XRP (XRP), the cryptocurrency that powers the XRP Ledger launched by US fintech firm Ripple Labs back in 2011, has jumped nearly 8% in the past seven days, with more than 3.5% of these gains coming in the last 24 hours after XRP hit $0.60 for the first time since mid-August on Tuesday.
XRP has been in a strong uptrend since finding support at its 200DMA last week, and after breaking above a $0.46-$0.55ish range that had been in play for around two-months.
The cryptocurrency’s latest gains come amid a Bitcoin (BTC)-led push higher in the broader cryptocurrency market on optimism about institutional adoption with the approval of spot Bitcoin Exchange Traded Funds (ETFs) in the US seemingly nearing.
However, Bitcoin has been consolidating in recent days.
The explanation for XRP’s latest pump could be growing on-chain evidence of increasing whale accumulation of XRP, as seen on the XRP Ledger.
Indeed, according to on-chain tracking website Whale Alert, 30 million XRP tokens were recently taken out of Bybit and transferred to an unknown wallet.
🚨 30,000,000 #XRP (17,200,366 USD) transferred from #Bybit to unknown wallethttps://t.co/07woXF8OI9
— Whale Alert (@whale_alert) October 31, 2023
This comes after 50 million XRP tokens were recently removed from Crypto.com to an unknown wallet, also according to Whale Alert.
🚨 🚨 50,000,000 #XRP (27,602,730 USD) transferred from #CryptoCom to unknown wallethttps://t.co/mgEut2tYeA
— Whale Alert (@whale_alert) October 30, 2023
Crypto investors tend to shift their cryptocurrency out of exchanges when they plan to HODL, and deposit them onto exchanges when they plan to sell.
So the latest activity suggests Whales are HODLing, although 25.3 million XRP tokens was recently deposited to Bitstamp, with rumours going around that this could having something to do with Ripple Labs.
XRP also continues to derive support from ongoing optimism that its issuer Ripple Labs will win its ongoing lawsuit against the SEC, in wake the SEC dropping charges against two key Ripple executives and suffering a partial legal defeat back in July.
Price Prediction – Where Next for XRP?
Now that XRP has edged back to the north of resistance in the $0.5850 area and is well above its prior $0.46-55ish multi-week range, price risks seem strongly tilted to the upside.
The strong rebound from the 200DMA further contributes to bullish price predictions.
If Bitcoin continues rising and Ripple maintains winning momentum in its lawsuit versus the SEC, there is no reason why XRP should start making quick progress back towards its yearly highs in the $0.90s.
A retest of the yearly highs would mark a 60% rally from current levels, meaning many longer-term investors will be looking at XRP as a very strong risk rewards bet at current levels, despite the market’s recent rally.
XRP Alternative to Consider – Bitcoin Minetrix ($BTCMTX)
An exciting new decentralized Bitcoin mining protocol called Bitcoin Minetrix is generating a lot of hype, and has already raised nearly $2.9 million in funds from early investors into its $BTCMTX token presale.
$BTCMTX is the token that powers the protocol – investors who buy $BTCMTX can then stake their tokens to start earning non-transferable Bitcoin Minetrix mining credits.
These credits can then be burnt by their owners, and in exchange, they will get a share in Bitcoin Minetrix’s Bitcoin mining revenues.
$BTCMTX token holders will also earn $BTCMTX rewards, with a portion of the token supply already set aside to reward early stakers.
Bitcoin Minetrix’s protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, which is also where its token is issued.
The protocol thus offers better transparency and security versus other centralized cloud mining services.
Check Out Bitcoin Minetrix Here
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