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Simon Chandler
Author
Simon Chandler
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The XRP price has gained by 1% in the past 24 hours, rising to $0.59 as the cryptocurrency market continues to ride the Fed’s rate cut this week.
XRP is now up by 4% in a week and by 10% in a fortnight, while also sitting on a modest 15% increase in the last 12 months.
Yet despite being in the green over most timeframes, this week has also seen substantial XRP transfers – worth over $26 million – to Mexico-based exchange Bitso.
This raises the possibility that a whale may attempt to cash out as soon as the XRP price rallies again, although this won’t dent the coin’s momentum in the medium- or long-term.
XRP Price Forecast: Mysterious Whale Activity Raises Questions – What’s Next for Ripple?
After a poor start to the week, XRP continues to show strength and momentum in the near term.
Its relative strength index (purple) has risen above 50 again after dipping early this morning, indicating that the overall trajectory at the moment is upwards.
Likewise, its 30-period moving average (orange) is still climbing above the 200-period average (blue), again indicating that XRP is in a phase of expansion.
This view receives support from the fact that XRP’s 24-hour trading volume has reached $1.5 billion today, up from $800 million as recently as Monday.
Yet we may see a dip over the weekend perhaps, given that a single whale has sent two separate transfers to Bitso in the past few days.
The first (detailed in the tweet above) happened on Wednesday, but the very same unidentified address then sent $15.3 million in XRP yesterday, again to Bitso.
We can view such transfers in one of two ways: either they’re a sign that a imminent (big) sale will cause a dip, and/or a sign that whales expect the price of a given crypto to rally (which is why they’re preparing to cash out).
It’s entirely arguable that the XRP price may have enough momentum to ride out any whale dump and continue rising over the coming weeks and months.
Indeed, the Fed’s 0.5% reduction in rates seems to have had a bullish effect on markets, and with a couple more cuts likely this year, Christmas could end up being very jolly for XRP holders.
Combined with Ripple’s ongoing expansion of its business, the XRP price could easily reach $1 by the end of the year.
New Altcoins for New Rallies
XRP remains something of a slow burner in relation to other alts, which means that some traders may prefer to look elsewhere for quicker and above-average gains.
One good place to look is presales, which can often result in a new coin rallying exponentially once they list for the first time.
A great example of a likely candidate to do this is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has already raised $250,000 in its sale.
This is an impressive figure given that Memebet’s sale began only last week, with investors attracted by the fact that Memebet will be launching its own online crypto-friendly casino.
As an online casino, Memebet will provide over 1,000 crypto-native games to play, including slots, table games and a sportsbook.
Users will be able to place bets with the native MEMEBET token, as well as with established coins such as Pepe, Dogecoin, Bonk and Shiba Inu.
By choosing to wager with MEMEBET, holders will have the chance of earning greater play-to-earn rewards, with 20% of the coin’s overall supply (2 billion MEMEBET) reserved for payouts.
New buyers can join its sale now by going to the official Memebet Token website and connecting their wallets.
1 MEMEBET currently costs $0.0252, although this will rise by $0.001 with every new stage of the sale.
And with its follower count also rising quickly, there’s every chance that the coin could rise much higher once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
