The price of Ripple is rising, continuing the rally started during New Year’s Day. If the long-term investors (LTH) keep up their accumulations, XRP can surpass $2.9 to reach new heights. DTX Exchange, however, has a $11.2-million presale raised that gives them an edge over Ripple as they continue to attract investors.
XRP’s on-chain activity shows Ripple price consolidation
After a 14% increase in Ripple prices on Wednesday, investors realized over $1 billion. It was the biggest profit since 16 December. Profit-taking was mostly from those who had held XRP for the last 90 days. This is indicated by the spike in Dormant circulation (90d).
The long-term holders, however, have taken a different approach, and are accumulating this sell-pressure that comes from the short-term investors, as shown by the increase in Mean Coin Age.
The Mean Coin Age measures the amount of time that all XRP Tokens spent at their present address. A rise in the number of coins indicates that accumulation has taken precedence over distribution.
XRP net flows and volumes across the top cryptocurrency exchanges over the last 24 hours have shown a similar pattern. Binance, OKX Bitstamp and Bybit are all showing outflows. Coinbase was the only exchange to record a net inflow. Net outflows on exchanges show that buying pressure dominates, and vice-versa with net inflows.
The SEC, which is likely to be led by crypto enthusiast Paul Atkins on the 20th of January, will probably not appeal the ruling made against it in the SEC case. Ripple. The SEC has until January 15, 2019 to submit the first brief of its appeal.
After moving above the key triangle, XRP faces a $2.9 price resistance.
Coinglass reports that the Ripple Price has been liquidated for over $11.03 Million in the last 24 Hours. Liquidated long positions totaled $2.72million, while liquidated short positions amounted to $8.31million.
On Thursday, Ripple’s price broke through a triangle-shaped pattern. This extended its New Year’s Day rally. Ripple could continue to rise in price towards the $2.9 resistance level. This move can be strengthened by a small downturn in the Ripple’s price and a bounce off of the upper boundary line of the triangle.
Relative Strength Index is above neutral, indicating dominant momentum. The Stochastic (Stoch), on the other hand, is at its oversold level, signaling that a possible correction may be near.
The thesis would be invalidated if the price of Ripple fell below $1.35 if the daily candlestick closed below the triangle lower boundary line, and 50-day Simple Moving Average.
DTX Exchange Breaking Barriers With Unified Trading
The majority of utility tokens are currently controlled by venture capitalists who own a significant amount. Retail traders are at the mercy and control of cryptocurrency trading whales who can manipulate the market as they please. Ripple and other projects have opened up structures which may significantly dilute your crypto holdings.
The presale of a new cryptocurrency is quickly changing the landscape by democratizing token launches. Its fair launch method, DTX Exchange The presale offers all investors the opportunity to own DTX, regardless of their size. This project has a pricing structure that rewards early investments and ensures all investors have an equal opportunity.
And there’s even more! – DTX is the first crypto-native platform that offers stocks, forex, ETF trading, and a wide range of trading options. DTX Exchange allows you to manage all your assets in one place.
The Key Takeaways
Ripple’s value has been increasing since its initial surge on New Year’s Day. The accumulation of long-term investors (LTH) could allow XRP’s price to surpass the $2.9 barrier and hit a new record high. DTX Exchange, which continues to draw investors due to its low cost of investment, has an edge over Ripple.
Find out more about:
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ripplecoinnews.com
