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XRP Price May Head Towards $0.46 as Crypto Traders Turn Bullish

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Mon, 02/24/2020 - 10:23
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  • Traders are bullish and name specific figures $0.46-$0.60 in a recent prediction while Weiss Ratings slams the Ripple CEO for his probanking attitude

Cover image via www.shutterstock.com
Contents

While the XRP price keeps fluctuating below $0.30, overall market sentiment regarding the coin remains bullish. Crypto traders anticipate various movements in the price in the short term but all seem to bet on XRP surging.

An analyst predicts the $0.46 price level, particularly, and even higher.

‘We can continue towards $0.46 and possibly $0.60.'

Dutch analyst Michael van de Poppe has dedicated a post to XRP, saying the situation will likely be okay for this crypto coin.

The expert points to a Support Resistance Flip on the chart saying that XRP needs to hold above $0.25 in order to keep rising to $0.46. The possible destination could also be as high as $0.60.

Michael van de Poppe XRP
Image via Twitter

XRP expected to surge as the current chart resembles 2017

Twitter user @mrlevelup has shared a bullish view on XRP on his Twitter page. Showing similarities between a chart from 2017 and a chart from this year, he shows that the market is now at a similar point as it was back then, at which the XRP price surged.

@mrlevelup expects XRP to soar and provides details in a video he posted to the comment thread.

XRP 2
Image via Twitter

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Weiss Ratings slams Ripple CEO

On Saturday, February 22, financial analytical agency Weiss Ratings published a post criticizing the head of blockchain giant Ripple. The agency bashed Brad Garlinghouse for saying the cryptocurrency world cannot function without banks and that getting bankers on board is crucial for crypto's future.

Weiss Ratings supports the opinion popular in the crypto space that crypto is likely to replace banks. Their tweet is as follows:

“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”

In the comment thread, the XRP community showed their disagreement and began a heated discussion.

XRP Weiss Ratings
Image via Twitter

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • A lone whale was able to move the BTC price by more than $400 on the Kraken exchange

Cover image via stock.adobe.com
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The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

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Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

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A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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