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XRP Readies for 2023 Move as Buying Power Resurfaces in Market

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Sat, 31/12/2022 - 11:17
XRP Readies for 2023 Move as Buying Power Resurfaces in Market
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As the year ends, the market is seeing low volatility. XRP, the sixth largest cryptocurrency, is up 1.16% in the last 24 hours to $0.342, according to CoinMarketCap data.

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Numerous USDC stablecoin transactions have been reported by the crypto data tracker Whale Alert in the last 24 hours, with millions of USDC tokens being moved to Coinbase. Similarly, it was reported that the BUSD stablecoin was being moved to Binance.

Analysts believe that the huge amount of stablecoins entering exchanges might serve as buying pressure for the general market, boosting digital asset prices. It remains to be seen if these stablecoin inflows will impact prices this time or not.

According to Coin Metrics, the overall trade volume of stablecoins reached a new high this year, surpassing the $6 trillion mark established in 2021. Meanwhile, the spike in demand for stablecoins could indicate that investors were amassing buying power.

Also, XRP appears to be creating a base for its 2023 price action as a typical pattern appears on its chart. The XRP price's daily moving average (MA) 50 has crossed below the daily MA 200, confirming the so-called bearish death cross.

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While the pattern signals a further sell-off in theory, historical data indicates the opposite for XRP. Previous occurrences, such as those seen for XRP, have signaled major or interim price bottoms. Historically, the XRP price created a base around here from which it rose higher.

Finally, whales continuing their accumulation binge through the end of 2022 could be a portent of better things to come in 2023. Santiment, a blockchain analytics startup, observed millionaire XRP whales filling their bags until the end of 2022. It detects a rapid accumulation of XRP whale and shark addresses, which comprise the 1 million to 10 million XRP tier.

Per WhaleStats data, XRP currently ranks among the 10 most purchased tokens among the 100 biggest BSC whales in the last 24 hours.

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