XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over
20 October 2023 - 10:00PM
NEWSBTC
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. Related Reading: XRP Price
Prediction: Rare Bent Fork Pattern Predicts Explosive 3000% Surge
To $15 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
remains bullish | Source: XRPUSDT on 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. Related Reading: XRP
Price Set For Massive Rally As BlackRock And JPMorgan Make Their
Move 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.
Featured image from Bitcoinist, chart from Tradingview.com
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