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- Golden Cross formation among XRP’s key EMAs signals a potential mid-term bullish trend, attracting investor attention.
- The decline in Whale to Exchange Transactions shows growing confidence among large XRP holders, reducing liquidity risks.
The recent rise in the price of XRP has piqued the interest of the crypto community, notably due to the creation of a Golden Cross between three significant Exponential Moving Averages (EMA). When this pattern shows on a daily chart, it is usually considered a bullish indication and indicates the possibility of a mid-term rising trend.
$XRP GOLDEN CROSS CONFIRMED!💥📈 pic.twitter.com/RgGvTHj9xn
— Good Morning Crypto (@AbsGMCrypto) August 19, 2024
The Ripple token has lately recovered over the crucial $0.60 threshold, rising 4.06% over the last 24 hours, with daily trading volumes exceeding $1.5 billion. This surge has spurred excitement among both traders and investors.
Whale Transactions Drop, Boosting Confidence in XRP Long-Term ProspectsÂ
Data from CryptoQuant, which shows a significant reduction in Whale to Exchange Transactions for XRP as of August 20, adds to the bullish sentiment.
This drop, which coincided with the token’s price increase, indicates that major holders are gaining more confidence in the token’s future prospects, lessening the chance of significant liquidity events on exchanges.
Such a pattern often indicates that major investors are becoming more confident in the token’s long-term value, meaning that fewer whales are shifting their assets to exchanges for possible liquidation.
Furthermore, a recent CNF report has revealed the likelihood of a remarkable 30,000% growth in the XRP price, which could push its market cap above $9 billion. This data contributes to the current market optimism for XRP.
Also, our previous publication cited projections from a crypto influencer, with one predicting that XRP might reach $125 per token. This prediction is based on calculations incorporating Over-the-Counter (OTC) Forex market volume, which some believe may have a substantial impact on XRP’s worth.
Finally, Ripple’s recent legal victory has improved XRP’s position by securing its status as a non-security, notwithstanding the potential of an SEC appeal. This legal clarification has boosted investor confidence, reaffirming the belief that XRP is well positioned to profit from both regulatory certainty and market dynamics.
