Bitcoin
XRP Price Rally Slows as Bitcoin Whales Make $4.3 Billion Return
The price of XRP has increased by 1.7% over the past 24 hours to trade at $0.5311 during European trading hours on Monday. The increase follows news of 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 its Bitcoin stack on the open market, and almost immediately, whales came in and bought 47,000 BTC. The price of Bitcoin has increased by 2.94% over the past 24 hours to trade around $62,580.
XRP Price Eyes $0.60 After Re-Entering Range
O XRP Price recently broke out of a consolidation zone and hit a low of $0.382. According to technical analysis, the markets were looking gloomy and there was evidence of further decline. On July 12, news about CME’s real-time indices for XRP hit major crypto media outlets. The next day, Judge Torres ruled that XRP is not a security, which propelled the price of XRP back to its previous range.
XRP price action is trending above the 21-day and 50-day simple moving averages (SMA) but below the 200-day SMA. The asset jumped 27% over the weekend to reach the top of the consolidation zone around $0.57, the highest price since early May.
Following the recent surge in Bitcoin price, XRP price rally has slowed down as investors reinvest their profits into the leading cryptocurrency.
XRP price prediction shows that the asset may remain below the 200-day SMA resistance before rising above the range. Key resistance levels to watch include $0.57, $0.6, and $0.66. On the other hand, if market conditions turn bearish, XRP price may find support around $0.47, $0.44, and $0.35.
Bitcoin Price is trending above its 21-day, 50-day, and 200-day simple moving averages (SMA). Furthermore, the asset has climbed into the $60,000 to $70,000 range, a bullish indicator of its price movement.
Is Bitcoin really out of the woods yet? Recent price action has invalidated the previous double top formation in what appears to be a classic false breakout. According to the Bitcoin Price PredictionBTC could rally 16% from this point, potentially reaching its latest all-time high of $73,086. Key resistance levels to monitor on this upward journey include $70,200.
Bitcoin Whales Lure Traders Back
After the German government exhausted its Bitcoin holdings, whales are rushing back. Germany sold a total of $2.9 billion worth of Bitcoin.
However, according to the CryptoQuant Bitcoin Exchange Outflow, whales have accumulated over 47,000 BTC since July 6 — a hefty $4.3 billion. This suggests that Bitcoin may be nearing a bottom.
Conclusion
XRP’s recent price rally has lost steam as Bitcoin whales re-entered the market with a significant inflow of $4.3 billion. This shift in capital flow towards Bitcoin could potentially impact XRP’s performance against BTC in the short term. However, once the smoke clears, XRP price could rise above the $0.55 barrier to reach the $0.65 price target.
Frequently Asked Questions (FAQs)
Bitcoin whales are individuals or entities that hold a significant amount of Bitcoin, typically defined as owning 1,000 or more BTC.
As of today, July 15, 2024, the current price of Bitcoin is approximately $62,833.68, an increase of $4.4%.
XRP is not considered a security so far, according to a recent ruling by the U.S. District Court for the Southern District of New York. Judge Analisa Torres ruled that XRP itself is not a security when sold on exchanges or distributed to the public, but is considered a security when sold directly to institutional investors.
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Evans Karanja is a content writer and scriptwriter focused on crypto, blockchain, and video games. He has worked with several startups in the past, helping them create engaging, high-quality content that captures the essence of their brand. Evans is also an avid cryptocurrency trader and investor and believes that blockchain will revolutionize many industries in the coming years. When he’s not writing, you can find him playing video games or chasing waterfalls.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.