XRP Struggles at $2.10 Support: What’s Next for Investors?
XRP’s price has dropped from a recent peak of $2.80 to its current level of $2.20. This movement marks a correction phase that mirrors broader market trends. A bearish channel is now forming on XRP’s price chart. While this might appear negative, it could also be seen as a healthy cooling-off period following an extended rally. Shifting Market Momentum Initially, strong buying interest drove XRP’s price higher, as shown by the significant spike in trading volume. However, momentum has since faded, with volumes noticeably lower during the pullback. Currently, XRP is testing a critical support level at $2.10. If this level fails, the next support zones to watch are $1.84 and $1.62. Source: CoinMarketCap The market’s response at these levels will determine whether XRP stabilizes or faces additional selling pressure. The recent sell-off has triggered over $1 billion in liquidations, forcing many over-leveraged positions to close. Related article: XRP Loses Position as Third-Largest Crypto Amid Stablecoin Delay This cascade effect intensified XRP’s downward movement. On the positive side, this liquidation process clears speculative excess from the market, which often supports healthier price action in the long term. Short-Term Pain, Long-Term Potential Although the correction may feel painful for short-term traders, it could offer long-term benefits. Historically, similar market events have paved the way for stronger price action later. If XRP maintains support at $2.10, buyers may regain control, leading to a potential reversal. Bulls will look to reclaim the $2.50 resistance level as a sign of recovery. Breaking out of the descending channel would be the first sign of a bullish resurgence. Related article: XRP Whale Moves 22 Million Tokens, Signaling Bullish Confidence Investors should stay cautious as XRP navigates its current correction. Monitoring XRP’s price action near key support levels and observing broader market sentiment will be essential. For long-term holders, deeper corrections could provide attractive entry points. The next few days will be crucial in determining XRP’s trajectory. If critical supports fail, a steeper decline may follow. However, a successful defense of these levels could restore bullish momentum, offering a potential pathway to recovery.
XRP Whale Moves 22 Million Tokens, Signaling Bullish Confidence
Despite XRP facing market volatility, optimism around the asset remains high. Whale Alert, a crypto tracking service on X, revealed a substantial on-chain transaction involving 22,018,660 XRP. The transfer, worth approximately $50,355,056, originated from Binance, the world’s largest cryptocurrency exchange, and moved to a private wallet. This action suggests that the whale may intend to secure XRP for long-term storage. Such a move demonstrates confidence in XRP’s future value. Transfers to private wallets generally indicate a bullish sentiment, as these tokens are unlikely to re-enter the market for immediate selling. Ripple Effect on Market Dynamics Large-scale acquisitions by XRP whales can positively influence market dynamics. These purchases tend to reduce selling pressure, which often encourages other investors to buy more. Consequently, this could lead to a price increase. Market trends show that reduced selling activity coupled with heightened demand often boosts an asset’s value. Related article: XRP Loses Position as Third-Largest Crypto Amid Stablecoin Delay Earlier reports highlighted a surge in interest after XRP surpassed the $2 mark. Institutional interest further amplified this sentiment. Notably, Nasdaq-listed Worksport expressed plans to gain crypto exposure through XRP and Bitcoin. Steven Rossi, CEO of Worksport, described XRP as an increasingly reliable store of value. Such institutional endorsements strengthen confidence in the token and its market potential. XRP Struggles to Maintain Key Levels At the time of writing, XRP trades at $2.26, reflecting a 5.32% drop over the past 24 hours. The token briefly dipped to $2.23 before recovering, showcasing its struggle to stay above the $2 threshold. Related article: XRP Trading Surges as Ripple CEO Sparks Discussions Among XRP Army Earlier this week, market speculation hinted at XRP potentially surpassing the $3 mark. However, it faces resistance between $2.85 and $2.90, making this milestone challenging to achieve. Amid ongoing hype around an XRP ETF and favorable U.S. regulatory moves, XRP has a strong foundation for future growth. While the path remains uncertain, these developments signal a promising outlook for the token’s value.
