The Main Drivers Behind The 23% XRP Price Rally Revealed
06 November 2023 - 7:00PM
NEWSBTC
Recently, the main players responsible for the recent 23% increase
in XRP price were brought to light. The digital asset has
since continued with its firm rally over the last 24 hours,
arriving at almost $0.72. Recent Activities Buttress The Price Of
XRP XRP’s 23% price surge took place in the last day and crypto
enthusiasts and investors’ belief in XRP has been steadily
increasing as whale wallets keep filling up. Related Reading: XRP
Price Surge Imminent? Expert Eyes 1,500% Rally Signal From Past
According to crypto analytics platform Santiment, wallets holding
up to 100,000 to 1 billion XRP have reached their highest point
this year, making about 45.8% of the token total supply. Due to
this XRP price crossed the $0.68 for the first time since August,
indicating an upward trajectory for the crypto asset. The crypto
asset’s potential Exponential Moving Averages (EMAs) and Relative
Strength Index (RSI) have not been left out, as they have both
presented a bullish signal for XRP price. XRP’s price movement has
been above the 50-day and 200-day EMAs, thereby signaling continued
rising momentum. With this technical layout and an RSI that is
safely over the 50 mark, buyers appear to be in control, providing
a tough basis for future price growth. In addition, the digital
asset’s recent adoption and social media dominance also seem to
have contributed to XRP’s price surge lately. This has been the
case following the XRP’s recent regulatory approval under the
digital asset regime of the Dubai independent financial services
regulatory body within the DIFC, the Dubai Financial Services
Authority (DFSA). According to the social dominance metric, the
social media discussions encompassing XRP have increased
impressively over time, marking its highest level since mid-July.
The crypto asset’s increase in popularity and interest among crypto
enthusiasts and investors in the cryptocurrency world is believed
to have impacted the price of XRP. This is because social media
dominance often paves the way for price trajectory. Chart Analyst
Predicts The Crypto Asset to Reached The $1 Mark Chart analyst
EGRAG once predicted in September that XRP will surpass the $0.65
within the following month, which seems to have come to pass.
According to the analyst if XRP crosses $0.65, a path to the $1
mark is wide open. Related Reading: XRP Hits $0.6 In Unstoppable
Surge: How High Can It Go This November? The analyst has recently
shared another prediction on the price of XRP to crossing the $1
mark while comparing the challenges encountered by the asset at its
current resistance point to the “Berlin Wall” of resistance.
According to EGRAG, a successful breakout from its current
resistance level which is the Berlin Wall, would see the crypto
asset approaching the $1.10 to $1.40 price range when this happens.
EGRAG predicts that before XRP breaks above $1, it will retest
between the $0.55 and $0.58 range. However, the price range between
$1.10 and $1.40 would be confirmed by this retest and a rebound.
XRP trading volume surged to $2.55 billion in the last 24 hours, a
noteworthy 169.41% increase from the day before. With XRP’s price
currently stable around $0.68, seasoned market analysts are set to
provide predictions for the cryptocurrency’s future direction.
Featured image from YouTube, chart by Tradingview.com
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