Ripple (XRP) has maintained its uptrend and is trading at around $0.5820 after hitting a daily high of $0.5985 yesterday. XRP has been bullish over the past week, gaining significantly as it rose from $0.52 to $0.59.
This increase was supported by the overall positive sentiment in the crypto market as well as favorable developments in Ripple’s ongoing SEC proceedings.
A further boost came from the news that Robinhood, a commission-free trading platform, has relisted Ripple.
BREAKING: 🚨 Major Crypto exchange Robinhood just listed $XRP! pic.twitter.com/05nS0m4PJS
— EDO FARINA 🅧 XRP (@edward_farina) September 14, 2024
According to Robinhood’s official website, users can now view the price chart of Ripple, although it has not yet been released for trading.
This news boosted market confidence in Ripple, increased demand, and contributed to its continued upward momentum.
Ripple (XRP) on the rise: Robinhood relists XRP and Grayscale launches investment fund
Ripple (XRP) has recently returned to the spotlight, breaking through the $0.5900 resistance level and targeting the $0.6602 high in July 2024. This resurgence is fueled by Robinhood’s decision to relist XRP on its commission-free trading platform.
Although trading is not yet active, users can now view the Ripple price chart, which is a promising sign for the Ripple community. This move indicates expanded market access and potentially increased trading activity, generating excitement among investors and enthusiasts alike.
BREAKING: 🚨 Major Crypto exchange Robinhood just listed $XRP! pic.twitter.com/05nS0m4PJS
— EDO FARINA 🅧 XRP (@edward_farina) September 14, 2024
Grayscale, a leading asset management firm, has just launched a single-asset mutual fund focused on Ripple. This could be a game changer and potentially attract more institutional investors and significantly increase the value of XRP.
Robinhood’s XRP listing is currently only available to customers in the European Union. Despite this limitation, the overall outlook is positive.
As regulatory clarity and Ripple’s legal battles with the SEC come to an end, it is likely that more exchanges will soon support Ripple, increasing XRP’s appeal and accessibility.
Large XRP transfer and Ripple’s legal victory strengthen market sentiment
On the other hand, a large transfer of 20 million Ripple worth around $11.7 million was recently moved from the South Korean Upbit exchange to an unknown wallet. This large transaction, tracked by Whale Alert, has sparked speculation about the whale’s intentions.
Such large transfers from exchanges are often considered bullish signs, indicating that the holder may plan to hold their assets for the long term and may be anticipating a price increase.
By transferring Ripple to a personal or cold wallet, the whale may be signaling confidence in the coin’s future value and attempting to limit the supply available on exchanges, which could drive up demand and price.
Massive whale scoops up 20 million #XRP from Korea top crypto exchange #XRPCommunity #XRPArmy #XRPHolders $XRP https://t.co/rimXblOVmw
— U.Today (@Utoday_en) September 15, 2024
Ripple has been gaining significant attention lately due to recent developments in its legal battle with the SEC. Ripple won a major victory by reducing the SEC’s demands by 94% and settling the case with a payment of 125 million USD.
This result has refreshed the market sentiment towards Ripple. Meanwhile, Ripple continues to be a popular choice in South Korea, indicating strong trading activity in the region.
Therefore, the transfer of 20 million Ripple to an unknown wallet indicates a long-term stance and confidence in future price increases. Combined with Ripple’s recent legal victory, this news strengthens the market sentiment for XRP and could drive demand and price higher.
XRP retreats from resistance and targets key support at 0.5734 USD
Ripple is currently trading at 0.5820 USD, down 0.38% on the day. After hitting a high of $0.5961, the price is now showing a slight decline, as shown by the downtrend on the 4-hour chart.
XRP is finding support near the 50-day EMA (exponential moving average) at $0.5621, which could act as a buffer against further losses.
The Relative Strength Index (RSI) has fallen out of the overbought zone and is currently at 60.16, indicating a possible slowdown in the uptrend.
The immediate support is at $0.5734 and if Ripple breaks below this level, it could retest the $0.5621 level.
On the upside, the key resistance zone remains at $0.5961, with the next target at $0.6135 if the upside momentum resumes.
Traders should look for a breakout of the support at $0.5734 or the resistance at $0.5961 to determine the market’s next direction.
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