XRP Trading Surges as Ripple CEO Sparks Discussions Among XRP Army
Ripple CEO Brad Garlinghouse has acknowledged a surge in XRP trading activity, recently retweeting a bullish statement on the matter. The retweet came from Austin Reid, the global head of revenue and business at crypto brokerage firm FalconX. Reid revealed that FalconX’s XRP trading volume experienced a “10x growth” between the first and second halves of Q4. He attributed this growth primarily to institutional participation rather than retail trading. Over the past week, XRP achieved a remarkable 117% increase in market value. The token climbed from $1.30 to a peak of $2.80. After a 24% drop on Tuesday, XRP rebounded slightly but has since declined by 9% in the last 24 hours, currently trading at $2.30. Ripple Addresses Banking Challenges with Cross-Border Payments Ripple has outlined critical challenges faced by banks in cross-border payment operations. These include high costs, hidden fees, slow settlements, limited network access, compliance complexities, reliability concerns, and liquidity shortages. Ripple’s payment solutions aim to address these issues. The platform offers low-cost transaction services to reduce fees, including a payment tracker for faster settlements, even during non-business hours. Ripple Payments provides access to a global network, enabling efficient transfers with advanced tools. Strict adherence to regulatory standards minimizes compliance risks, ensuring secure operations. Liquidity constraints and unreliable services, often damaging to banks’ reputations, are mitigated with Ripple’s innovative solutions. The platform positions itself as a comprehensive tool for modernizing financial operations. Read Also: Shiba Inu Lead Clarifies Role in Hawk Tuah Airdrop Controversy Institutional Interest Drives XRP Growth Market analysts suggest that XRP’s recent performance reflects growing institutional interest. This interest aligns with Ripple’s mission to tackle inefficiencies in global financial systems. XRP’s market capitalization has increased significantly, adding $100 billion in value. The token has reclaimed its position as the third-largest cryptocurrency by market value. As XRP consolidates above $2, its appeal to institutional investors continues to grow. Ripple CEO Garlinghouse’s focus on these developments highlights XRP’s evolving role in the financial sector. XRP Gains Momentum Amid Bullish Developments The rapid growth in XRP trading activity and institutional adoption underscores the token’s rising importance. Ripple’s efforts to address banking challenges further enhance XRP’s credibility and utility. With increased market momentum and innovation, XRP remains a key player in the cryptocurrency space. Its evolution signals a transformative phase for the financial sector and digital assets.
XRP Loses Position as Third-Largest Crypto Amid Stablecoin Delay
Ripple officially announced the delay of its stablecoin, $RLUSD, on December 5. The company revealed the postponement via its social media platform, X, stating, “$RLUSD isn’t launching today.” The launch now awaits approval from the New York Department of Financial Services (NYDFS). XRP Price Drop and Market Impact Following the announcement, XRP’s price fell sharply. It dropped from $2.59 to $2.31 within 24 hours, according to CoinMarketCap. This decline resulted in XRP losing its spot as the third-largest cryptocurrency, falling behind Tether (USDT), which holds a market cap of $135.8 billion. Source: CoinMarketCap As of now, XRP’s market cap stands at $139.24 billion, reflecting a 8.30% decrease in the past day. XRP’s 24-hour trading volume also saw a significant drop. Related article: Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024 It fell to $27.55 billion, marking a 30% decrease compared to the previous day. Despite this setback, XRP still holds its position ahead of Solana (SOL) and Binance Coin (BNB), even as BNB reached an all-time high on December 4. Market Sentiment and Speculation Analysts point to panic selling as a possible reason for XRP’s decline. Glassnode data highlights increased selling pressure, with trading volumes falling from $32 billion to $16 billion on December 4. This cooling-off period may have contributed to XRP’s market cap drop and loss of ranking. Related article: XRP Transfers Spike: Whale Moves $156 Million in 8 Hours Stablecoins are seeing a surge, with a 24-hour trading volume of $317.13 billion. Ripple’s success with $RLUSD is crucial for enhancing its On-Demand Liquidity platform, which facilitates fast cross-border payments. A successful launch could potentially boost XRP prices. Bollinger Bands indicate reduced volatility, as the bands have narrowed. XRP recently tested resistance at $2.74, with support holding around $2.21. Traders now await a breakout or breakdown to signal XRP’s next major price move.
