🚀 XRP Price Surges 2% as Whales Bet on a Bullish Rebound 🐳

XRP Price Rises by 2% to $0.5129 as Cryptocurrency Market Gains 3.5% in Last 24 Hours

XRP Price Prediction Will Whales Trigger a Major Pump despite the current slump?

Last updated: February 8, 2024 09:52 EST | 3 min read

The XRP price has experienced a 2% surge today, reaching $0.5129, as the broader cryptocurrency market enjoys a 3.5% gain in the past 24 hours. This upward movement in XRP is accompanied by an increase in leveraged long positions among large traders. In fact, XRP’s long/short ratio on OKX has reached its highest position in over a month.

This rise in price could potentially change XRP’s fortunes for the better. Although the coin has not been performing exceptionally well lately, with only a 4% gain in the past week and a 10% decline in the past month, factors such as the resolution of Ripple’s case with the SEC and the overall bullish market sentiment may lead to a big rally in XRP soon enough. 📈

📊 XRP Price Prediction: A Subdued Chart, but Whales Are Betting on a Rebound

Looking at XRP’s chart, it appears relatively subdued, with indicators showing overselling and a lack of momentum. The 30-day average (yellow) has dipped below its 200-day average (blue) over a week ago and continues to drop further. However, it may be approaching a bottom soon. 📉

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On a more positive note, XRP’s relative strength index (purple) has risen from 30 to 40, indicating a slight improvement. However, it seems to be struggling to rise any higher at the moment. Additionally, XRP’s trading volume, which currently stands at around $900 million, is not as high as it was in earlier January when it exceeded $2 billion.

Despite these factors, it seems that whales are gradually renewing their interest in XRP. The long/short ratio for XRP on OKX, as mentioned earlier, has become more favorable, indicating that larger traders are currently buying the token more than selling it. This suggests their expectation of a future rebound or rally. 🐳

One possible explanation for this renewed interest is the anticipation of the resolution of the Ripple-SEC case. Experts predict that both parties will reach a full and final settlement by the summer. As the settlement draws nearer, Ripple’s case took a step forward when the court ordered them to provide financial statements and various other documents. These documents will be used by the judge to determine an appropriate financial penalty. 🚨

Source: Ripple co-founder hacked

While the magnitude of the penalty is still uncertain, a settlement would allow Ripple to move past the long-running case and potentially lead to a further rise in the XRP price. Only time will tell how this case progresses and what impact it will have on XRP’s future. ⏳

🚀 Promising New Altcoins: Introducing Smog (SMOG)

For traders who are frustrated by XRP’s recent lack of progress, investing in promising smaller market cap altcoins may be an alternative. One of these newcomers is Smog (SMOG), a meme token based on Solana that has recently listed on the Jupiter DEX.

Impressively, SMOG has surged by 848% in the past 24 hours, holding onto most of its gains despite a minor dip earlier this morning.

What sets SMOG apart from other SOL-based meme tokens is its distinctive design and token structure, featuring playful Tolkien-esque memes and an innovative airdrop system. This system rewards investors who buy and hold onto the token with airdropped SMOG in proportion to the number of tokens held and the duration of ownership. 🎁

This unique setup incentivizes higher levels of ownership and loyalty among holders, as evidenced by its successful listing on the Jupiter DEX.

In terms of tokenomics, SMOG has a total supply of 1.4 billion tokens, with 35% allocated to airdrop rewards and 50% dedicated to marketing. The remaining tokens will be used for liquidity. Additionally, SMOG plans to introduce staking in the future, providing further motivation for long-term holders.

With all these factors in play, the price of SMOG could rally significantly in the near and distant future. Interested investors can purchase the coin either through its official website or via the Jupiter DEX aggregator. 📈

References:

1. Ripple co-founder hacked
2. Solana-based meme coin Smog
3. VanEck announces massive $72 million Bitcoin ETF seeding
4. Ripple on Google News

📣 Have any questions? Check out the Q&A below:

Q: What is the current price of XRP?

A: The current price of XRP is $0.5129, experiencing a 2% increase.

Q: Why are whales betting on XRP’s bullish rebound?

A: Whales, represented by larger traders, have been increasing their long positions in XRP. This could indicate their expectation of a future rebound or rally in XRP.

Q: When is Ripple’s case with the SEC expected to end?

A: Ripple’s case with the SEC is predicted to reach a full and final settlement by the summer.

Q: What other altcoins can I invest in besides XRP?

A: For traders looking for alternative investments, Smog (SMOG) is a promising altcoin based on Solana. It has experienced significant gains and offers distinct features, such as its unique design and innovative airdrop system.

Q: How can I purchase SMOG tokens?

A: You can purchase SMOG tokens either through the official website or on the Jupiter DEX aggregator.

Q: Is cryptocurrency investment risky?

A: Yes, crypto investments carry high-risk potential. This article provides information for informational purposes only and does not constitute investment advice. Be aware that you could potentially lose all of your capital when investing in cryptocurrencies.

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