The price of ripple (XRP) lost all of its gains on October 31 after peaking at $0.60 for the first time since mid-August. To determine the course of the XRP price movement, cryptocurrency traders are waiting for the US Federal Reserve to announce its interest rate policy. Those who held the XRP/USDT pair on Binance saw gains of 5.42% during the previous week.
The developments surrounding US financial regulator Gary Gensler, the chair of the Securities and Exchange Commission (SEC), and his remarks, as well as the response from Ripple executives, helped to foster a bullish attitude among XRP investors.
Daily Digest Market Movers: For the first time in three months, the price of XRP reaches $0.60.
Following its peak at $0.60, the price of XRP dropped as traders turned their attention to the US Federal Reserve’s impending interest rate decision.
Over the last week, whales have been aggressively affecting the price of XRP; this week, large wallet investors have handed the reins to retail traders.
Whale trades valued at more than $1 million reached a three-month high between October 18 and 26. Whale action caused XRP to correct and was linked to profit-taking. After that, the altcoin started to rise again.
Santiment data shows that the cohort of retail traders whose wallets own at least 10,000 XRP tokens increased to 277,620, a new record high.
Santiment data shows that between July 26 and November 1, three groups of retail traders—those holding 100 to 1,000 XRP, 1,000 to 10,000 XRP, and 10,000 to 100,000 XRP—saw increases of 2.29%, 2.65%, and 4.27%, respectively.
A total of thirty million XRP tokens, worth up to $17.2 million, were moved out of Bybit, according to the on-chain tracker Whale Alert. An asset’s exchange outflow is usually viewed as optimistic since it lessens the selling pressure on the token.
Ripple executives criticize the SEC Chair
In a tweet on Halloween, Stuart Alderoty, the chief legal officer at Ripple, chastised Gary Gensler, the chair of the SEC. The CEO noted that the SEC has probably broken the law and that Congress maintains that they should evaluate agency guidelines as required by the US financial regulator.
The US Government Accountability Office, which monitors Congress, tweeted lately on the Congressional Review Act’s relevance to Staff Accounting Bulletin No. 121 for the US Securities and Exchange Commission.
Technical Analysis: If this happens, the price of XRP might rise by 14%.
The current price of XRP on Binance is $0.5864. The price chart below illustrates the fair value gap that exists between $0.6682 and $0.6758. As the price of XRP continues to rise, the upper and lower levels are anticipated to serve as resistance for the altcoin. The bullish breakout that propelled XRP to $0.60 is indicative of growing retail trader demand and purchasing pressure.
Buyers who have been sidelined now have the chance to stockpile the altcoin before it retests the $0.6682 barrier. If $0.6682 is broken successfully, XRP will rise to $0.6758. The difference between the current price of $0.5864 and the FVG of $0.6682 is a 14% increase.
It is important for traders to be aware that the asset may decline to its FVG, which is located between $0.5320 and $0.5244, following a decline to support at the 23.6% Fibonacci Retracement level, or $0.5457. This action can signal a 9.2% decline in the asset and refute the optimistic thesis for the price of XRP.