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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 07, 2024 11:36 UTC
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XRP News Today: 470M XRP Whale Transfer Boosts Market – $0.65 In Sight?
Following Trump's election win, XRP has seen significant price increases and large-scale transactions.
XRP's recent breakout above key moving averages and the strong support at $0.50 suggest further upside potential.
Investors are cautiously optimistic about XRP's future, with a potential target of $0.65 in the coming months.
Trump’s election victory has boosted optimism in the crypto market, putting XRP back on a bullish path. Recent massive on-chain transactions have further fueled excitement. Whale Alert reported two notable XRP transfers: one of 100 million XRP, valued at over $53 million, and another of 470 million XRP, worth roughly $250 million.
The larger transfer, conducted by Ripple itself, caught the attention of crypto watchers as the company often moves these large amounts to fund operations and cover legal expenses related to its ongoing Ripple vs SEC case. While the exact reason for this transfer remains unclear, the impact on XRP’s price has been notable, with the cryptocurrency briefly hitting $0.57825 before experiencing a slight pullback.
While XRP has not crossed its long-due mark of $1, investors are bullish on this year’s election results and the XRP case to close soon. What next for XRP from here? Let’s read on!
XRP Breaks Key Moving Averages: More Growth in Sight?
Recently, XRP climbed above important moving averages—the 50, 100, and 200 EMAs—indicating potential for continued gains. The price has settled around $0.56, but now faces resistance at $0.58 and $0.60. Breaking these levels could push XRP toward $0.65, creating promising growth opportunities.
Key Levels to Watch
The $0.50 level is an important support zone for XRP, providing a strong base for its recovery. Should XRP dip below this level, the 100 EMA around $0.54 could act as a secondary support, offering a buffer before any further declines.
Maintaining bullish momentum will require XRP to break through the $0.58 to $0.60 resistance range. If XRP can surpass these levels, it could open the way toward higher targets like $0.65.
XRP Bull Run to Continue?
XRP’s recent breakout and large whale transactions suggest the potential for more gains ahead. However, critical technical levels—$0.50 for support and $0.60 for resistance—will be essential in guiding its next moves. Investors should keep an eye on these levels, as XRP’s momentum will rely on holding above support and overcoming resistance.
With favorable conditions in the market, how high might XRP go in the coming months? Investors are watching closely.
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