The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended. Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain. Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data. Featured image from Pixabay and chart from TradingView.com
XRP has been surging on the back of growing optimism that the perennial dispute between Ripple and the SEC will soon reach a positive end.
In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae. The latest dispute is arising from a motion filed […]
As per Friday’s announcement through Bloomberg, Singapore state-owned DBS Bank has expanded its crypto trading service to more its 100,000 investors linked with its DBS Treasures section. The DBS’ clients will trade virtual currencies through its member-only decentralized exchange, DDEx. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), […]
XRP is outperforming Bitcoin (BTC) as the upward trajectory of the sixth-largest crypto asset continues, according to crypto analytics firm Santiment. The analytics firm says that the XRP/BTC pair has hit a price last reached in September of 2021 as crypto sharks and whales accumulate XRP. Santiment says that the surge in the price of […]
Two altcoins are up by at least 40% this week while the two leading cryptos by market cap, Bitcoin (BTC) and Ethereum (ETH), stall. XRP and fan-engagement token Chiliz (CHZ) are up by 14% and 9%, respectively, in the last 24 hours alone. XRP is up by 48% in the last seven days and CHZ is […]
The post Two Crypto Assets Soar 40% or More in Just One Week, Far Outperforming Bitcoin and Ethereum appeared first on The Daily Hodl.
RSR price holds above daily 50 EMA as price eyes $0.01 Price continues to look bullish, holding above key support areas RSR price breaks out of daily asymmetric triangle with high buy orders. Reserve Right (RSR) token price has had a rough time in recent weeks breaking out of its range but could rally to $0.01 as price broke out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown a tremendous amount of strength as the price cracks double-digit gains. (Data from Binance) Related Reading: Ripple Gains While Bitcoin Remains Below $20,000 Reserve Right (RSR) Price Analysis On The Weekly Chart Despite a decline in its price from $0.1 to $0.0037, over 70% decline from its all-time high. The price of RSR showed great strength as the price bounced from its weekly low of $0.003, rallying to a high of $0.008 before facing a rejection to break above that region to higher heights. The price of RSR has continued to move in range as the price cannot break above a weekly resistance of $0.008 for the price of RSR to trend higher to a region of $0.01. RSR price needs to break and close above $0.008 to have a better chance of trading higher. The Fibonacci retracement ratio shows the price of RSR is faced with resistance at 23.6%; flipping this area of resistance into support will signal a more relief bounce for the price of RSR. If the price of RSR fails to break this key region acting as resistance, we could see the price of RSR retesting $0.0055, acting as a support and demand zone for more buy orders. Weekly resistance for the price of RSR – $0.008-$0.01. Weekly support for the price of RSR – $0.0055. Price Analysis Of RSR On The Daily (1D) Chart The daily timeframe for RSR prices continues to look strong as the price broke out of an asymmetric triangle with strong volume. Despite RSR being rejected from a high of $0.01, the price continued in a range forming an asymmetric triangle before breaking out with good buy volume. On the daily timeframe, the price of RSR is currently trading at $0.0074, holding its price above the 50 Exponential Moving Average (EMA), acting as support for RSR price. The price of RSR is trading below 200 EMA as it eyes $0.01, being a major resistance. The price of $ and $0.0063 corresponds to the support at 50 EMA, and $0.01 correspond to the resistance at 200 EMA for the price of RSR. The Relative Strength Index (RSI) for SOL is above 40 on the daily chart, indicating more sell order volume. Daily resistance for the RSR price – $0.01. Daily support for the RSR price – $0.0063. Related Reading: Fall Of Crypto King, A Canadian Driven-Lambo Records $35M Losses Featured Image From zipmex, Charts From Tradingview
The XRP price rally appears to be driven by a “buy-the-rumor” frenzy in a potential lawsuit win for Ripple versus the SEC.
