- XRP is showing positive momentum, retesting the $0.55 level and rising by 2%.
- Whale accounts and institutional investors have increased XRP accumulation, signalling confidence in its future.
XRP, the cryptocurrency linked to Ripple, is showing positive signs of an uptrend as it retests the critical $0.55 level. Following consolidation, XRP has risen by nearly 2% over the last 24 hours, fueling optimism among traders driven by anticipation around the upcoming Ripple Swell conference.
The October 15-16 forum brings together influential figures from the cryptocurrency and traditional finance sectors. The conference is scheduled to include a full programme to discuss important trends and issues in the financial sector.
BREAKING: #RippleSwell 2024 in Miami is now loading!🌴 pic.twitter.com/cYf5oeofc2
— Ripple (@Ripple) October 15, 2024
On the first day of the conference alone, there are several sessions that have been scheduled, including a regulatory fireside chat between Stuart Alderoty, Chief Legal Officer at Ripple and Adrienne Harris, Superintendent at NYDFS.
Other speakers expected at Ripple Swell 2024 are Ripple CEO Brad Garlinghouse, former FDIC Chair Sheila Bair, and CME Group’s Tim McCourt. Experts will speak about stablecoins, tokenization, and the effects of cryptocurrency exchange-traded funds (ETFs) on the overall economy. The emphasis will be on how these trends can be used to foster innovation and how potential legal issues can be met.
Whale Accounts Accumulate XRP
The recent market movement seems to point towards increasing institutional demand for XRP. Investors have purchased $1.1 million worth of XRP ETPs in jurisdictions other than the United States, which indicates the growing interest even though there is no spot XRP ETFs available in the U.S. This capital inflow is indicative of a changing trend, as the number of traders looking to make profits is on the rise.
Whale accounts were also active over the weekend and purchased more than 40 million XRP. Such Whale activity also shows confidence in the asset’s future, as Ripple is still in the process of challenging the legal battle with the U.S. Securities and Exchange Commission (SEC). Therefore, further improvements may be expected to be an additional factor supporting the price increase.
Key Levels and Price Outlook
The first target for XRP is to break and close above the $0.55 level, which has served as a liquidation point in the last few weeks. If the prices can remain above this level, traders anticipate a rapid rise to $0.60 and possibly $0.66. However, the market is still a bit skeptical as a break below $0.55 may result in a pull back with the support at $0.50.
The overall decline that started with the losses in early October is still in force. For a reversal of this trend, XRP would have to rise and maintain its price above $0.60. At the moment, the focus is on daily trading that has been above $1.1 billion and is close to the level in early August.
In the past, during the event, Ripple has unveiled new initiatives aimed at SMEs and has underlined the potential of blockchain for sustainability and climate finance. This year alone, the emphasis on stablecoins and digital asset management speaks volumes to Ripple’s commitment to growing its services in the crypto arena.
