Averages<\/strong><\/h2>\n

XRP’s current price<\/span><\/a> of $0.696533 is not merely a fleeting spike. It is notably trading above the 50-day and 200-day exponential moving averages (EMAs), a strong indicator of bullish sentiment. When a cryptocurrency maintains a position above these key EMAs, it typically signifies a solid foundation for a prolonged uptrend.<\/span><\/p>\n

The potential for a bullish cross between the 50-day and 200-day EMAs adds weight to the argument for sustained growth. This technical configuration implies that XRP may continue to climb, potentially attracting even more investors looking to capitalize on the positive price action.<\/span><\/p>\n

Related Reading: RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance<\/a><\/div>\n
XRP market cap currently at $37.546 billion on the daily chart: TradingView.com<\/a><\/pre>\n
RSI Confirms Strong Buyer Sentiment<\/strong><\/h2>\n
In addition to the moving averages, the Relative Strength Index (RSI) for XRP is comfortably above the 50 mark. The RSI is a momentum oscillator that measures the speed and change of price movements. When it crosses the 50 threshold, it indicates a shift towards bullish sentiment.<\/span><\/p>\n
With the RSI clearly in the bullish territory, it further solidifies the notion that buyers are firmly in control of XRP’s price trajectory.<\/a> This heightened level of buyer confidence is a crucial driver for the cryptocurrency’s ongoing price appreciation.<\/span><\/p>\n
Critical Resistance Point<\/strong><\/h3>\n
While XRP’s recent performance is undeniably impressive, traders and investors should exercise caution and closely monitor the daily bar closure, particularly in relation to the <\/span>resistance level at $0.6541<\/span><\/a>. This price point serves as a critical juncture that could influence the direction of XRP’s price movement.<\/span><\/p>\n
Breaking through this resistance could propel XRP to even greater heights, possibly establishing new support levels at higher values. Conversely, failing to surpass this obstacle may lead to a temporary setback. Therefore, staying vigilant and responsive to the market’s dynamics is paramount for those considering XRP investments.<\/span><\/p>\n
\"\"Source: Santiment<\/a><\/pre>\n
XRP Whale Appetite Increasing<\/strong><\/h3>\n
Meanwhile, there has recently been a notable increase in the acquisition of XRP by prominent cryptocurrency investors, referred to as “crypto whales.”<\/p>\n
This surge in purchasing activity<\/a> has contributed to a highly dynamic commencement of the month of November this year. The XRP price surge has been significantly influenced by bullish trading activity observed within a cohort of strategic crypto whales, as indicated by recent on-chain data.<\/p>\n
Whales, who possess between 100,000 and 1 billion XRP, accumulated an extra 1.26 billion XRP between October 24 and November 6, setting a new record for their total holdings in 2023. The chart above illustrates how the price of XRP began to rise positively around October 24, which is when these wealthy investors started making large purchases of the cryptocurrency.<\/p>\n
At $0.68 per XRP, the 1.26 billion XRP obtained are worth $850 million. XRP price rose over the important resistance zone at $0.65 after this significant investment in two weeks.<\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Shutterstock<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. Investors and traders have witnessed remarkable gains, with the hourly chart indicating a bullish trend despite a sharp rise. As the price of XRP hovers around $0.696533, CoinGecko reports an impressive 8.9% increase in the past 24 hours, marking a seven-day rally of 24.4%. Bulls are flexing their muscles on the daily time frame, underlining the cryptocurrency’s resilience and potential for further upward movement. An analysis of XRP’s price action reveals several compelling factors that suggest a bright outlook for this digital asset. Related Reading: Chainlink Bullish Run: Is $15 On The Horizon Amidst Strong Recovery? Sustained Momentum Above Key Moving Averages XRP’s current price of $0.696533 is not merely a fleeting spike. It is notably trading above the 50-day and 200-day exponential moving averages (EMAs), a strong indicator of bullish sentiment. When a cryptocurrency maintains a position above these key EMAs, it typically signifies a solid foundation for a prolonged uptrend. The potential for a bullish cross between the 50-day and 200-day EMAs adds weight to the argument for sustained growth. This technical configuration implies that XRP may continue to climb, potentially attracting even more investors looking to capitalize on the positive price action. Related Reading: RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance XRP market cap currently at $37.546 billion on the daily chart: TradingView.com RSI Confirms Strong Buyer Sentiment In addition to the moving averages, the Relative Strength Index (RSI) for XRP is comfortably above the 50 mark. The RSI is a momentum oscillator that measures the speed and change of price movements. When it crosses the 50 threshold, it indicates a shift towards bullish sentiment. With the RSI clearly in the bullish territory, it further solidifies the notion that buyers are firmly in control of XRP’s price trajectory. This heightened level of buyer confidence is a crucial driver for the cryptocurrency’s ongoing price appreciation. Critical Resistance Point While XRP’s recent performance is undeniably impressive, traders and investors should exercise caution and closely monitor the daily bar closure, particularly in relation to the resistance level at $0.6541. This price point serves as a critical juncture that could influence the direction of XRP’s price movement. Breaking through this resistance could propel XRP to even greater heights, possibly establishing new support levels at higher values. Conversely, failing to surpass this obstacle may lead to a temporary setback. Therefore, staying vigilant and responsive to the market’s dynamics is paramount for those considering XRP investments. Source: Santiment XRP Whale Appetite Increasing Meanwhile, there has recently been a notable increase in the acquisition of XRP by prominent cryptocurrency investors, referred to as “crypto whales.” This surge in purchasing activity has contributed to a highly dynamic commencement of the month of November this year. The XRP price surge has been significantly influenced by bullish trading activity observed within a cohort of strategic crypto whales, as indicated by recent on-chain data. Whales, who possess between 100,000 and 1 billion XRP, accumulated an extra 1.26 billion XRP between October 24 and November 6, setting a new record for their total holdings in 2023. The chart above illustrates how the price of XRP began to rise positively around October 24, which is when these wealthy investors started making large purchases of the cryptocurrency. At $0.68 per XRP, the 1.26 billion XRP obtained are worth $850 million. XRP price rose over the important resistance zone at $0.65 after this significant investment in two weeks. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock<\/p>\n","protected":false},"author":557,"featured_media":559345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894,89561],"tags":[142,1144,8686,4735,4531],"class_list":["post-559339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","category-xrp-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-xrp"],"acf":[],"yoast_head":"\nXRP Hits Critical Level - Should Traders Brace For Impact?<\/title>\n<meta name=\"description\" content=\"XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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