XRP Price Prediction as Bulls Push XRP Above $0.65 Resistance – $1 XRP Incoming?
XRP is trading above its key $0.65 resistance level after rising 10.5% in the last seven days. The token for crypto payment company Ripple’s blockchain currently changes hands at $0.68, but is it likely to rise to a dollar this year?
XRP is certainly following broader market trends. Leading cryptocurrency Bitcoin (BTC) posted similar gains of 10.2% over the week and currently trades close to its all-time high of $73,737.94, posted three hours ago, according to data by CoinGecko.
Bitcoin has seen steady inflows of new capital since late 2023.
Its rally was initially prompted by hype that the United States Securities and Exchange Commission (SEC) was going to approve spot Bitcoin ETFs.
On January 10, the SEC approved 11 Bitcoin ETFs, including one from BlackRock, the world’s largest asset manager, which has gone on to become the largest of the Bitcoin investment products.
This Tuesday, the ETFs took in $1 billion in inflows, with BlackRock’s accounting for the $848 million bulk of it. This means that there is a growing mainstream interest in Bitcoin, and by extension all of crypto, that is helping to drive prices across the market this week.
Record inflow for Ten yest, first day over $1b net. $IBIT went crazy with $848m of it, YTD net now +$11b, assets now over $60b. $IBIT also over $15b and about to crack the Top 100 ETFs by size. If you want to view this chart made by @JSeyff on terminal use {G #BI 124590<GO>}. pic.twitter.com/ca3QJxf7AM
— Eric Balchunas (@EricBalchunas) March 13, 2024
On Monday, XRP jumped 20% and continued rallying well into Tuesday. The news driving the excitement? Twitter alerts about the steady transferal of many millions of dollars of XRP from Binance to unknown wallets. Whale tracker @Whale_Alert flagged
Read more on cryptonews.com
