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XRP Price Insights – October 20, 2023.
- XRP price surged above $0.52 after the SEC dropped its lawsuit against Ripple’s top executives.
- Buying interest increased amid growing speculations about a fundraising IPO after Ripple recently posted a “Shareholder Communication Senior Manager” job opening.
- Vital technical indicators also show that XRP price could still score more gains before hitting a formidable sell-wall.
XRP price surged above $0.52 after the SEC dropped its lawsuit against Ripple’s top executives. This triumph comes on the heels of Ripple beating an SEC appeal back in July 2023. Vital data-based indicators show that whale investors are looking to book some profits.
Crypto Whales Booked Early Profits Once XRP Price Cleared $0.53
After two weeks on the back foot, XRP price finally broke above the $0.53 range on Friday October 20. Recent events show that the XRP price rally is linked to positive market reaction from the SEC’s decision to drop it lawsuit against Ripple top executives.
However, while the sentiment surround XRP and the broader crypto markets still remains firmly bullish, on-chain data shows that a strategic group of crypto whales capitalized on the recent price rally to book some early profits.
As depicted below, crypto whale wallets holding 1 million to 100 million XRP made rapid outflows of 60 million XRP worth approximately $35 million once XRP crossed $0.52 mark on Friday.
The Whales Wallet Balances chart above tracks real-time changes in the number of coins held by large investors otherwise caled crypto whales. The 60 million XRP sell-off recorded on October 20, implies that the whales have capitalized on the Friday’s rally to withdraw $32 million at a 3-week price peak.
Considering how influential these crypto whales often are, if they keep selling, other strategic retail investors could begin to mirror their trades. Hence, XRP price could stagnate below $0.55 over the next few days, rather than proceed toward $0.60.
XRP Price Prediction: The $0.53 Resistance Could Pose a challenge
With XRP currently valued at $0.52, the daily-time frame technical analysis provides essential insights into its potential upcoming price action.
The Parabolic SAR (Stop and Reverse) is a technical indicator used to identify potential trend direction and reversal points. Currently the Parabolic SAR value is at $0.47. Since this is below the current price of $0.52, it suggest suggests an impending bearish trend.
Hence if the bulls can force a reversal below the psychological support level at $0.50, a prolonged downswing toward $0.60 could be on the cards.
But on the upside, a decisive breakout above $0.55, could trigger a potential retest of the $0.60 level.
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