As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market swings and price movements. The recent news about XRP‘s price surge and Bitcoin’s whale activity has piqued my interest once again.
XRP price increased by 1.7% in the last 24 hours to trade at $0.5311 during European business hours on Monday. The increase follows news of the CME Group launching new daily price reference rates, Judge Analisa Torres ruling on the SEC vs. Ripple case, and real-time indices for XRP and ICP. Meanwhile, Germany finished dumping their Bitcoin stack on the open market, and almost immediately, whales came and bought up 47,000 BTC. The price of Bitcoin increased 2.94% over the last 24 hours to trade around $62,580.
XRP Price Eyes $0.60 After Breaking Back into Range
Recently, the cost of XRP plummeted below its holding pattern and touched a low at $0.382. Based on technical evaluation, market conditions appeared grim, with indications pointing towards additional declines. However, on July 12, reports about the CME’s real-time indices for XRP made headlines in mainstream crypto news outlets. The very next day, Judge Torres handed down a decision that XRP is not classified as a security, which in turn propelled its price back into its earlier trading range.
XRP’s price behavior is currently climbing above its short-term averages, specifically the 21-day and 50-day moving averages. However, it remains below the long-term average, which is the 200-day moving average. Over the weekend, there was a significant surge of 27%, pushing the asset to touch the peak of its price range at around $0.57 – a level not seen since early May.
After Bitcoin’s price surge recently, the rate of increase for XRP has decelerated as investors have chosen to put their gains back into Bitcoin instead.
The XRP price projection indicates that the asset could stay below the 200-day Simple Moving Average (SMA) barrier before surging past its current range. Notable resistance points to keep an eye on are situated at $0.57, $0.6, and $0.66. On the flip side, if market trends turn unfavorable, XRP’s price could find solace around $0.47, $0.44, and $0.35.
The price of Bitcoin is presently climbing higher than its 21-day, 50-day, and 200-day moving averages. Furthermore, the cryptocurrency has advanced into the $60,000 to $70,000 zone, signaling a positive trend in its value.
As a crypto investor, I’ve been keeping a close eye on Bitcoin’s price action lately. The recent volatility has caused the double-top formation that previously indicated bearish signs to be invalidated, leaving some uncertainty about whether we’ve seen the last of the downtrend. Looking at the technical analysis, Bitcoin is predicted to rally around 16% from its current price, which could potentially bring us back to its previous all-time high of $73,086. It’s important for me as an investor to monitor key resistance levels along the way, with $70,200 being a significant one.
Bitcoin Whales Entice Traders Back In
Following Germany’s disposal of approximately $2.9 billion worth of Bitcoins from its reserves, large investors, known as “whales,” have been actively purchasing Bitcoin once again.
Since the beginning of July, as indicated by CryptoQuant’s Bitcoin Exchange Outflow data, whales have amassed approximately 47,000 BTC, equivalent to around $4.3 billion. This significant accumulation could be a sign that the price of Bitcoin is approaching its bottom.
Bottom Line
The price surge of XRP was halted as large-scale Bitcoin investors injected a massive $4.3 billion back into the Bitcoin market. This sudden influx could influence XRP’s value in relation to Bitcoin in the near future. Nonetheless, following this market adjustment, it is anticipated that XRP will surpass the $0.55 threshold and approach its target price of $0.65.
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2024-07-15 09:20