XRP Price Drops to $0.517 Amid Major Whale Accumulation and ETF Approval Predictions
XRP price dips to $0.517 as whales accumulate $52 million worth of coins, sparking bullish market sentiments and ETF approval speculation.
In recent XRP news, Brad Garlinghouse, CEO of Ripple, has forecasted the eventual approval of ETFs for XRP, Solana, and Cardano despite significant regulatory hurdles.
Garlinghouse has been vocal about the need for clearer regulations in the U.S. crypto market, criticizing the SEC’s ambiguous stance on cryptocurrencies.
His prediction, if realized, could lead to substantial inflows into these assets, potentially driving the XRP price higher as institutional investors gain easier access.
Whale Transactions Ignite Bullish Hope
In a notable turn of events, XRP has seen significant accumulation activity. Over the past 24 hours, slightly more than 100 million XRP coins have been accumulated, causing a buzz among market participants.
On-chain data reveals that $52 million worth of XRP was bought by whales from Binance, one of the leading global exchanges. This whale activity has fueled market sentiment, with many speculating about a potential price rally for the Ripple-backed cryptocurrency.
The transactions were significant, with 50.30 million XRP moved to a specific address, followed by an equal amount transferred to another address.
Both wallets were activated on the same day, adding intrigue to these large transactions. The accumulation occurred while XRP traded at $0.51, a level closely watched by traders.
Impact of Regulatory Clarity on XRP
The market’s optimism around XRP isn’t solely based on whale activity. Recent comments from industry leaders and analysts suggest that regulatory clarity could significantly impact the XRP price.
As the SEC continues to grapple with how to regulate cryptocurrencies, any move towards clearer guidelines could reduce legal uncertainties and bolster investor confidence in Ripple and its native token, XRP.
This anticipation is contributing to the current bullish sentiment around XRP price prediction.
Economic Data to Watch
As XRP price navigates these critical levels, traders should closely monitor upcoming economic data releases, which are likely to influence price movements.
Key events include the U.S. Final Manufacturing PMI, ISM Manufacturing PMI, and JOLTS Job Openings data.
Additionally, the ADP Non-Farm Employment Change and ISM Services PMI will be pivotal in assessing the economic landscape and its impact on XRP prices.
XRP Price to Rally?
Currently, XRP/USD is trading at $0.51721, near the pivot point of $0.52872. The immediate resistance levels are $0.52324, $0.53988, and $0.54894.
On the support side, the key levels are $0.51132, $0.50305, and $0.49000. The Relative Strength Index (RSI) stands at 43.90, indicating a neutral market sentiment, neither overbought nor oversold.
The price is slightly below the 50-day Exponential Moving Average (EMA) of $0.52324, suggesting a bearish outlook in the short term.
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