XRP has been on the front lines of crypto news for the past few weeks as demand for Ripple heats up with the Securities and Exchange Commission (SEC). The increased attention has translated into more market movement, and the whales are looking to take advantage of this.
Whales move towards XRP
XRP trading volume saw a surge on Tuesday following the upward rally in the crypto market. This saw the price of the digital asset rise, but perhaps the biggest thing of the day was the fact that the Binance Smart Chain whales were actually more interested in the coin.
Whale tracking website WhaleStats reported that XRP had become the most traded token among the top 100 BSC whales for the day. It dethroned AAVE which had previously dominated the attention of these great whales to achieve this feat.
Check out the top 100 whales here: https://t.co/0SYnjw0xQs
— WhaleStats: Top 1000 BSC list (@WhaleStatsBSC) January 10, 2023
Now, the increased interest from these whales has yet to subside because while XRP is not currently the most traded token, it is still a top 10 token for them. It appears in the fourth place of the most bought tokens for the largest BSC whales.
Furthermore, the XRP smart contract is one of the top 10 most used smart contracts among the top 100 BSC whales.
Price sitting at $0.37 | Source: XRPUSD on TradingView.com
Jumping in front of the crypto market gains
There are still residual market gains from Monday’s price surge in the crypto market and XRP is one of the tokens absorbing the gains. It is currently one of the top gainers in the last 24 hours, ranking third on the Coinmarketcap gainers list with a 4.34% rise in the last day.
XRP among the top five gainers | Source: Coinmarketcap
This rise in price has now pushed the XRP price above its 20-day moving average. Breakpoints of a short-term uptrend for the digital asset, at least for the week. The most important thing now is for the digital asset to break the resistance at $0.037, as this will propel it above its 50-day moving average of $0.379. Once this is achieved, a rally above $0.4 for the cryptocurrency will be locked in.
One event that could likely prove volatile for the XRP price is another hearing scheduled for January 19 in Ripple v. SEQ. Both parties involved must file any objections to the non-party motions by January 18.
As for the final verdict in the case, Ripple CEO Brad Garlinghouse and attorney Stuart Alderoty expect a decision from Judge Analisa Torres sometime in the second quarter of 2023.
Follow, continue Best Owie on Twitter for market insights, updates and the occasional funny tweet… Featured Image from The Coin Republic, Chart from TradingView.com
This post XRP Tops Winners List As Whale Interest Rises
was published first on https://newsbtc.com/analysis/xrp/xrp-tops-list-of-gainers/