Ripple makes comeback to $0.60 after XRP held by retail traders notes a significant increase


  • Ripple price climbed to $0.60 early on Tuesday, for the first time since August 2023. 
  • Demand for XRP tokens is on the rise among market participants according to on-chain tracker Santiment. 
  • XRP price rally is likely to continue after yielding 25% gains to holders in 12 days.

Ripple price (XRP) wiped out its gains after hitting $0.60 on October 31, for the first time since mid August. Crypto traders are awaiting the US Federal Reserve’s interest rate decision for deciding upon the direction of XRP price trend. The XRP/USDT pair on Binance yielded 5.42% gains for holders over the past week.

Developments surrounding US financial regulator, the Securities and Exchange Commission (SEC) Chair Gary Gensler’s comments and Ripple executives’ response, promoted a bullish outlook among XRP holders.

Also read: XRP price gains likely sustainable as Ripple on-chain metrics turn bullish

Daily Digest Market Movers: XRP price hits $0.60 for the first time in three months

  • XRP price declined after hitting the $0.60 level; traders shifted their focus to the upcoming interest rate decision of the US Federal Reserve. 
  • Whales were actively involved in influencing XRP price for the past week; the large wallet investors have passed the baton to retail traders this week.
  • Between October 18 and 26, whale transactions exceeding $1 million in value hit a three-month high. Whale activity was associated with profit taking and resulted in a correction in XRP. The altcoin resumed its uptrend thereafter.
  • The number of wallets holding at least 10,000 XRP tokens, one of the retail trader cohorts, climbed to 277,620 and hit a new all-time high, according to Santiment data.

XRP wallets

XRP wallets holding at least 10,000 tokens hit new all-time high

  • Three segments of retail traders, holding between 100 to 1,000 XRP, 1,000 to 10,000 XRP, and 10,000 to 100,000 XRP climbed 2.29%, 2.65% and 4.27% respectively, between July 26 and November 1, according to data from Santiment.

Retail segments

Retail segments: 100 to 1,000 XRP, 1,000 to 10,000 XRP and 10,000 to 100,000 XRP climbed 

  • According to on-chain tracker, Whale Alert, 30 million XRP tokens, valued at upwards of $17.2 million were transferred out of Bybit. Exchange outflow of an asset is typically considered bullish, as it reduces the selling pressure on the token.

Ripple executives criticize SEC Chair

Ripple’s Chief Legal Officer, Stuart Alderoty, criticized SEC Chair Gary Gensler in his Halloween tweet. The executive pointed out that the Congress argues that the US financial regulator requires agency rules to be reviewed by them, and that the SEC has likely ignored the law. 

The Congressional Watchdog, the US Government Accountability Office, recently tweeted about the applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121 for the US SEC. 

Technical Analysis: XRP price could rally 14% if this occurs

XRP price is $0.5864 on Binance at the time of writing. As seen in the price chart below, there is a Fair Value Gap between $0.6682 and $0.6758. The upper and lower levels are expected to act as a resistance for the altcoin, as the XRP price rally continues. The bullish breakout that drove XRP to $0.60 is a sign of an increase in buying pressure and rising demand from retail traders.

The current pullback offers sidelined buyers an opportunity to accumulate the altcoin, ahead of its retest of the $0.6682 barrier. A successful break past $0.6682 will send XRP to $0.6758. The move from $0.5864 (current price) to $0.6682 (FVG) marks a 14% gain from the current price. 

XRP/USDT one-day price chart

XRP/USDT one-day price chart on Binance

Traders need to note that a drop to support at the 23.6% Fibonacci Retracement level at $0.5457 is likely to push the asset lower to its FVG between $0.5320 and $0.5244. This move could invalidate the bullish thesis for XRP price and mark a 9.2% drop in the asset.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP