#crypto #bitcoin #xrpnewsXRP UPDATE: Why is XRP price up today?

over the course of the past 24 hours the value of xrp has climbed by 7% distinguishing it as one of the most successful crypto assets that are now available after falling to $0.50 on September 6th it is looking for another retest at $0.60 this comes after the price drop on the other hand a trend line that is descending can offer some resistance in the days that are to come xrp has reclaimed a positive position above the 200-day exponential moving average EMT as can be seen in the chart below this not only improves the possib that it will break away from the pattern that it is now exhibiting but it also demonstrates that it has resumed its bullish position does anyone know why the price of xrp has gone up today the point of origin is the chart of xrp trade in view for a single day the announcement made by grayscale concerning xrp is what's responsible for the bullish reaction happening coin Telegraph reports that grayscale Investments a digital asset investment firm has announced the launch of a new single asset cryptocurrency fund that is dedicated to xrp the fund will be exclusively to xrp this has resulted in an increase in the probability that an exchang traded fund that specializes on spot xrp will be formed at some point in the future at this point institutional investors and accredited investors are able to have access to the grayscale xrp trust which is expected to result in an increase in the number of Investments that use Smart money a piece that was published on X was where Ripple's chief executive officer Brad garlinghouse shared his thoughts on the most recent development T claimed that he was pleasantly surprised to learn this news despite the fact that it was also unavoidable in light of what I have mentioned in the past I believe that the growth grow of this Market is really a matter of time in account of the fact that xrp is now undergoing regulatory clarification in the United States as well as in other countries within a short period of time the price of xrp experienced a meteoric rise on the 1hour chart following the significant price movement that it had the price of xrp has retraced 50% after reaching a high of 58 this comes after the price of xrp had increased by 7% of its open interest which was the biggest proportion among the top 10 cryptocurrencies does anyone know why the price of xrp has has gone up today with regard to the top 10 cryptocurrencies in terms of volume throughout the course of the previous full day the colon glass is where it all began according to the figure the open interest in xrp has climbed by 6% but the open interest in other cryptocurrencies has experienced a modest fall this suggests that Futures Traders were focusing their attention on xrp at the moment as shown by an increasing oi value this is the case because the oi value has been increasing in a similar vein the volume of Trades had a significant increase of 319 over $1,000 when compared to the previous day reaching a total of $2 billion as a result of the retail and Futures activity that was involved in the surge xrp was able to have a brief breakthrough this was indicated by both measures being able to show that the spike occurred what are your thoughts on the future of xrp's momentum it has been a tendency that has occurred rather frequently over the course of the past 2 years for xrp to increase in value in response to positive news following the announcement that xrp was not a security in 2023 the value of the cryptocurrency had a 40 7% surge in July of that same year in a similar vein the price of xrp jumped by 30% in July 2024 as a result of the Advent of speculations regarding the possibility of a settlement of the SEC Ripple lawsuit which had been going on for more than 3 years prior to that point one month ago Ripple was given a sentence that required it to pay a civil penalty of $125 million this was something that many members of the community considered to be bullish as the federal litigation was getting closer to its conclusion as a consequence of this it is possible to infer that the current bullish retaliation of xrp has been motivated by forces that are not related to the cryptocurrency itself on the other hand 360 Trader a Trader who works independently believes that the weekly chart of xrp appeared to be macro bullish because it highlighted a double bottom within an ascending triangular pattern the cryptocurrency xrp has the potential to challenge pattern highs and as a result recover 70 cents even though the overhead barrier is set at 60 CS the xrp that is being utilized should not be a problem also from a purely technical perspect perspective in the event that the asset is able to reclaim and attain a daily close that is greater than $0.65 the principal bullish signal for the alternative cryptocurrency will be activated does anyone know why the price of xrp has gone up today this information comes from the 3-day chart of the xrp trading perspective the first higher high pattern will be formed in 2024 if the price of $0.60 is able to return above $0 65 and become long-term support once more this would be the prerequisite for the construction of the pattern furthermore unless xrp is able to break above $0.65 the long-term Trend will continue to be sideways and rallies will be dependent on powerful Catalyst from the outside world any attempt to break above $0.65 would be considered a failure this piece of writing does not contain any recommendations or recommendations on Investing For The Reader it is imperative that readers conduct thorough study before to making any decisions regarding trading or Investments this is due to the fact that every option offers a certain level of risk yesterday the price of the usdt pair broke over the 200-day moving average which is located at the 55 cents mark this occurred as a result of a quick recovery from the 05 level the occurrence of this took place throughout the daily period of the associated currency pair in spite of this the market is unable to Surge higher during this time period since the resistance zone is located at 6 cents each over the course of this period the relative strength index also known as RS Rose above the threshold of 50 which is indicative of a shift in Market momentum that is going in a favorable Direction consequently as a result of this if the price continues to hold above the 200 day moving average it is possible that a rebound that is bigger than 6 cents might be predicted in the short term according to the pair chart for Bitcoin the situation looks to be very comparable when examined on the match chart for Bitcoin this is because the market has risen over the 200-day moving average which is now located around the 850 sat Mark accordingly the market action has been exhibiting a bullish Trend as of late with the significant 800 sat Mark being brok into the upside this Mark is considered to be quite important in the coming weeks the price of xrp will steadily grow into the 1,000 2 200 sat Zone this is due to the fact that xrp is on the verge of initiating a favorable Trend against BTC Ripple Labs the company that is now leading the industry in cryptocurrency payments has started moving a sizable sum of xrp to a personal wallet that is unknown the community has becoming increasingly concerned about this mysterious movement of finances as a result of the fact that members of the community are speculating about the rationale behind the transfer of monies according to reports Ripple transferred 150 million xrp which had a value of $85 million this information is being used to unravel the Enigma behind the transfer of 150 million xrp the onchain tracker whale alert is the source of this information congratulations however a noteworthy part of this transaction is that the wallet that has not been acknowledged has been the receiver of multiple Ripple inflows this is an important aspect of the business transaction according to the information that has been gathered the account has been B has been SE since the month of October in the year 20123 there has been a series of withdrawals from the account during this month and this has only occurred during the month of SE September it was on September 10th that a total of 40 million xrp was moved out of the account additionally a transaction with a total value of 12, 800,000 xrp was successfully completed on September 12th regarding the inflows Ripple distributed a total of 200 million xrp to the same wallet address throughout the month of August on the 9th of July a second transactional handshake took place during which the same quantity of xrp tokens which total 150 million were transferred to the address as a consequence of the transactions members of the xrp community have started to to speculate about whether or not the wallet in issue is owned by an Institutional Investor some individuals are of the opinion that this move would result in an imminent bullish run for xrp this is due to the fact that it may be a wallet that provides Cold Storage the recent happenings in the cryptocurrency market have caused investors to anticipate that a bullish Breeze May soon have an effect on xrp this anticipation is a direct outcome of the events that have taken place both the performance of the market and ripples position on an exchange traded fund ETF for xrp are being discussed the unveiling of the xrp trust by grayscale Investments on the other hand provoked significant disbelief among members of the cryptocurrency community after the legal battle that took place between Ripple labs and the United States Securities and Exchange Commission the following information has been provided it should be noted that the material that has been supplied is not intended to serve as business advice in the event that any Investments are made on the basis of the information that is provided on this page there is no responsibility for those Investments