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Surge in Interest for XRP ETFs
Interest in XRP exchange-traded funds (ETFs) has surged, with notable filings from asset management firms. WisdomTree filed for an XRP ETF on November 25, 2024, aiming to capitalize on cryptocurrency interest beyond Bitcoin and Ethereum. Bitwise also registered an initial application with the SEC earlier. Following these filings, XRP's price rose over 7%, showing investor optimism. However, the regulatory landscape remains uncertain due to ongoing legal challenges with the SEC, impacting XRP's classification as a security.
Whale Activity Fuels XRP Price
In the past week, XRP has seen a lot of activity from large investors, also known as whales, showing strong buying interest. Ripple whales bought over 900 million XRP tokens, worth around $1 billion, which helped boost XRP's price by 122% recently. Just over the weekend, whales purchased more than 50 million XRP, contributing to the cryptocurrency's rally. Notable transactions included a transfer of 149 million XRP worth about $227 million to a whale wallet and another transfer of 20 million XRP. This accumulation reflects bullish sentiment among large investors in XRP.
Ripple Boosts Cross-Border Payments
In November 2024, Ripple made important progress with the launch of Ripple Liquidity Hub 2.0. This upgrade improves cross-border payments by making international transactions faster and cheaper for businesses. It positions Ripple as a leading choice for efficient global payment processing, similar to advanced peer-to-peer payment systems.
Technical Analysis of XRP Prices
XRPUSD retraces to the broken level ($1.27), confirming that the breakout was genuine. It hits a high of $1.633 and is currently trading around $1.39055. Any daily close below $1 would confirm a further minor bearish trend. The pair is trading above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart.
Resistance and Support Levels
The immediate resistance is around $1.70; a breach above this level could propel the pair to $2. Any breach above $2 confirms major bullish continuation, making a jump to $3 possible. On the downside, immediate support is at 1.27, with potential declines targeting 1/1/0.85/0.74/0.74/0.6800/\0.6300.
Market Indicators Point to Bullish Sentiment
- Directional Movement Index: Bullish
- CCI (50): Bullish
It may be a good strategy to buy on dips around $1.27, with a stop loss set at $1 and a target profit of 2/\3.
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