Token

Dubai

Coin

XRP is leading the charge in a weekend rally. XRP has not only maintained its upward trajectory but also claimed the fourth position in terms of market capitalization, displacing Binance Coin (BNB).&nbsp;
For the first time since late July, XRP reached a three-month high of $0.73, as reported by <a href="https://www.coingecko.com/en/coins/xrp" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a>. Currently, XRP’s value stands at approximately $0.692314, marking a 2.8% increase over the past 24 hours, while its seven-day rally has accumulated gains of 20.9%.
Data analysis suggests that <a href="https://bitcoinist.com/xrp-price-outperform-crypto/" target="_blank" rel="noopener noreferrer nofollow">XRP’s recent gains</a> were primarily driven by spot trading activity. Liquidations of XRP-tracked futures contracts surpassed the $4.4 million mark, indicating a notable uptick in trading volume. Such a substantial liquidation amount hints at the possibility of traders employing high leverage to boost the cryptocurrency’s prices.
This year, wallets containing 100k – 1 billion XRP tokens have notably elevated their engagement with the remittance token, as per the findings disclosed by Santiment, the blockchain data analytics platform. This surge has resulted in these wallets currently maintaining their peak levels of XRP holdings.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f973.png" alt="🥳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/XRPLedger?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#XRPLedger</a> is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$XRP</a> moved up +23% against <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> in just the past week. Wallets with 100K-1B <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$XRP</a> now hold their highest level in 2023. <a href="https://t.co/v5wlgIQAhh" rel="noopener noreferrer nofollow" target="_blank">https://t.co/v5wlgIQAhh</a> <a href="https://t.co/hvZbZ8S1UG" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/hvZbZ8S1UG</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1721360317564010910?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 6, 2023</a>
</blockquote>
Meanwhile, <a href="https://www.tradingview.com/symbols/XRPUSD/" target="_blank" rel="noopener noreferrer nofollow">technical indicators</a>, such as the Moving Average Convergence Divergence (MACD), suggest that XRP retains the momentum necessary to sustain its upward trend. The MACD indicator reveals that as long as the blue MACD line remains above the red signal line, traders are likely to remain optimistic and continue to ride the uptrend.
<h2 id="strong-anticipating-further-xrp-gains-strong">Anticipating Further XRP Gains</h2>
With XRP’s price currently hovering around $0.692314,<a href="https://bitcoinist.com/xrp-favorite-crypto-americans/" target="_blank" rel="noopener noreferrer nofollow"> traders and enthusiasts</a> are eyeing the next major resistance level, which stands at $0.75. This resistance level corresponds to the 74.3% Fibonacci retracement, a key technical level used by analysts.&nbsp;
If XRP manages to break above this crucial point, it is expected that a wave of traders will rally behind the cryptocurrency, seeking gains that could potentially push it above the $1 mark. The prevailing sentiment in the market is that as long as the uptrend remains intact, the likelihood of a sudden trend reversal appears minimal.
<h2 id="strong-ripple-s-regulatory-triumphs-strong">Ripple’s Regulatory Triumphs</h2>
In parallel with XRP’s impressive performance, Ripple, the parent company behind the cryptocurrency, celebrated significant <a href="https://bitcoinist.com/ripple-xrp-in-dubai/" target="_blank" rel="noopener noreferrer nofollow">regulatory victories</a> last week. Ripple <a href="https://twitter.com/Ripple/status/1720095539763781812" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it had secured essential approvals to operate and offer its services in Georgia and Dubai.
<blockquote class="twitter-tweet">
 Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (<a href="https://twitter.com/DIFC?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DIFC</a>) to incorporate XRP into their virtual asset services.
 Learn more: <a href="https://t.co/JNcd4ROhoI" target="_blank" rel="noopener noreferrer nofollow">https://t.co/JNcd4ROhoI</a>
 — Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1720095539763781812?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 2, 2023</a>
</blockquote>
In a notable development, the Dubai Financial Services Authority (DFSA) formally approved XRP under its virtual assets regime. This regulatory endorsement allows licensed firms within the Dubai International Financial Centre, a financial sandbox for innovative financial services, to integrate XRP into their suite of cryptocurrency services.
As a result, clients in the Dubai International Financial Centre will have access to XRP for various financial transactions and investment opportunities.
With strong technical indicators and a supportive trading community, XRP is <a href="https://bitcoinist.com/ripple-co-founder-xrp-price-10000/" target="_blank" rel="noopener noreferrer nofollow">poised for further gains</a>, provided it can break through the $0.75 resistance level.
Featured image from Pixabay

Massive XRP Rally: Whales Drive Token To 3-Month High As Market Sentiments Soar

Table of Contents

Bitcoinist

Other articles published on Nov 7, 2023

Aethir Launches Testnet for Cloud Gaming on Arbitrum (7 Nov)

Magic Eden Beefs Up Polygon Support With an NFT Aggregator Tool

Shiba Inu Lead Dev Reveals The Next Step In Fulfilling Founder’s Vision

Top Altcoins to Watch in November: INJ, OKB, and TWT

BONE Holder Count Approaches New Milestone, Here's Price Reaction

Cardano Eyes Top 10 Crypto Chains by Total Value Locked

Join our free newsletter for daily crypto updates!