Whales Drive Token To 3-Month High, Market Sentiments Soar

XRP is leading the charge in a weekend rally. XRP has not only maintained its upward trajectory but also claimed the fourth position in terms of market capitalization, displacing Binance Coin (BNB). 

For the first time since late July, XRP reached a three-month high of $0.73, as reported by CoinGecko. Currently, XRP’s value stands at approximately $0.692314, marking a 2.8% increase over the past 24 hours, while its seven-day rally has accumulated gains of 20.9%.

Data analysis suggests that XRP’s recent gains were primarily driven by spot trading activity. Liquidations of XRP-tracked futures contracts surpassed the $4.4 million mark, indicating a notable uptick in trading volume. Such a substantial liquidation amount hints at the possibility of traders employing high leverage to boost the cryptocurrency’s prices.

This year, wallets containing 100k – 1 billion XRP tokens have notably elevated their engagement with the remittance token, as per the findings disclosed by Santiment, the blockchain data analytics platform. This surge has resulted in these wallets currently maintaining their peak levels of XRP holdings.

Meanwhile, technical indicators, such as the Moving Average Convergence Divergence (MACD), suggest that XRP retains the momentum necessary to sustain its upward trend. The MACD indicator reveals that as long as the blue MACD line remains above the red signal line, traders are likely to remain optimistic and continue to ride the uptrend.

Anticipating Further XRP Gains

With XRP’s price currently hovering around $0.692314, traders and enthusiasts are eyeing the next major resistance level, which stands at $0.75. This resistance level corresponds to the 74.3% Fibonacci retracement, a key technical level used by analysts. 

If XRP manages to break above this crucial point, it is expected that a wave of traders will rally behind the cryptocurrency, seeking gains that could potentially push it above the $1 mark. The prevailing sentiment in the market is that as long as the uptrend remains intact, the likelihood of a sudden trend reversal appears minimal.

XRP market cap currently at $36.925 billion on the daily chart: TradingView.com

Ripple’s Regulatory Triumphs

In parallel with XRP’s impressive performance, Ripple, the parent company behind the cryptocurrency, celebrated significant regulatory victories last week. Ripple announced that it had secured essential approvals to operate and offer its services in Georgia and Dubai.

In a notable development, the Dubai Financial Services Authority (DFSA) formally approved XRP under its virtual assets regime. This regulatory endorsement allows licensed firms within the Dubai International Financial Centre, a financial sandbox for innovative financial services, to integrate XRP into their suite of cryptocurrency services.

As a result, clients in the Dubai International Financial Centre will have access to XRP for various financial transactions and investment opportunities.

With strong technical indicators and a supportive trading community, XRP is poised for further gains, provided it can break through the $0.75 resistance level.

Featured image from Pixabay



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