Above a support level of $0.3850, led by an ascending trendline, the XRP price prediction is somewhat optimistic.
The seventh-largest and most widely used digital token in the world, Ripple (XRP), kept up its early bullish advance and stayed well-bid over $0.3926 as the cryptocurrency market boomed, boosting numerous cryptocurrencies, including XRP coin.
With major cryptocurrencies trading mostly in the green, the overall market capitalization of all cryptocurrencies grew by about 1% on the day to $859.91 billion.
Jerome Powell, The Fed’s Chair, Made Dovish Remarks
In addition to this, the dovish remarks made by Fed Chair Jerome Powell caused the US dollar to drop to a three-month low.
The remarks also helped Ripple’s XRP token advance, which might also be cited as the cause of its positive bounce. It results from the fact that the US Dollar Index and cryptocurrency prices have an influential negative association (DXY).
On the downside, the increase in Ripple’s huge transactions is not encouraging for XRP, which has been ferociously fending off the onslaught from sellers. A considerable exchange of 280,684,171 XRP worth $110,017,409 between two anonymous wallets was reported in a Whale Alert on November 29.
Another critical aspect that prevented the Ripple XRP token from seeing any more advances was the announcement by cryptocurrency startup Coinbase that it would start deleting XRP from its wallet on December 5.
Regaining Ground In The Cryptocurrency Market
Everyone knows that the FTX firm’s recent struggles have hurt the whole bitcoin industry. The bitcoin market has fallen precipitously since FTX, one of the biggest cryptocurrency exchanges in the world, filed for bankruptcy.
Additionally, several essential cryptocurrency businesses, notably BlockFi, recently filed for bankruptcy, which has hurt the market even more. Despite this, it managed to turn around and make a modest comeback for the day.
This happened when the two most valued cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), crossed the $17,000 and $1,200 valuation thresholds, respectively.
Furthermore doing well are Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC). The doveish outlook of Federal Reserve Chair Jerome Powell supported it.
The central bank will cease hiking interest rates, according to Jerome Powell. In contrast to the 20% possibility that rates would increase by another 75 basis points, the markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its forthcoming meeting.
XRP Moved 80 Million In 3 Suspicious Transactions
Numerous unsettling speculations about the Ripple case against the SEC have caused the market to trade millions of XRP.
The preceding transactions’ motivation is still a mystery, but the fact that a sizable quantity was divided throughout three transactions may hide information from network sleuths.
The first transaction on the network was an internal Bitso exchange transaction. Despite the beneficiary being described in the statement as “unknown”.
The history of prior transactions shows that it is more likely connected to the centralised bitcoin exchange than to a whale or individual investor.