Ripple Price Hits $0.60 for the First Time since August, Amidst Rising Demand

Ripple price (XRP) reversed its gains after hitting $0.60 on October 31, for the first time since mid-August. Crypto traders are awaiting the US Federal Reserve’s interest rate decision for deciding upon the direction of the XRP price trend. 

The XRP/USDT pair on Binance yielded 5.42% gains for holders over the past week.

Developments surrounding the US financial regulator, the Securities and Exchange 

Commission (SEC) Chair Gary Gensler’s comments and Ripple executives’ response, promoted a bullish outlook among XRP holders.

Daily Digest Market Movers: XRP price hits $0.60 for the first time in three months

XRP price declined after hitting the $0.60 level; traders shifted their focus to the upcoming interest rate decision of the US Federal Reserve. 

Whales were actively involved in influencing XRP price for the past week; the large wallet investors have passed the baton to retail traders this week.

Between October 18 and 26, whale transactions exceeding $1 million in value hit a three-month high. Whale activity was associated with profit taking and resulted in a correction in XRP. The altcoin resumed its uptrend thereafter.

The number of wallets holding at least 10,000 XRP tokens, one of the retail trader cohorts, climbed to 277,620 and hit a new all-time high, according to Santiment data.

XRP wallets holding at least 10,000 tokens hit a new all-time high, Souce: Santiment.

Three segments of retail traders, holding between 100 to 1,000 XRP, 1,000 to 10,000 XRP, and 10,000 to 100,000 XRP climbed 2.29%, 2.65%, and 4.27% respectively, between July 26 and November 1, according to data from Santiment.

100~1,000 XRP, 1,000~10,000 XRP and 10,000~100,000 XRP Traders climbed, Souce: Santiment. 

According to the on-chain tracker, Whale Alert, 30 million XRP tokens, valued at upwards of $17.2 million were transferred out of Bybit. The exchange outflow of an asset is typically considered bullish, as it reduces the selling pressure on the token.

Ripple Executives criticize SEC Chair

Ripple’s Chief Legal Officer, Stuart Alderoty, criticized SEC Chair Gary Gensler in his Halloween tweet. The executive pointed out that the Congress argues that the US financial regulator requires agency rules to be reviewed by them and that the SEC has likely ignored the law. 

The Congressional Watchdog, the US Government Accountability Office, recently tweeted about the applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121 for the US SEC. 

Technical Analysis: XRP price could rally 14% if this occurs

XRP price is $0.5864 on Binance at the time of writing. As seen in the price chart below, there is a Fair Value Gap between $0.6682 and $0.6758. The upper and lower levels are expected to act as a resistance for the altcoin, as the XRP price rally continues. The bullish breakout that drove XRP to $0.60 is a sign of an increase in buying pressure and rising demand from retail traders.

The current pullback offers sidelined buyers an opportunity to accumulate the altcoin, ahead of its retest of the $0.6682 barrier. A successful break past $0.6682 will send XRP to $0.6758. The move from $0.5864 (current price) to $0.6682 (FVG) marks a 14% gain from the current price. 

XRP/USDT one-day price chart on Binance, Souce: TradingView.

Traders need to note that a drop to support the 23.6% Fibonacci Retracement level at $0.5457 is likely to push the asset lower to its FVG between $0.5320 and $0.5244. This move could invalidate the bullish thesis for XRP price and mark a 9.2% drop in the asset.