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XRP’s price surged by 10.4% in the past 24 hours, trading at $0.605 during European working hours on Wednesday. This price spike coincided with a mysterious transaction moving 150 million XRP from Ripple to an unidentified wallet.
XRP’s 24-hour trading volume also increased by 40%, indicating heightened investor interest. Meanwhile, Bitcoin’s price reached $65,608, marking a 2.7% rise in the last 24 hours.
XRP price analysis suggests a potential further increase of 20%. Over the past week, XRP has demonstrated impressive strength, climbing over 39% and trending above the 50-day and 200-day simple moving averages (SMA). Initially, XRP broke down from a descending wedge, which turned into a false breakout after whales injected more than $4 billion into the market, triggering a rebound.
Data from Lookonchain indicates that whales are still transferring large amounts of USDT to cryptocurrency exchanges, signaling continued market growth.
7 hours ago, #TetherTreasury minted 1B $USDT on #TronNetwork again after a month.#TetherTreasury has minted a total of 31B $USDT in the past year!https://t.co/2wFo2DEvz3 pic.twitter.com/QP28G3GVqv
— Lookonchain (@lookonchain) July 16, 2024
XRP’s price chart shows overhead resistance around $0.75 (marked in orange), which has persisted for nine months. Overcoming this barrier could lead to a significant victory for XRP’s price, potentially pushing the asset up to $0.94. Conversely, if short sellers gain control, XRP may find support around $0.5, coinciding with the fair value gap (FVG) and a potential bounce-back zone.
The Relative Strength Index (RSI) for XRP has also surged to 76.39, the highest level in the past nine months, indicating a sharp upward momentum. However, the RSI is now in the overbought zone, suggesting that XRP’s price might soon retrace.
Bitcoin’s price outlook remains optimistic, with predictions of an 11% increase to test the $73,000 resistance level. Surpassing this level could push BTC into price discovery mode, positively impacting the entire cryptocurrency market.
Bitcoin’s RSI is at 63.03 and rising, indicating building momentum. There is some resistance around the 60-65 RSI range, but if all factors remain constant, Bitcoin’s price could continue to rise throughout the rest of the week and into the weekend.
Ripple Moves 150 Million XRP: Is a Settlement Imminent?
Ripple’s team has transferred 150 million XRP to an unidentified wallet, sparking speculation that a settlement might be near. These rumors are fueled by the SEC’s recent proposal to reduce Ripple’s penalty from $2 billion to $102 million to settle the lawsuit. Ripple, in turn, considers a $10 million fine to be reasonable.
XRP VS SEC settlement. Keep your eyes on July 18th, 2024. pic.twitter.com/9lwbbj4wMa
— Elon Musk ( Parody ) (@argosaki) July 14, 2024
The amount proposed by the SEC is nearly equivalent to the value of XRP transferred just one day before a private meeting between the parties involved in the lawsuit. The agenda for the meeting includes “settling procedural claims,” which could lead to a settlement decision.
This meeting has sparked ongoing discussions within the cryptocurrency community about the potential surge in XRP’s price if the lawsuit concludes with a settlement tomorrow. Ripple’s sudden transfer of $87.5 million worth of XRP to an unidentified wallet has fueled speculation about a possible legal resolution.
This significant movement of funds could impact XRP’s price relative to Bitcoin, as investors closely monitor any official announcements or other unusual transactions. Meanwhile, XRP’s price has increased by 20%, potentially pushing it above $0.70.
