XRP has posted notable strides in the last 24 hours as the broader crypto market recovers. XRP is traded for $0.545 , representing a 24-hour uptick of more than 3%. This growth is also reflected in the seven days, with an over 10.59% increase within this timeframe.
This ongoing bullish momentum is further evident in the rising trading volume, which has exceeded $1 billion in the past 24 hours. Given the increasing price and volume, can we conclude that the bulls have returned? Let’s find out!
XRP’s Millionaire Wallets Keep Growing: A Sign of a Bullish Horizon?
XRP is making headlines again as wallets holding at least 1 million XRP approach record-breaking numbers. April 22 Sentiment data shows 2,013 wallets with over 1 million XRP. This figure is very close to the previous record of 2,014 wallets in June last year.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— Santiment (@santimentfeed) April 22, 2024
According to the analytics platform, this surge represents an increase of 3.1% over the past six weeks. This uptick suggests that big investors and whales are buying more XRP coins.
The growing number of millionaire wallets is an interesting trend to watch, especially since it has been linked to price increases in the past.
XRP’s Price Could Soar with China’s Crypto ETF Moves
According to Forbes senior contributor Bambrough’s reports , Hong Kong is gearing up to start trading spot BTC and ETH exchange-traded funds (ETFs).
Several financial institutions have claimed Hong Kong’s Securities and Futures Commission (SFC) has given them the green light to list these crypto ETFs. While there’s no official announcement yet, this development has sparked excitement and speculation about its potential impact on the cryptocurrency market.
If Hong Kong does indeed start trading spot crypto ETFs, it could lead to a significant influx of capital from Asia into Bitcoin and assets like XRP. Bambrough suggests these ETFs could attract billions of dollars in demand, potentially rivaling the success of U.S. Bitcoin ETFs.
While the primary focus is on Bitcoin and Ethereum ETFs, the ripple effect could be massive for other cryptocurrencies like XRP. Increased interest and investment in the crypto market could drive up demand and prices across various assets, including XRP.
So, while no XRP ETFs are specifically mentioned, the excitement around Hong Kong’s crypto ETF plans could be a positive sign for XRP investors and its future price.
Price Analysis: Is XRP Gearing for a Bullish Breakout?
XRP has been on a downward trajectory for some time, but recent developments suggest that the tides may favor the bulls.
After an extended period of bearish dominance, XRP is now making efforts to break above the Simple Moving Average (SMA) lines. Notably, the SMA lines are a crucial indicator of the overall trend, and a move above could signal a significant shift in momentum.
The Moving Average Convergence Divergence (MACD) indicator is currently above its signal line, and the histogram bars are green. This suggests that buying pressure is building up, and buyers are slowly regaining market control.
In addition, XRP is attempting to cross over the 20 SMA line in the Bollinger Band indicator. If XRP manages to break above the 20 SMA line, it could signal the start of a new uptrend, as the price would be breaking through a significant resistance level.
The Relative Strength Index (RSI) is currently hovering around 47, considered a neutral territory. However, if the RSI approaches the overbought region (above 70), it could indicate that the bullish momentum is gaining traction and that further upside is possible.
Based on the technical indicators mentioned above, XRP is likely positioning itself for a potential bullish breakout.
Is Now the Best Time to Buy XRP?
While past performance does not guarantee future results, the current technical setup suggests that the risk-to-reward ratio for buying XRP might be favorable. However, exercising caution and conducting thorough research is crucial before making any investment decisions.
While waiting for the coin to break above the key levels and indicators, investors might want to consider Dogeverse for quick 10x returns.
Dogeverse: Is This the Next Big Meme Coin?
DogeVerse (DOGEVERSE) has become the hottest meme coin presale of April and possibly 2024. This project’s presale, which kicked off on April 8, is selling out at an incredible pace. DogeVerse has already raised over $9.9 million. With a hard cap of $11 million, DOGEVERSE is now more than halfway sold out.
It hit its soft cap of $8.83 million over the weekend, signaling a green light for the multichain meme project to proceed. This presale speed suggests investors are interested in the project.
Exploring Dogeverse: The Multichain Meme Coin Set to Shake Up Crypto
Dogeverse stands out in the world of cryptocurrencies, especially among meme coins. It shares the spotlight with other dog-themed meme coins like Dogecoin and Shiba Inu, but it has a unique feature.
Dogeverse operates across six chains: Ethereum, Solana, BNB Chain, Avalanche, Polygon, and Base. These chains are very popular in crypto, hosting major decentralized exchanges and projects, including DeFi and NFTs. This feature could increase its appeal to investors as it streamlines cross-chain interoperability during transactions.
But that’s not all. Dogeverse also plans to introduce staking for its native token, allowing holders to earn passive rewards over time.
With its solid foundation and innovative features, Dogeverse could become the next big meme coin. Its ongoing presale progress reflects this massive growth potential.
Currently priced at $0.000301, Dogeverse tokens can be purchased using ETH, USDT, and other cryptocurrencies or credit or debit cards. Interested in buying DOGEVERSE? Head straight to the official presale site and follow the process provided.
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