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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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