XRP price has signaled midterm strength as Bitcoin (BTC) rebounded above $110k on Monday. The large-cap altcoin, with a fully diluted valuation of $245 billion, gained nearly 3% during the past 24 hours to trade about $2.46 on Monday, October 20, during the mid-North American session.
Following today’s XRP price rebound, the buyers have hope of further upside. In the daily timeframe, the Bollinger Bands have formed a potential ‘W’ pattern as the XRP price hovers around the lower band, signaling oversold.
Notably, XRP’s daily Relative Strength Index (RSI) has formed a rising divergence amid a possible double bottom. A similar bullish narrative was noted by Santiment, whereby both MVRV 30 days and MVRV 365 days are signaling that XRP’s price is currently in a bottom-forming phase.
Source: Santiment
The XRP demand has gradually increased since the official closure of the SEC bs Ripple lawsuit. For instance, market data from CoinShares shows that XRP’s investment products recorded a net weekly cash inflow of $73.8 million, thus hitting a total of $2.45 billion in assets under management.
Earlier Monday, David Schwartz, former CTO at Ripple, announced that he will be a strategic advisor to the newly formed Evernorth. Notably, Evernorth announced plans to go public on Monday via a merger with Armada Acquisition Corp, which plans to raise $1 billion to invest in XRP.
Meanwhile, on-chain data analysis from CryptoQuant revealed that Chris Larsen, co-founder of Ripple Labs, offloaded 50 million XRP valued at about $120 million on Monday.
Ripple Labs has made strategic acquisitions in the past few years to enhance the adoption of XRPL. For instance, Ripple has already acquired Hidden Road to enhance its tokenization bid, and recently GTreasury for $1 billion to enhance its corporate treasury operations.
Yes. Historically, XRP price follows Bitcoin in the macro bull market. With Bitcoin price expected to outperform Gold in the coming months, it is safe to assume that XRP price will follow in tandem fueled by its robust fundamentals.
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