Following the SEC’s withdrawal of its case against Ripple’s senior executives, the price of XRP surged beyond $0.53. Key performance metrics indicate that whale investors want to close deals.
October 20, 2023: XRP Price Insights.
Following the SEC’s decision to suspend its action against Ripple’s senior executives, the price of XRP shot above $0.52.
Following Ripple’s recent posting of a job opportunity for a “Shareholder Communication Senior Manager,” buying demand surged amid mounting rumours regarding a funding initial public offering.
Important technical indications also suggest that there is still room for price rises in XRP before it reaches a strong sell-wall.
XRP’s Path to $0.60 Opens with SEC Case Dismissal,XRP’s Path to $0.60 Opens with SEC Case Dismissal
Following the SEC’s decision to suspend its action against Ripple’s senior executives, the price of XRP shot above $0.52. After Ripple defeated an SEC appeal back in July 2023, this victory follows. Important data-driven signs indicate that whale investors want to close deals.
After the price of XRP cleared $0.53, Crypto Whales booked early profits.
On Friday, October 20, the price of XRP eventually broke above the $0.53 area after two weeks of weakness. Recent occurrences indicate that the market’s positive response to the SEC’s decision to dismiss its case against Ripple executives is tied to the price surge of XRP.
Despite the fact that the outlook for XRP and the larger cryptocurrency markets is still quite positive, on-chain data indicates that a select number of crypto whales took advantage of the recent price increase to lock in some early profits.
As seen here, as XRP crossed the $0.52 mark on Friday, cryptocurrency whale wallets with 1 million to 100 million XRP quickly withdrew 60 million XRP, or around $35 million.
The above Whales Wallet Balances data shows changes in real time in the quantity of coins owned by significant investors, sometimes known as crypto whales. The October 20 record sell-off of 60 million XRP suggests that whales took advantage of Friday’s surge to remove $32 million at a three-week high in price.
If these cryptocurrency whales continue to sell, additional astute regular investors may start to imitate their transactions, given their considerable influence. As a result, instead of rising towards $0.60 during the coming days, the price of XRP may remain unchanged below $0.55.
XRP Price Forecast
A technical indicator called the Parabolic SAR (Stop and Reverse) is used to pinpoint probable trend directions and reversal locations. The Parabolic SAR value is at $0.47. Given that it is less than the $0.52 current price, this points to an approaching negative trend.
So, a protracted decline towards $0.60 may be in store if the bulls can force a reversal below the psychological support level of $0.50.
On the plus side, though, a strong breakout over $0.55 may lead to a retest of the $0.60 mark.
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