XRP price sustained above the $0.60 mark, early on Tuesday. The altcoin is in an uptrend, amidst rising capital inflow from institutional investors to XRP funds. Over the past three weeks, large wallet investors have distributed their XRP token holdings, and retail traders have scooped up the altcoin, supporting a bullish thesis.
Weekly crypto fund inflows by asset, as seen in CoinShares report
XRP token accumulation by retail, distribution by whales
MVRV Ratio (30 days) and price
XRP price is in an uptrend in November 2023. The altcoin is on track to extend its gains, with the recent developments in the altcoin. XRP price eyes the 50% retracement level of the decline from the July 13 top of $0.93 to Aug 17 low of $0.42.
XRP price is likely to rally to the $0.68 mark, over 10% gains from the current level. The altcoin could find support at the 50-day Exponential Moving Average (EMA) at $0.59, in the event of a decline.
XRP/USDT 1-day chart
A close below the 50-day EMA could invalidate the bullish thesis for the asset and suggest further correction in XRP price.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.