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The price of Ripple’s native asset, XRP, has been performing well for the last 7 days. The positive momentum in the market presently has resulted in XRP breaching the critical $0.65 resistance.
Interestingly, the coin is edging closer to the $0.7 pivotal level. The current bullish sentiment within the market is likely pushing the massive accumulation of XRP tokens.
Technical analysis indicators suggest that the bullish sentiment will continue, potentially propelling the XRP price to a high of $0.8. But remember, the crypto market is highly volatile, and an asset’s value can drop significantly.
Recent XRP’s Price Action
Since last October, when the accumulation started, the price of XRP has been growing steadily, forming higher highs and lows. This is evident in the bullish trend on the daily chart provided by TradingView.
Despite the bear’s attempt to send the coin down, the bulls still held their positions, which resulted in a slight consolidation phase from October 25 to 27.
However, as more buyers enter the market, the price surged significantly, breaching the critical $0.65 level. According to CoinGecko, the coin is gaining today, November 6, by over 11%. Also, in the last 7 and 14 days, XRP has been on a good ride.
It has gained over 24.9% and 32.7% in these respective trading periods. This shows that the buying pressure outweighs that of the seller. Also, it implies that many are buying the coin, hoping that whale accumulations will push the price up.
XRP Price Analysis: Will it Reach $0.8 or Reverse to $0.6?
Looking at the daily chart, XRP/USDT is exhibiting promising signs in its price action. The asset is trading above the Simple Moving Average (SMA) line, which indicates a bullish trend.
Also, the coin heading towards a resistance level of $0.8 supports the bullish sentiment present.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a favorable situation. Currently, the MACD line is above the signal line with robust green histogram bars signifying strong upward momentum.
Given these indicators, there are two possible scenarios to consider. One possibility is that the coin may briefly retrace to test the SMA line before potentially resuming its upward trajectory.
This retracement serves as a natural way for the market to confirm and build support at current levels.
On the other hand, given the bullish momentum in the market, there’s a likelihood that this upward movement will continue. Ultimately, the coin might continue the bullish movement if the current buying pressure is sustained.
However, it’s important to approach such situations with caution and consider multiple factors before making any investment decisions.
Whales Purchased $850M Worth of XRP Tokens in the Past Two Weeks. Is there Hope for Further Gains?
In the past two weeks, there have been aggressive buying of XRP token, driving the price up today. According to Santiment data, wallets holding 100k – 1 billion tokens have purchased about 1.26 billion between October 24 and November 6, 2023.
Using its price mark of $0.68, these newly purchased 1.26 XRP tokens are worth approximately $850 million.
This large purchase of XRP within just two weeks has propelled its price to breach the $0.65 level. This whale’s purchase shows that their confidence in the coin is back. This could attract more retail investors to make significant investments in the days ahead.
The massive investment could potentially influence the price of XRP significantly, pushing it to the $0.8 critical region. Meanwhile, a prominent crypto tracker, Whale Alert, has revealed a large amount of XRP going to the Bitstamp exchange.
According to the platform, about 23.8 million XRP tokens worth over $15.9 million have been transferred to the exchange. Fortunately, this didn’t affect XRP’s price; rather, it’s gaining today. This shows that the bullish sentiment in the market is strong enough to stand against any FUD.
However, this is not the first time such a transaction occurred. Back on August 24, Whale Alert reported that a large XRP holder moved 29.3 million tokens to the Bitstamp exchange.
🚨 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Notably, the price of XRP was not affected then either but was maintained above the $0.50 zoon.
In all, XRP is gradually gaining ground in the cryptocurrency market, and if it continues this way, it might touch $1 faster. While XRP charts its course gradually, investors looking for low-cap projects should diversify their investment to Bitcoin Minetrix.
XRP Alternative: Bitcoin Minetrix
>>>Visit Bitcoin Minetrix Presale
While the broader crypto market is faced with volatility, altcoins like Bitcoin Minetrix are growing. Bitcoin MInetrix is a novel crypto project that gives investors the opportunity to mine BTC without the need for expensive computers.
According to the site, the total supply of Bitcoin Minetrix is 4 billion tokens. The project is built under the Ethereum blockchain, making it more secure. 42.5% of the total supply is allocated to the presale.
35% is to marketing, 12.5% is to staking, and 10% is to the community for rewards and events.
Bitcoin Minetrix Presale Hits $3 Million
The presale of its native token started a few weeks ago and has raised more than $3 million. This achievement shows that investors are interested in the project and are willing to buy the coin at the current rate.
The token is selling at a discounted rate of $0.0114 for each one. Previously, the token was sold at $0.0113, giving investors 10% already. As such, several renowned crypto analysts are confident in the potential of Bitcoin Minetrix.
YouTube analyst Jacob Bury asserted that the coin could potentially turn investors’ money by 10x. According to him, this is because the project is solving a real problem like other meme coins.
Further, prominent YouTube expert Joe Pary Crypto is more optimistic about the project.
He projected the coin to increase in price by a massive 100x following its exchange listing. This positive outlook from prominent crypto analysts is because Bitcoin Minetrix is solving the Bitcoin mining issue.
This could attract more investors, potentially increasing its popularity in the crypto market.
Remember that limited stages are left for the presale; interested prospects should act fast by buying the tokens using either ETH, USDT, or a card.