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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Ripple (XRP) has maintained its upward momentum, trading around $0.5820 after reaching an intra-day high of $0.5985. XRP has been bullish over the past week, gaining significant traction as it climbed from $0.52 to $0.59.
This surge was supported by the overall positive sentiment in the crypto market, along with favourable developments in Ripple’s ongoing SEC case.
Another boost came from the news that Robinhood, a commission-free trading platform, has re-listed XRP.
According to Robinhood’s official website, users can now view XRP’s price chart, although it has not yet been made available for trading.
This news boosted XRP’s market confidence, driving demand and contributing to its ongoing bullish price momentum.
Ripple (XRP) Surge: Robinhood Re-Lists XRP and Grayscale Launches Investment Fund
Ripple (XRP) has recently surged back into the spotlight, breaking through the $0.5900 resistance level and setting its sights on the July 2024 peak of $0.6602. This resurgence is fueled by Robinhood’s decision to re-list XRP on its commission-free trading platform.
Although trading is not yet active, users can now view XRP’s price chart, which is a promising sign for the XRP community. This move hints at expanded market access and potential increased trading activity, sparking excitement among investors and enthusiasts alike.
Grayscale, a leading asset management firm, has just launched a single-asset investment fund centered on XRP. This could be a game-changer, potentially drawing in more institutional investors and giving XRP’s value a significant boost.
Robinhood’s XRP listing is currently only available to customers in the European Union. Despite this limitation, the overall outlook is positive.
With regulatory clarity and Ripple’s legal battles with the SEC coming to an end, it’s likely that more exchanges will soon begin supporting XRP, broadening its appeal and accessibility.
Major XRP Transfer and Ripple’s Legal Victory Boost Market Sentiment
On the other side, a major transfer of 20 million XRP, worth around $11.7 million, was recently moved from South Korea’s Upbit exchange to an unknown wallet. This large transaction, tracked by Whale Alert, has sparked speculation about the whale’s intentions.
Such big transfers from exchanges are often seen as bullish signs, suggesting that the holder might be planning to keep their assets long-term, potentially anticipating a price rise.
By moving XRP to a personal or cold wallet, the whale may be signaling confidence in the coin’s future value and aiming to limit the supply available on exchanges, which could drive up demand and price.
XRP has gained significant attention lately due to recent developments in its legal battle with the SEC. Ripple won a major victory by reducing the SEC’s demands by 94%, settling the case with a $125 million payment.
This outcome has rejuvenated market sentiment around XRP. Meanwhile, XRP continues to be a popular choice in South Korea, reflecting strong trading activity in the region.
Therefore, the transfer of 20 million XRP to an unknown wallet suggests long-term holding and confidence in future price increases. Combined with Ripple’s recent legal victory, this news boosts XRP’s market sentiment and could drive up demand and price.
XRP Pulls Back from Resistance, Eyes Key Support at $0.5734
XRP is currently trading at $0.5820, down 0.38% for the day. After reaching a high of $0.5961, the price is now experiencing a slight pullback, as indicated by the downward trend in the 4-hour chart.
XRP is finding support near the 50-day Exponential Moving Average (EMA) at $0.5621, which could act as a buffer against further losses.
The Relative Strength Index (RSI) has dipped from overbought territory, currently sitting at 60.16, indicating a potential slowdown in bullish momentum.
Immediate support is found at $0.5734, and if XRP breaks below this, it could retest the $0.5621 level.
On the upside, the key resistance zone remains at $0.5961, with the next target at $0.6135 if bullish momentum resumes.
Traders should watch for a break of the $0.5734 support or $0.5961 resistance to determine the next direction of the market.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
