- Ripple's XRP has seen increased buying activity among whales in the past two weeks.
- Bitwise announced a rebranding of its European XRP ETP amid speculations of a 2025 XRP ETF approval in the US.
- XRP could extend its rally to $2.58 if it overcomes the upper boundary of an ascending channel.
Ripple's XRP rallied 6% on Wednesday following increased buying pressure among whales in the past two weeks. The remittance-based token could stage a move to $2.58 amid increased institutional interest in the launch of an XRP exchange-traded fund (ETF) in the US.
XRP whales step up buying pressure, Bitwise rebrands XRP ETP in Europe
XRP's supply across its largest exchanges, Binance and Upbit, has been trending downward in the past two weeks. According to CryptoQuant's data, XRP's exchange reserve has plunged by over 500 million XRP since November 13. A decline in an asset's exchange reserve indicates that buying pressure is rising.
-638683480483915689.png)
XRP Exchange Reserve (Binance) | CryptoQuant
Santiment's data shows that most of this buying activity came from whales who have increased their holdings by over 700 million XRP in the same period. The increased buying activity among whales suggests growing confidence in XRP's potential to stretch its rally.
 [20.50.46, 27 Nov, 2024]-638683480957046975.png)
XRP Supply Distribution | Santiment
The remittance-based token began its uptrend after Donald Trump emerged as the winner of the US presidential election, stretching its monthly gains above 180% since then.
It's important to note, however, that investors have realized over $1.5 billion in profits along the way, as noted in a report earlier. If the profit-taking heightens as XRP rallies, it could cause potential downward pressure on its price.
Meanwhile, in a press release on Wednesday, asset manager Bitwise announced the rebranding of its Europe-based XRP ETP. Formerly called ETC Group Physical XRP, the Bitwise Physical XRP ETP is 100% physically backed and will continue trading on the German Deutsche Börse exchange.
The asset manager also confirmed that Ripple will be an investor in the newly branded XRP fund.
"Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings," said Ripple Labs CEO Brad Garlinghouse in the press release. "With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP."
XRP could rally to $2.58 if it breaks above key channel
Ripple's XRP is up 6% following $10.91 million in XRP futures liquidations in the past 24 hours, per Coinglass data. Liquidated long and short positions accounted for $3.87 million and $7.04 million, respectively.
XRP has been trading within a key channel in the past week after a recent sideways movement near the $1.35 level.
XRP/USDT 4-hour chart
A high volume move above the upper trendline resistance of this channel will see XRP surging above its three-year resistance of $1.96 to a high of $2.58. However, a move below the lower trendline of this channel could spark a 30% decline to $0.93.
The Relative Strength Index (RSI) is above its neutral level, indicating bullish momentum is prevalent in the market.
A daily candlestick close below $0.93 will invalidate the thesis.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.