Cryptocurrency

<div class="finbold">
 <p class="paragraph">XRP is grappling with bearish sentiments as the cryptocurrency struggles to sustain a potential upswing towards the $1 mark. This correction has occurred even as Ripple secured multiple victories in its legal battles with the US Securities and Exchange Commission (SEC).</p>
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 <p class="paragraph">Despite prevailing market conditions, some analysts assert that XRP is poised for a rebound, aiming to reach the $1 mark. Notably, in a post dated November 17 on X (formerly Twitter), crypto analyst <em>Cryptoinsightuk</em> highlighted XRP’s potential for an <a rel="noopener noreferrer nofollow" title="aggressive" href="https://thebittimes.com/tag/aggressive.html">aggressive</a> price trajectory, citing chart movements and setting the next target between $0.89 and $1.35.</p>
 <p class="paragraph">The analysis highlighted a noteworthy development in the XRP market, with more than $100 million in open interest (OI) added during a marked spike. Notably, the surge in open interest coincided with reports surrounding a fake BlackRock (NYSE: BLK) XRP Exchange-Traded Fund (ETF) filing, sparking a swift price spike that corrected later.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="564" src="https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp" alt class="wp-image-138146" srcset="https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp 1536w, https://cdn.thebittimes.com/images/2023/11/18/a80443d5031e1e416c45db879948a52f.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>XRP price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph"><em>Cryptoinsightuk</em> emphasized the importance of breaking above the descending trendline, indicating that such a move could <a rel="noopener noreferrer nofollow" title="trigger" href="https://thebittimes.com/tag/trigger.html">trigger</a> an <a rel="noopener noreferrer nofollow" title="aggressive" href="https://thebittimes.com/tag/aggressive.html">aggressive</a> upward momentum for XRP. According to the analyst, this would prompt those with short positions to cover or close them, forcing them to buy XRP and potentially <a rel="noopener noreferrer nofollow" title="trigger" href="https://thebittimes.com/tag/trigger.html">trigger</a>ing a cascade of stop-loss orders, further propelling the digital asset’s value.</p>
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  <p class="paragraph">“A break above the descending trendline could be the start of an <a rel="noopener noreferrer nofollow" title="aggressive" href="https://thebittimes.com/tag/aggressive.html">aggressive</a> move for $XRP as people try to cover or close shorts (basically meaning they have to buy). This could cascade stop losses to the upside and push $XRP on a fast move,” he said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="increasing-xrp-whale-activity">Increasing XRP whale activity</h2>
 <p class="paragraph">As reported by Finbold, despite the drop in XRP valuation, the token has recorded a surge in whale transactions. This movement is viewed as a catalyst for a potential price rebound.&nbsp;Indeed, XRP slightly surged following fake news around BlackRock filing for an XRP ETF.</p>
 <p class="paragraph">The current XRP price movement comes when Ripple has also strayed from the routine of selling unlocked XRPs in weekly installments, a pattern that had been consistently observed since August. This deviation marks the first instance of such a change in approach.</p>
 <h2 class="wp-block-heading" id="h-xrp-price-analysis">XRP price analysis</h2>
 <p class="paragraph">By press time, XRP was trading at $0.61, representing daily losses of about 1%. On the weekly chart, XRP is down almost 10%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/11/18/e1dc2c079e1e9526c82f7316ed180d6e.webp" alt class="wp-image-138143" width="834" height="556" srcset="https://cdn.thebittimes.com/images/2023/11/18/e1dc2c079e1e9526c82f7316ed180d6e.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/e1dc2c079e1e9526c82f7316ed180d6e.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/e1dc2c079e1e9526c82f7316ed180d6e.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/e1dc2c079e1e9526c82f7316ed180d6e.webp 1200w" sizes="(max-width: 834px) 100vw, 834px">
  <figcaption class="wp-element-caption"><em>XRP seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">A review of XRP technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shows the token is dominated by neutrality. A summary of the gauges, moving averages, and oscillators are all ‘neutral’ at 9,1 and 8, respectively.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="204" src="https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp" alt class="wp-image-138142" srcset="https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp 1536w, https://cdn.thebittimes.com/images/2023/11/18/ea142d362f23c70e0e7e4372d7bec85c.webp 1607w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>XRP technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">It is worth noting that the general crypto market has been in a frenzy regarding the possible approval of spot Bitcoin ETF. Indeed, if the approval occurs, it will likely positively impact assets such as XRP. However, the approval does not guarantee a bull run for the crypto market.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-move-could-trigger-xrp-s-aggressive-rally-past-1-tbt70784.html">https://thebittimes.com/this-move-could-trigger-xrp-s-aggressive-rally-past-1-tbt70784.html</a></p>

This move could trigger XRP’s aggressive rally past $1

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