XRP price spiked 10.4% in the last 24 hours to trade at $0.605 during European business hours on Wednesday. The uptick in price coincides with a mysterious transfer of 150 million XRP from Ripple to an unknown wallet.

XRP’s 24-hour trading volume also increased by 40%, signaling an increase in investor interest. Meanwhile, Bitcoin price hit $65,608, registering 2.7% gains over the last 24 hours.

XRP Price Analysis Reveals Potential for Additional 20% Gains

XRP Price Chart

The price of XRP showed impressive strength in the last week, rising over 39% and trending above the 50-day and 200-day simple moving averages (SMA). Initially, XRP had broken out to the downside of the falling wedge which later turned into a fakeout after whales injected over $4 billion into the market, triggering a recovery. 

Data from Lookonchain shows whales are still moving large sums of USDT into crypto exchanges, signaling a further upside for the market.

7 hours ago, #TetherTreasury minted 1B $USDT on #TronNetwork again after a month.#TetherTreasury has minted a total of 31B $USDT in the past year!https://t.co/2wFo2DEvz3 pic.twitter.com/QP28G3GVqv

— Lookonchain (@lookonchain) July 16, 2024

The XRP price chart shows an overhead resistance of around $0.75 (orange band) that spans 9 months. A break above this barrier may constitute a significant win for the price of XRP and could catapult the asset to $0.94. Conversely, if the bears gain power, XRP may find support around $0.5, which coincides with a zone of market imbalance (FVG) and a potential bounce-off area. 

The relative strength index (RSI) also shot up to 76.39, the highest level in the last 9 months. This signals a surge in bullish momentum. The RSI is also in the overbought area, which indicates that the XRP price may retrace soon.

Bitcoin price prediction remains bullish as the asset eyes 11% gains to test the $73,000 resistance level. A break above this level may launch BTC into the price discovery zone and the entire crypto market. 

The BTC RSI is at 63.03 and rising, indicating that bullish momentum is building up. There is some resistance around 60-65 RSI, but if all factors are constant, Bitcoin price may continue rising throughout the rest of the week and into the weekend.

Ripple Moves 150M XRP: Is A Settlement Coming?

The Ripple team transferred 150 million XRP to an unknown wallet, sparking speculation that the settlement may happen soon. The rumors are fueled by the previous SEC proposal to reduce Ripple’s penalty from $2 billion to $102 million to end the case. Ripple suggested a fine of $10 million was warranted.

The SEC-proposed figure is close to the value of XRP transferred just a day before a closed-door meeting between the lawsuit parties. 

XRP VS SEC settlement. Keep your eyes on July 18th, 2024. pic.twitter.com/9lwbbj4wMa

— Elon Musk ( Parody ) (@argosaki) July 14, 2024

The meeting’s subject matter will include “resolution of litigation claims,” which may result in a settlement decision.

The meeting sparked ongoing discussion among the crypto community about a potential boom in XRP price if the lawsuit ends in a settlement tomorrow. 

Bottom Line

Ripple’s unexpected $87.5 million XRP transfer to an unknown wallet has ignited speculation about a potential legal settlement. This significant movement of funds could impact XRP’s price relative to Bitcoin, as investors closely monitor for any official announcements or further unusual transactions. In the meantime, the XRP price has seen 20% gains, which could put it above $0.7.

The post XRP/BTC Price Analysis: XRP Price Soars As Ripple Transfer of $87.5M Sparks Settlement Rumours appeared first on CoinGape.

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Filed under: News - @ July 17, 2024 8:19 am