Ripple price rally to $0.66 likely with bullish developments in the altcoin
- Ripple announced Dubai Financial Services Authority’s approval for XRP usage within the financial centre.
- Ripple price is in an uptrend; the altcoin is poised for a 12% gain in the XRP rally.
- XRP on-chain activity climbed throughout October, implying impending volatility in the asset’s price.
Ripple price sustained above the $0.59 level, on Friday, close to its $0.62 local top. On-chain indicators reveal a rising demand for XRP tokens among market participants. Rising trade volume and daily active addresses are indicative of brewing interest among traders.
The altcoin yielded 10.70% gains over the past month. The altcoin has been in a consistent uptrend for the past three days. The US Federal Reserve’s interest rate decision failed to sway the bullish outlook of retail traders and XRP price continued posting gains.
Also read: Ripple makes comeback to $0.60 after XRP held by retail traders notes a significant increase
Daily Digest Market Movers: XRP price sustains above $0.60, eyes $0.66 target
- XRP price sustained above $0.60 on Binance since October 31. XRP holders’ outlook remained bullish, supporting the asset’s gains.
- Whales transactions valued at $100,000 or higher surged in November, signaling incoming volatility in XRP price.
- Whale transaction count climbed 106% in November, according to Santiment data.
 [11.16.14, 03 Nov, 2023]-638345884563013797.png)
Whale transaction count (>$100,000) vs XRP price
- While whale activity is typically associated with profit taking, a correction in XRP price is less likely with bullish catalysts driving the asset higher.
- Daily active addresses in XRP stayed above the 19,500 mark between October 31 and early on Friday.
- XRP trade volume climbed from 1.51 billion to 2.60 billion, between October 31 and November 3, an increase of 72.84% within four days.
 [11.13.50, 03 Nov, 2023]-638345885677341203.png)
XRP trade volume, daily active addresses vs XRP price
Dubai Financial Services Authority opens doors to Ripple
Payment remittance firm Ripple announced that the Dubai Financial Services Authority (DFSA) has approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC).
Virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services. XRP is the first virtual asset to be approved by the regime. Bitcoin, Ethereum, and Litecoin rank in the list of assets previously approved under the DFSA’s virtual assets regime.
The legal and regulatory clarity is likely to benefit XRP. The asset will be used by institutions located in the DIFC for value exchange, boosting its utility.
Technical Analysis: XRP price could rally 12% if this occurs
XRP price is $0.5980 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 lower level, $0.6682, is expected to act as a resistance for the altcoin as the XRP price rally continues.
The bullish developments in XRP are likely to support the asset’s uptrend. A successful break past $0.6682 will send XRP to the upper boundary of the FVG, at $0.6758. The move from $0.5980 (current price) to $0.6682 (FVG) marks a 12% gain from the current price.
XRP/USDT one-day price chart on Binance
On the downside, the 10-day Exponential Moving Average (EMA) at $0.5769, could act as a support.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