A recent plunge pushed Bitcoin below the $19,000 mark, but it gradually recovered. This action followed its 6% gain as of yesterday. Meanwhile, Ripple Coin (XRP) seems to be among the notable digital tokens in the bullish trend. Investors incurred huge losses due to the ongoing crypto winter. Many believed that the Ethereum Merge would halt the market’s bearish trend. On the contrary, most altcoins, including BTC, depreciate their prices. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 Bitcoin Fails To Jump Above $20,000 Last week, Bitcoin made some promising moves toward the $23K price level. But, unfortunately, that was where its bullish journey ended. From then up to now, the crypto market condition has not been pretty, particularly for investors. Following the introduction of the U.S. CPI numbers, BTC lost a few more thousand, dropping to the $20K price mark. It maintained this position for a couple of weeks until it rose to about $20,500 on Sunday. That looked like a start for a bullish move until Monday when its price dropped massively, hitting the $18,300 price level. The three-month low became its lowest bearish benchmark. As of September 20, BTC gained some push to arrive at $19,500. The 24-hour growth of 1.72% reduced its weekly losses to around 10.90%. While this seems like a good price movement, the token and the crypto market remain in the red zone. Recently BTC fought to regain the $19K price. It made some bullish movements at the time. Unfortunately, BTC has lost about 2% of its value in the last 24 hours. Chances are that it will plunge even further before the close of the market. The token is now down to 39.4% regarding its dominance over other digital tokens. Meanwhile, its market cap has dropped to about $360B. Ripple XRP Growth Amid Bear Market Amid the bleeding market, XRP (Ripple) seems to be in the spotlight among the gainers. Its growth can be traced to the recent event between Ripple Labs and the SEC. Ripple trades at $0.4, a 10% increase in the last 24 hours. Following the Monday red zone parade, several other digital currencies gained some bullish push yesterday. Unfortunately, the green glory didn’t last for many of these digital tokens, according to today’s market watch. Among the digital assets with the highest losses was Ethereum. The Merge, as many believed, was meant to take Ether to some green heights. While that is probable, Ethereum is currently plummeting to an unknown price level. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level A few days back, Ethereum traded at just over the $1,600 mark. Days later, it went down to a little below $1,300. At the time of writing, Ethereum trades at $1,311, around a 1% decrease in the last 24 hours. Featured image from Pixabay, chart from TradingView.com
The fall of Terra was an eye-opener for many. The “algorithmic” generation of crypto assets has been equated to creating money out of magic, and […]
XRP is rallying to the point that it is outperforming the major-league crypto players like Bitcoin and Ethereum. The recent 27.55% rally has led the […]
Crypto analytics firm Santiment says both Bitcoin (BTC) and XRP are flashing bullish signals amid the market downturn. Starting with Bitcoin, Santiment says that the social dominance metric of the flagship crypto asset has gone up. According to Santiment, the social dominance metric, which indicates the percentage of discussions on various platforms focused on one […]
XRP is surging after Brad Garlinghouse, CEO of Ripple Labs, lambasted the SEC in a televised interview today. Ripple is currently embroiled in a lawsuit from the SEC, which claims…
The entire crypto market is going through an upheaval. The positive part of this is that no one can look away from the crypto market, […]
The crypto market has recorded many devastating events in recent times. Since the market crash in May, crypto asset prices have behaved differently every week. Sometimes price outlook is positive, but other times, it is worse. From September 15 to date, the volatility in the market has skyrocketed. Asset prices are more bearish than bullish. The merge brought a series of price fall starting from Bitcoin, which lost $1000 a few minutes after the upgrade. Related Reading: Investors Withdraw ETH Holdings Despite Successful Ethereum Merge Ethereum and other altcoins also lost their price gains and have continued trading in red till September 21. But amid the bloodbath, Ripple has continued adding instead of losing. Ripple’s XRP Price Keeps Appreciating Ripple XRP has continued adding at least 6% every day recently. XRP price history from the time of the market crash to date shows that the coin hasn’t recorded a terrible plunge yet. It has continued trading around a price range of $0.3733 and $0.3421 through the months after the crash. Currently, Ripple XRP price stands at $0.3968, showing a price decrease of 5.20% in the last 24 hours, adding over 17% in the week. Early on September 21, the coin gained above 6% before settling down. This price gain is marking a continuous addition in three consecutive days. On September 20, Ripple XRP gained more than 6.38%, pushing its price to $0.3788. On the same day, its 1-hour gain and 7 days price growth were all green, indicating a positive trend. Following the uptrend, experts predicted that XRP might climb above $0.40, which occurred today. Ripple was also affected on the merge day as it dipped to $0.3256 at the close of the market. But a few days later, on September 20, ripple spiked to $0.38, kicking off a three-day price gain to September 21. It is not surprising that Ripple is adding amid the bloodbath in the crypto market. The major event that could spike such positive sentiment remains the upcoming ruling on its case with the Securities and Exchange Commission. The battle that started in 2020 is seemingly coming to an end. Both Ripple and SEC have called on a Federal Judge for a ruling. The recent event has kicked off a positive market sentiment towards XRP. How is The Rate Hike Expectation Affecting the Market? Today is the long-awaited day for the Feds meeting. The market is anticipating a new interest rate increase after long deliberations. The fear of the outcome has kept many crypto asset prices in the red. For instance, Bitcoin price continues to struggle around the $19k level. Currently, BTC is trading at around $19,263 on the TredingView price chart. The price has continued to fluctuate since the day broke on September 21. Notably, the price started in red but has regained a little pushing its 1 hour and 24 hours gain to the green side. But bitcoin 7 days price is still in red, showing 5.17% losses. Ethereum and other altcoins also started off in the red this morning. But at the time of writing, ETH has added 0.84% and 0.50% to its 1-hour and 24hrs gains, pushing them to the green side. But its 7 days price loss is still red at 15.35%, making it a leader amongst others. Related Reading: Report Shows Ethereum Might Take Another Hit, Is It Possible? After the announcement today, crypto prices might plunge or start a slight recovery. If the Feds continue with the 75 bps, the sentiment might be positive. But a hike to 100 basis points will send the market galloping downhill. Featured image from Pixabay and chart from TradingView.com