XRP Transfers Spike: Whale Moves $156 Million in 8 Hours
Prominent blockchain tracker Whale Alert identified two significant XRP transactions. One of these, involving 39,999,989 XRP valued at $103.18 million, went directly to Coinbase, the largest U.S. cryptocurrency exchange. The second transfer, totaling 19,999,989 XRP worth $52.97 million, moved between anonymous wallets. In total, these two transactions accounted for roughly 60 million XRP, equivalent to $156 million. XRP Price Rebounds After Sudden Drop XRP’s price recently experienced a volatile shift. Following a sharp 16% drop from $2.86 to $2.41, the coin rebounded by 10%, trading at $2.56. This recovery comes as XRP solidifies its position as the third-largest cryptocurrency on CoinMarketCap. Increased whale activity appears to be fueling this momentum. Related article: XRP Predicted to Double Its All-Time High Price Santiment data confirmed heightened whale activity earlier this week. Over the weekend, large investors amassed 160 million XRP, spending around $380 million. On Dec. 3, Whale Alert tracked six notable transactions totaling 273.4 million XRP. Among them were transfers of 100 million and 60 million XRP. These movements involved South Korean exchanges Bithumb and Upbit. Source: CoinMarketCap As XRP soared to $2.49, its highest level since January 2018, whales holding between 1 million and 10 million XRP accumulated 679.1 million coins, valued at $1.66 billion. Smaller investors also joined in, acquiring an additional 5.5 million XRP. Ripple Issues Scam Warning Amid Rising Market In light of XRP’s recent surge, Ripple issued a scam alert on Dec. 2. CEO Brad Garlinghouse released a video warning the community about fraudulent schemes. Scammers often promise double returns in exchange for XRP. Related article: XRP Sees Massive Growth After Forbes Criticized It as “Zombie” Token Garlinghouse emphasized that neither Ripple nor its executives, including CTO David Schwartz and President Monica Long, would ask for XRP in such a manner. Ripple’s message urged users to “stay aware and stay safe.” This proactive approach highlights the risks accompanying rapid market gains and encourages vigilance among investors.
Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024
Ripple is set to execute what could be its final XRP sale of the year, following a significant token unlock in December. On Sunday, the company allocated 200 million XRP from the 1 billion tokens unlocked this month, signaling readiness for a substantial sell-off. Ripple’s December Allocation Explained The 1 billion XRP unlocked this month was divided among three escrows from two Ripple-controlled accounts. Ripple (24) released 200 million and 300 million XRP, moving the smaller portion to Ripple (1), its treasury account. The 300 million tokens were locked back into an escrow set to mature in 2028. Separately, Ripple (25) unlocked 500 million XRP and relocked the entire amount under another escrow, Ripple (13). These activities continue Ripple’s practice of managing token circulation through controlled releases. How Much XRP Will Ripple Sell in December 2024? The 200 million XRP reserved in Ripple (1), valued at $528 million, has been identified for potential sale. While the token count is not Ripple’s largest, this sale would represent its highest USD value to date. Read Also: SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community In comparison, November’s XRP sell-off involved 470 million tokens, averaging $0.55 each and totaling $258 million. Ripple’s year-to-date token sales exceed 3 billion XRP, yielding significant profits in 2024. Notably, only four months this year saw sales of 200 million XRP, with additional tokens sold in other months. Ripple’s sales are typically executed through its On-Demand Liquidity (ODL) model, which involves selling tokens at market price to willing customers. While the model supports demand-driven transactions, it also impacts market liquidity by absorbing much of the buying pressure on exchanges. Impact on XRP Investors and Circulating Supply XRP holders are advised to monitor Ripple’s accounts for signs of token unlocks and sales. Each unlock increases XRP’s circulating supply, creating potential dilution unless matched by proportional market demand. As Ripple concludes 2024, the company’s sales strategy and its implications for XRP’s market dynamics will continue to draw attention from the crypto community.
