XRP price is likely to rally as investors grow their holdings.
The Ripple CTO responded to the SEC’s statement regarding the erroneous report concerning the approval of the Spot Bitcoin ETF.
Simultaneously, there has been an increase in purchasing interest for the remittance token following a significant movement of 30.8 million XRP tokens by a large holder.
There’s a potential for an upward surge in XRP’s price, attributed to favorable developments involving major XRP holders. In a separate incident, a Ripple executive criticized the US Securities and Exchange Commission (SEC) for dispelling inaccurate reports regarding the approval of a Spot Bitcoin exchange-traded fund.
Speculation is rife within the XRP community as rumors regarding Ripple’s IPO have once again emerged. Simultaneously, a substantial XRP whale transaction aligns with renewed conversations regarding the company’s possible initial public offering (IPO).
Last Tuesday, a significant XRP holder initiated a transfer, moving 409 million XRP tokens to a newly activated wallet with undisclosed ownership. Whale Alert detected this transaction, which took place on October 17, and originated from the Dutch cryptocurrency exchange Bitvavo. Notably, the transfer incurred a transaction fee of 20 XRP, valued at around $9.84 USD.
There’s the potential for XRP’s value to surge soon, driven by the collaboration between two well-known companies working together to promote global adoption, utilizing the remittance token as a catalyst.
RIPPLE TECHNICAL ANALYSIS DAILY CHART:
Technical Overview
Ripple is currently trading within a down channel.
Ripple is positioned below all Moving Averages (SMA).
The Relative Strength Index (RSI) is in the selling zone, while the Stochastic oscillator suggests a negative trend.
Immediate Resistance level: 0.4865
Immediate support level: 0.4682
HOW TO TRADE RIPPLE
Following an upward price movement, Ripple faced resistance and subsequently saw a decline, leading to its price entering a substantial trading range. Presently, it’s trading within a support zone, and a breach of this zone may indicate the potential for a further decrease.
TRADE SUGGESTION- STOP SELL – 0.459, TAKE PROFIT AT- 0.415, SL AT- 0.492.