Ripple whale activity declines, supporting XRP price growth with bullish on-chain metrics
Ripple price rallied to the $0.55 level, after yielding 6.2% weekly gains. As the asset sustains above the $0.50 psychological barrier, its rally is supported by bullish on-chain metrics. That said, there is a possibility of a correction in XRP price, if the asset drops to support at $0.50, it could plummet lower.
The downside is likely limited with bullish developments making headlines. XRP’s Chief Executive Officer, Brad Garlinghouse, recently voiced his dissent on former SEC Chief Jay Clayton’s comments in a Squawk Box interview.
Week Ahead: Macroeconomic events unlikely to spoil BTC ETF victory march
Blackrock’s listing on the DTCC website was noticed, which was then removed but relisted later. The IBTC ticker was also given to Blackrock’s spot Bitcoin ETF. DTCC later revealed that this listing has been present on the website since August.
Grayscale’s ruling was finalized, and the company submitted a fresh filing for converting its GBTC product into spot ETF. Lately, the US Securities and Exchange Commission (SEC) has been on the back foot after losing multiple crypto-related lawsuits. To pile up, the Grayscale vs. SEC lawsuit has also seen a development favoring Grayscale. As a result, the next ETF decision deadline in January 2024 will be key. Crypto investors are expecting approval of spot Bitcoin ETF soon.
Maker price drop continues as selling pressure on MKR brews across exchanges
Maker, an ERC-20 token native to the Maker Protocol, has registered an increase in its reserves across exchanges. Part of this increase in reserves can be attributed to a move from institutional crypto trading platform FalconX, which according to data from an on-chain tracker has sent $12.8 million worth of MKR tokens to exchanges over the past week.
Typically, rising exchange balances are correlated with a decline in the asset’s price. FalconX transferred $12.8 million worth of MKR tokens to exchanges over the past week. According to data from Lookonchain that tracks recent transactions, the firm sent the asset to centralized exchanges OKX and Binance, contributing to the rise in the asset’s supply.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%
Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem.
ONDO extends gains despite surge in profit-taking
ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days.
Monero price poised for a downward correction
Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction
Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.
Bitcoin: Has BTC found a local price bottom?
Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.