Ripple’s Top Lawyer Criticizes SEC for Cryptocurrency Market Suppression
The U.S. Securities and Exchange Commission (SEC) has been accused of artificially suppressing the cryptocurrency market. Ripple’s Chief Legal Officer, Stuart Alderoty, strongly criticised the regulatory body’s actions. Read Also: 24-hour Price Analysis: Terra Classic (LUNC) Holds Ground Above $0.000127 as Buyers Regain Control. Ripple’s Legal Chief Blames SEC for Market Manipulation In a tweet, Alderoty claimed that the SEC has caused significant disruptions to the crypto market. He stated, “The only ‘efforts of others’ that truly moved crypto markets by causing massive and prolonged artificial suppression were those of the SEC.” The SEC’s lawsuit against Ripple, filed in December 2020, was cited as a prime example. The regulatory body accused Ripple of selling XRP without registering it as a security. Ripple Lawsuit and Broader SEC Actions The SEC, under Chair Gary Gensler, has targeted several crypto firms, including Coinbase and Binance. While Bitcoin is classified as a commodity, the SEC argues that most other tokens are unregistered securities. Gensler’s plan to step down in January has contributed to recent optimism in the cryptocurrency market. Tokens previously labelled unregistered securities, such as ADA and SOL, have also increased prices. XRP Sees Record-Breaking Inflows The XRP token has experienced significant growth alongside Alderoty’s remarks. A $100 billion rally propelled XRP to reclaim its spot as the third-largest cryptocurrency briefly. On Monday, XRP surged by 20%, reaching $2.50, a level not seen since January 2018. During this rally, XRP’s market value rose from under $30 billion on November 5 to $139 billion. As of now, XRP is the fourth-largest cryptocurrency, valued at $130.29 billion. Record Inflows and ETF Speculation Boost XRP According to a CoinShares report, recent inflows into XRP totalled $95 million, the highest recorded inflow for the token. Much of this excitement has been fueled by speculation about a potential U.S.-based XRP ETF. WisdomTree recently filed an S-1 with the SEC for an XRP spot ETF. Bitwise, 21Shares, and Canary submitted similar applications. These developments have contributed to the growing buzz around XRP. Ripple’s Stand Against SEC Sparks Optimism Ripple’s ongoing battle with the SEC has brought attention to regulatory challenges in the crypto space. Despite these obstacles, XRP has continued gaining momentum, which is supported by positive sentiment and growing institutional interest.
XRP Targets $2: Bullish Momentum Builds Amid Market Shift
XRP is steadily climbing toward the $2 mark, signaling strong intent to reach its long-awaited target. Despite a generally neutral crypto market, the token has broken out from its bearish flag pattern, igniting fresh bullish momentum. With Bitcoin’s dominance gradually declining, altcoins like XRP now have an opportunity to capitalize on this shift. Currently, XRP trades at $1.45, supported by rising investor confidence and increased trading activity. The recent breakout reflects changing market sentiment, drawing interest from traders anticipating further gains. However, trading volume remains somewhat muted, which could temper the pace of XRP’s rally. Related article: XRP Breakout Looms: Can It Sustain Momentum Above $1.50? Key Technical Levels Support Continued Gains From a technical perspective, XRP has reclaimed support above $1.40, establishing a strong base for its next upward move. Previously, the token encountered resistance at $1.70, which now stands as the next critical level to overcome. Source: CoinMarketCap A successful break above this level, especially with significant volume, could propel XRP toward the psychological $2 barrier. On the downside, the $1.20 support zone remains crucial. If bullish momentum falters, this level may face retests. Despite this, XRP’s outlook remains promising due to the rising popularity of altcoins amid Bitcoin’s waning influence. Cautious Optimism as Volume Holds the Key While market sentiment around XRP is improving, caution is still warranted. The token’s upward movement heavily depends on sustained trading volume and broader market dynamics. Related article: XRP Rebounds Strong: Will It Hit $1.50 Next? External factors could still influence price action, making it essential for investors to remain vigilant. A gradual climb toward $2 appears likely, though a sharp surge will require stronger trading activity to support the move. For now, XRP’s path remains upward, bolstered by a favorable environment for altcoins and growing market interest.
