XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over

Must read

Upland secures $7m funding aiming at AI metaverse expansion and Spark token exchange listing

Upland secures $7m funding aiming at AI metaverse expansion and Spark token exchange listing Liam 'Akiba' Wright · 33 seconds ago...

Binance withdrawals spike to $1.4B in 24 hours amid continued executive departure and regulatory struggles

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Steady influx of stablecoins helps fuel Bitcoin price surge

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Unfazed Bitcoin breaks $30,000 mark, causing market liquidations

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

The XRP price saw an impressive run over the last day after news broke that the US Securities and Exchange Commission (SEC) was dropping its lawsuit against Ripple’s executives. This surge carried on into Friday as the altcoin’s price was able to clear the $0.53. Naturally, there has been a pullback from this price level, but whale transactions suggest that the rally may not be over.

Crypto Whales Flex Their Buying Power

In the last day, crypto whales have been showing their buying power as the price of cryptocurrencies such as XRP saw a recovery. The first indication of this was a number of large USDT transactions that were making their way toward centralized exchanges.

The first of these reported by whale tracker Whale Alert was $100 million in USDT transferred to Binance. Then two other transactions carrying the same amount of tokens followed suit, all headed for the Binance exchange as well. Another 50 million USDT would make their way to the exchange just a couple of hours later.

Then the minting of $1 billion USDT at the Tether Treasury took place as Thursday drew to a close. What followed was a number of transactions carrying USDT in 50 million tranches headed for Binance. The transactions continued into Friday, with the most recent being two hours old, at the time of this writing.

XRP price chart from Tradingview.com

XRP remains bullish | Source: XRPUSDT on Tradingview.com

What This Means For XRP Price

The continuous transfer of stablecoins to centralized exchanges can often signal a willingness to purchase cryptocurrencies. Mostly, these purchases are in Bitcoin but the buying power tends to have a trickle-down effect. Meaning, that as the price of Bitcoin goes up, so will the XRP price.

In this case, if whales continue to buy and push the Bitcoin price past $30,000, then the XRP price is likely to follow suit and break the $0.55 resistance while at it. However, the XRP price also faces strong resistance as whales have taken to selling.

As Whale Alert shows, there were a number of large XRP transactions headed toward centralized exchanges. The most notable of these are the 32.3 million XRP worth $15.79 million at the time sent to the Bitso exchange, as well as the 31.1 million XRP worth $15.2 headed to the Bitstamp exchange.

These whale movements suggest a battle between bulls and bears as they struggle for dominance. But XRP price continues to show strength with 7.44% gains in the last 24 hours, and up 6.94% in the last seven days.

Featured image from Bitcoinist, chart from Tradingview.com

More articles

Latest article

Upland secures $7m funding aiming at AI metaverse expansion and Spark token exchange listing

Upland secures $7m funding aiming at AI metaverse expansion and Spark token exchange listing Liam 'Akiba' Wright · 33 seconds ago...

Binance withdrawals spike to $1.4B in 24 hours amid continued executive departure and regulatory struggles

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Steady influx of stablecoins helps fuel Bitcoin price surge

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Unfazed Bitcoin breaks $30,000 mark, causing market liquidations

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

MultiversX partners with Google Cloud to boost AI and big data in Web3

MultiversX partners with Google Cloud to boost AI and big data in Web3 Liam 'Akiba' Wright · 3 hours ago ·...