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The Ripple price has demonstrated robust resilience by consistently maintaining levels above the $0.59 threshold. While also approaching its local zenith of $0.62 during the close of Friday’s trading session. Notably, on-chain metrics have illuminated an escalating appetite for XRP tokens within the market participant community. This is further underscored by the notable surge in trading volume and the increasing count of daily active addresses. In which both of serve as compelling indicators of heightened interest among traders.
Over the past month, the aforementioned altcoin has delivered an impressive 10.70% gain. Demonstrating a commendable, sustained upward trajectory for the past three days. It is worth highlighting that even the Federal Reserve’s recent interest rate determination has failed to deter the sanguine outlook of retail traders. As Ripple Price continues to ascend.
Ripple Price Market Resilience and Whale Transaction Surge
Within the realm of market dynamics, Ripple Price valuation has consistently remained above the $0.60 threshold on the Binance exchange since October 31. Accompanied by an overwhelmingly bullish sentiment among XRP holders, thereby providing substantial support to the asset’s overall valuation. Additionally, a noteworthy surge in high-value whale transactions, valued at $100,000 or more, in November serves as a pivotal signal of forthcoming volatility in Ripple Price. This is further substantiated by the substantial 106% increase in the count of whale transactions this month. As reported by Santiment data.
Source: FX Street
Although whale activity is typically associated with profit-taking. It is worth noting that a corrective downturn in Ripple Price seems less likely. Primarily due to the prevalence of constructive catalysts propelling the asset’s ascension. Furthermore, the consistency of daily active addresses for XRP, surpassing the 19,500 mark between October 31 and early Friday. Which reflects sustained engagement within the ecosystem. Of considerable significance is the surge in XRP trade volume. Surging from 1.51 billion to 2.60 billion between October 31 and November 3, translating to a remarkable 72.84% escalation over a span of just four days.
Source: FX Street
DFSA Approves XRP for Use in Dubai Financial Centre
In a pivotal development, the Dubai Financial Services Authority (DFSA) has extended its formal approval. That include the incorporation of the digital asset XRP within the Dubai International Financial Centre (DIFC). This monumental decision bestows upon virtual asset firms operating within the DIFC the opportunity to seamlessly integrate XRP into their suite of virtual asset services. Notably, XRP stands as the inaugural virtual asset to secure endorsement under the purview of the DFSA’s virtual assets regulatory framework. This notable milestone positions Ripple Price alongside other esteemed virtual assets such as Bitcoin, Ethereum, and Litecoin. All of which have previously received official approval from the DFSA. The concomitant legal and regulatory clarity is anticipated to be a propitious development for XRP. As it is poised to find utility within institutions domiciled within the DIFC, specifically for the purpose of facilitating value exchange.
Also Read: The Bitcoin Price Volatility on Strong October US NFP Report
Ripple Price Technical Analysis: Bullish Momentum and Resistance at $0.6682
The current Ripple Price stands at $0.5980 on the Binance exchange. A discerning examination of the price chart reveals the existence of a Fair Value Gap (FVG) positioned within the range of $0.6682 to $0.6758. The lower boundary of this range. At i.e., $0.6682, expected to exert itself as a formidable resistance level as XRP’s price rally endures. It is imperative to underscore that the constructive developments within the XRP ecosystem are poised to provide substantial reinforcement to the asset’s overarching bullish trajectory. In the event that XRP successfully surmounts the $0.6682 resistance. It could potentially ascend to the upper boundary of the FVG, positioned at $0.6758. This scenario represents a prospective 12% appreciation from the current price of $0.5980. On the flip side, should the need arise, the 10-day Exponential Moving Average (EMA) at $0.5769 anticipated to serve as a reliable support level.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
