XRP price stands tall among crypto prices during the US trading session on Tuesday. Unlike Bitcoin (BTC) and Ethereum (ETH), which suffered a 2.6% and 4.5% setback amid increasing market uncertainty, Ripple’s XRP is up 1.7% to $0.5973.
XRP Price Market Movers: Whales Go On Buying Spree, MVRV Signals Buy, Ripple vs. SEC Lawsuit
- XRP price signals a major bullish move above $0.6 resistance as whales turn to the token, buying over 50 million XRP. On-chain data from Santiment reveals consistent growth in the number of tokens held in wallets, between 1 million and 10 million. Moreover, whale transactions with a more than 1 million USD value shot up to 25 on August 26, implying a positive long-term outlook.
- The Market Value Realised Value (MVRV) 2.445% increase on Santiment suggests that investors are holding XRP at a profit. This is a bullish indicator, suggesting potential upward price movement. However, caution will be advised as the metric continues to rise, as holders may choose to sell for profit, resulting in selling pressure and a correction.
- While the court delivered the final ruling in the Securities and Exchange Commission (SEC) against Ripple, uncertainly still shrouds the company and XRP price whether the regulator will proceed with an appeal. So far, the SEC has not revealed the direction it intends to take, especially Judge Analisa Torres falling short of granting an injunction against the sale of XRP to institutional investors.
- Nevertheless, Torres granted the SEC’s injunction, warning Ripple not to violate US securities laws in the future. An appeal could push XRP into disarray with a sell-off like to follow.
XRP Price Prediction: Targeting Inverse H&S Pattern
XRP price is gearing up for a major inverse head and shoulder (H&S) breakout. This 21.6% bullish thesis follows a minor correction from last week’s move to $0.63. Bulls embraced the 20-day Exponential Moving Average (EMA) support at $0.5863.
The pattern formed when XRP price established three relative troughs, with the middle trough (the head) being lower than the outer two (the shoulders). A neckline (dotted) connects the highs of the shoulders. Note that a breakout above the neckline signals a potential 21.6% bullish reversal to $0.74. Traders can profit by entering long positions after the breakout with stop losses below the same neckline.
The bullish outlook in XRP will cease to exist should the 20-day support fail to hold, resulting in another retracement toward the 20-day and the 200-day EMAs, respectively.
Frequently Asked Questions (FAQs)
XRP is up due to growing interest in the token among the whales, Santiment data shows.
XRP price awaits a bullish inverse H&S pattern breakout likely to push it to $0.74.
Traders should pay attention to the 50-day and 200-day EMAs support area at $0.567 and $5487.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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