XRP Price Surge and Bitcoin Whales: What’s Driving the Crypto Market?
XRP Price Eyes $0.60 After Breaking Back into Range
XRP price increased by 1.7% in the last 24 hours to trade at $0.5311 during European business hours on Monday. The increase follows news of the CME Group launching new daily price reference rates, Judge Analisa Torres ruling on the SEC vs. Ripple case, and real-time indices for XRP and ICP. Meanwhile, Germany finished dumping their Bitcoin stack on the open market, and almost immediately, whales came and bought up 47,000 BTC. The price of Bitcoin increased 2.94% over the last 24 hours to trade around $62,580.
The XRP price recently broke down from a consolidation zone and hit a low of $0.382. According to the technical analysis, the markets were bleak, and there was evidence of further downside. On July 12, news about the CME real-time indices for XRP reached mainstream crypto media outlets. The following day, Judge Torres ruled that XRP is not a security, which boosted XRP’s price back into its previous range.
The XRP price action is trending above the 21-day and 50-day simple moving averages (SMA) but below the 200-day SMA. Price The asset jumped 27% over the weekend to hit the top of the consolidation zone around $0.57, the highest price since early May.
Following the recent Bitcoin price uptick, the XRP price rally has slowed as investors reinvest their profits in the top cryptocurrency.
XRP price prediction shows the asset may linger below the 200-day SMA resistance before pushing higher above the range. Key resistance levels to look out for include $0.57, $0.6, and $0.66. Conversely, if market conditions turn bearish, XRP price may find support around $0.47, $0.44, and $0.35.
Bitcoin price is trending above its 21-day, 50-day, and 200-day simple moving averages (SMA). Additionally, the asset has surged into the $60,000 to $70,000 range, a bullish indicator of its price movement.
Is Bitcoin truly out of the woods yet? The recent price action invalidated the previous double-top formation in what appears to be a classic fake-out. According to the Bitcoin price prediction, BTC can rally 16% from this point, potentially reaching its last all-time high of $73,086. Key resistance levels to monitor on this upward journey include $70,200.
Bitcoin Whales Entice Traders Back In
After the German government depleted its Bitcoin holdings, whales are rushing back in. Germany sold a total of $2.9 billion worth of Bitcoin.
However, according to the CryptoQuant Bitcoin Exchange Outflow, whales have accumulated over 47,000 BTC since July 6—a hefty $4.3 billion. This suggests that Bitcoin may be near the bottom.
Bottom Line
XRP’s recent price rally lost momentum as Bitcoin whales re-entered the market with a significant $4.3 billion influx. This shift in capital flow towards Bitcoin could potentially impact XRP’s performance against BTC in the short term. However, after the smoke has cleared, the XRP price may rise above the $0.55 barrier to hit the $0.65 price target.
