xrp price prediction There was a break above the $0.3850 trendline driven support level on the upside. Ripple (XRP), the seventh largest and most popular digital coin in the world, maintained its early bullish rally and remained well bid above $0.3926 as positive crypto market sentiment boosted several cryptocurrencies including XRP coin.
The total market capitalization of all cryptocurrencies increased by about 1% on the day to $859.91 billion, with the leading cryptocurrency trading mainly in the green.
Dovish remarks from Fed Chairman Jerome Powell
Moreover, its bullish rally can also be attributed to Fed Chair Jerome Powell’s dovish remarks, which pushed the US Dollar to a three-month low and contributed to Ripple’s XRP coin gains. This is due to the fact that cryptocurrency prices have a strong negative correlation with the US Dollar Index (DXY).
On the downside, the surge in Ripple’s large transactions does not bode well for XRP, which is struggling badly with the current selling pressure. According to Whale Alert, a significant movement of 280,684,171 XRP worth $110,017,409 occurred between two anonymous wallets on 29 November.
Furthermore, the Coinbase cryptocurrency company announced that it would begin removing XRP from its wallets on December 5th, which was seen as another major factor keeping a lid on any additional gains in the Ripple XRP coin.
return to the cryptocurrency market
As is well known, the failures of FTX Corporation have recently plagued the entire cryptocurrency market. Ever since FTX, one of the world’s largest cryptocurrency exchanges, declared bankruptcy, the cryptocurrency market has been in a free fall.
Furthermore, several important crypto companies, including BlockFi, have recently declared bankruptcy, further hurting the crypto market. Despite this, it was able to reverse its downtrend and make a slight recovery on the day.
This happened when the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), crossed the value of $17,000 and $1,200 respectively. Dogecoin (DOGE), Solana (SOL), Ripple (XRP)And Litecoin (LTC) Also doing well. This was supported by the dovish stance of Federal Reserve Chairman Jerome Powell.
Jerome Powell announced that the central bank would stop raising interest rates. Markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its upcoming meeting, versus a 20% chance that rates will rise by 75 basis points.
80 million XRP moved in 3 suspicious transactions
Several related rumors regarding the Ripple lawsuit against the SEC have resulted in millions of XRP being exchanged in the market. The purpose of the previous transaction is still unknown, but the fact that a large sum was split into three transactions could be hiding information from network sleuths.
An internal Bitso exchange transaction was likely the first on the network. Although the recipient was listed as “unknown” in the statement, a history of past transfers suggests it is tied to a centralized cryptocurrency exchange rather than a whale or individual investor.
Just seconds before the above transaction, we saw $28 million transferred from an unknown wallet to a central exchange. Since the sender does not appear to be related to Bitso, approximately 30 million XRP may end up on the market, significantly increasing the selling pressure on XRP.
Five minutes later, a third transaction appeared, moving about 2 million from the first 30 million transfer, implying that the exchange was splitting a large deposit among its hot wallets. As a result, even a large inflow for a minor exchange does not bode well for XRP, which is aggressively combating the current selling pressure.
XRP Ignores Coinage Wallet Delisting Statement
Despite a significant valuation of Coinbase Wallet, the payment token remains stable. According to the cryptocurrency corporation, there are not many transactions involving the blockchain, so it will start removing XRP from its wallets on December 5th.
XRP has a market capitalization of $19.6 billion, making it the seventh largest cryptocurrency despite the bearish mood.
Ripple Files Final Submission Against the SEC
The legal battle between Ripple and the SEC is expected to settle by the end of next year. According to rumours, the matter may be resolved very quickly.
In response to the US SEC’s objections to Ripple’s motion for summary judgment in the XRP dispute, defendants Ripple, Bradley Garlinghoue and Chris Larsen, issued an amended reply. The motion requests that the court grant summary judgment to the defendants and refers to the recent decision in the LBRY v. SEC case.
XRP Price Prediction – Upward trendline to support near $0.3900
On the technical front, the XRP/USD pair is likely to find immediate support near $0.3900, which is supported by a rising trendline.
On the upside, XRP has an immediate resistance at $0.4110, and a break above this level could expose XRP price towards the $0.4375 level. Consider looking for buy trades above $0.3900 and vice versa.
IMPT Pre-Sale Ending Soon: 1 Week To Buy
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Since its initial public offering in October, IMPT has Raised over $13.6 million1 is currently trading at $0.023 with IMPT.
Due to its immense success, IMPT.io will be a revolutionary platform for carbon offsetting and carbon credit trading End its token pre-sale on December 11th,
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