XRP Price Nears 0.70 Dollars as Whale Wallets Reach 2023 Peak

Crypto News– Ripple’s native cryptocurrency, XRP, continues its impressive rally with a 10% surge in the past 24 hours, bringing it closer to the $0.70 mark.

What’s catching the attention of investors is the growing confidence in XRP, which is evident from on-chain data indicating a notable increase in whale wallets’ accumulation.

XRP Price Nears 0.70 Dollars as Whale Wallets Reach 2023 Peak

According to insights from the crypto analytics platform Santiment, XRP hasn’t witnessed price levels around $0.68 since August 2nd. This recent three-month high was achieved as XRP recorded a remarkable +23% gain against BTC over the past week. Notably, wallets holding 100,000 to 1 billion XRP have now reached their highest point in 2023.

Currently, XRP is positioned at a critical price point, revealing a bullish pattern that could shape its future value. A closer look at the chart reveals XRP’s robust health, as it trades above both the 50-day and 200-day exponential moving averages (EMAs), which is typically considered a bullish signal.

The potential crossover of these EMAs in a bullish direction suggests a sustained upward momentum. This technical setup, combined with the relative strength index (RSI) comfortably positioned above the 50 threshold, signifies that buyers are firmly in control. This sets the stage for a solid foundation, laying the groundwork for potential price appreciation shortly.

Confidence Rises in the Ripple vs. SEC Legal Battle

On Sunday, market confidence in a positive outcome for Ripple in the ongoing SEC vs. Ripple case was reignited, even in the absence of any case-related developments influencing investor sentiment. Jeremy Hogan, an attorney and partner at Hogan & Hogan, shared his insights on the SEC vs. Ripple case.