XRP Breakout Looms: Can It Sustain Momentum Above $1.50?
XRP has surged significantly in the ongoing cryptocurrency market rally. The token has already broken through key resistance levels of $1.20, $1.30, and $1.40. Now, it stands on the verge of surpassing a critical milestone at $1.50. Investor optimism and positive sentiment continue driving XRP’s price upward, despite lingering regulatory hurdles. Price Fluctuations Reflect Market Volatility Earlier this week, XRP briefly touched $1.62 before retreating due to market volatility. This correction brought the price down to $1.29, where it struggled to stay above the crucial $1.20 support level. Source: CoinMarketCap The volatility coincided with reports of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s possible resignation, which briefly boosted XRP’s price. XRP’s rebound followed news of a strategic partnership between Ripple Labs and Archax. Related article: XRP Rebounds Strong: Will It Hit $1.50 Next? The collaboration aims to launch a tokenized money market fund, giving investors access to abrdn products through the XRP Ledger. This development reignited bullish momentum, with expectations that XRP could breach $1.50 and potentially test the $2 level if it holds steady. Growing Interest in XRP ETF Fuels Optimism Market sentiment around XRP remains positive. Open interest in XRP futures recently hit $2.6 billion, signaling growing investor enthusiasm. Speculation around a potential XRP exchange-traded fund (ETF) has further fueled optimism. WisdomTree became the latest asset manager to join the race for an XRP ETF, filing its application on November 25. Related article: XRP Price Hits $1.26 Amid Legal Uncertainty and Trump Presidency Hopes Other firms, including 21Shares, Canary Capital, and Bitwise, have also filed for similar products. Many investors expect a regulatory shift that could benefit Ripple Labs after January 20. Anticipation of reduced legal pressure has strengthened support for XRP, with many betting on sustained price gains. If XRP manages to hold above $1.50, it could pave the way for further upward movement, potentially testing new highs in the near future.
Ripple XRP: Bri Teresi Joins Calls for Transparency in SEC Case
The ripple XRP community has been supported by model and influencer Bri Teresi. As an XRP holder, Teresi has voiced concerns about the SEC’s handling of Ripple’s legal battle. She urged for accountability and transparency, stating: “With the SEC’s suppression of XRP becoming evident, transparency is overdue. The truth must come to light.” Ripple-SEC Lawsuit Faces Key Developments The ongoing lawsuit has been labelled as a major barrier for XRP. Recent reports of SEC Chairman Gary Gensler’s planned resignation have sparked optimism for a crypto-friendly successor. Read Also: Charles Hoskinson Discusses Cardano and Bitcoin Integration for DeFi Celebrities and Ripple’s XRP Support Teresi joins other famous XRP supporters. In 2018, Ashton Kutcher donated $4 million in XRP to charity, Madonna partnered with Ripple for fundraising, and Snoop Dogg performed at a Ripple event. Advocating for Change Teresi highlighted the importance of exposing corruption: “XRP is not a scam coin. Transparency and accountability define the new era.” Ripple’s community continues to call for clarity amid legal challenges.
