Ripple’s Price Forecast Looks Surprising: Pump or Dump?

Ripple’s price is on an ascending trajectory, extending its rally that began during the New Year’s Day celebration. If long-term holders (LTH) continue their recent accumulation, XRP could overcome the $2.9 resistance level and aim for a new all-time high. However, DTX Exchange’s $11.2 million presale raise gives it a lead over Ripple price as it continues to grab investors!

XRP’s On-Chain Activity Shows Ripple Price Consolidation

Following a 12% jump in Ripple price on Wednesday, investors booked over $1 billion, the highest realized profits since December 16. The profit-taking was mainly from investors that have held XRP in the past 90 days, as indicated by a spike in the Dormant Circulation (90d) metric.

However, long-term holders have adopted a somewhat opposite attitude, accumulating the sell-pressure from these short-term holders as reflected by an increase in the Mean Coin Age metric.

The Mean Coin Age metric measures the average amount of time all XRP tokens have stayed in their current address. An increase indicates accumulation is dominant over distribution.

XRP’s net flow and volume across top crypto exchanges in the past 24 hours show a similar trend, with Binance, OKX, Bitstamp, and Bybit all showing net outflows. The only net inflow was recorded in Coinbase. Exchange net outflows indicate buying pressure is dominant and vice versa for net inflows.

Meanwhile, with pro-crypto Paul Atkins potentially assuming the role of the United States Securities and Exchange Commission (SEC) Chair on January 20, it’s unlikely the agency will pursue its appeal against Judge Analisa Torres’s ruling in its case against Ripple. The SEC faces a January 15 deadline to file the opening brief for its appeal.

XRP eyes $2.9 resistance following the move above the key symmetrical triangle

Ripple price has sustained over $11.03 million in liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long positions reached $2.72 million, while short liquidations accounted for $8.31 million.

Ripple price broke above a symmetrical triangle pattern on Thursday, extending its New Year’s Day rally. With the breakout, Ripple’s price could rally toward the resistance level at $2.9. The move could be strengthened if the Ripple price sees a slight downturn and bounces off the triangle’s upper boundary line.

The Relative Strength Index (RSI) is above its neutral level, indicating dominant bullish momentum. Meanwhile, the Stochastic Oscillator (Stoch) is in its oversold region, signaling a potential correction could be imminent.

A daily candlestick close below the triangle’s lower boundary line and the 50-day Simple Moving Average (SMA) would invalidate the thesis and send Ripple’s price toward the $1.35 level.

DTX Exchange Breaking Barriers With Unified Trading

Most utility tokens today are controlled by centralized venture capital firms, owning a considerable amount of the supply. When retail traders enter, they are left at the mercy of crypto trading whales, who could manipulate the market at will. Furthermore, projects like Ripple have unlocked structures that may dilute your holdings significantly.

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But there is more! – DTX is the first crypto-native platform that offers stocks, forex, ETF trading, and a wide range of trading options. There will be no more hopping between platforms for your assets while using DTX Exchange since you can manage everything in a single place.

Key Takeaways

The Ripple price has been rising since the start of its surge over New Year’s Day. The current accumulation by long-term holders (LTH) may allow XRP to break through the $2.9 resistance level and reach a new all-time high. However, as it continues to attract investors, DTX Exchange has an advantage over Ripple thanks to its low investment cost.

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