XRP Sees 2% Price Boost– Are Institutional Players Moving In?

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Ripple (XRP) price has been moving horizontally for the past week, consolidating while denying traders a chance to make a profit. Traders taking long or short positions have endured a somewhat lulled market throughout the weekdays. Institutional players may be moving in after a 2% surge in the last 24 hours.

Ripple Price Rises 2%; Why It Could Be Institutional Players

For starters, it is imperative to note that weekends record low trading volumes, exposing the market to high volatility. Research on Bitcoin (BTC) and crypto price data shows that the most significant price changes happen on weekends.

The same study shows that the size of individual orders is usually big despite the number of orders being small. This points to large holders, the institutional players or whales, being more active during weekends than retail traders. Their participation between Saturdays and Sundays leads to vast numbers of crypto either amassed or offloaded. This happens as they cash in weekend price swings.

Given the 2% move in Ripple price, and considering retail tends to take a break from the market on weekends, all signs point to institutional players.

Sentiment data shows that social dominance (red) for the XRP token is at a multi-month high. This means that the share of the token’s mentions on crypto-related social media is high, relative to a pool of more than 50 talked about projects online.

XRP Sentiment

The social volume metric also corroborates this, showing a significant rise and heading north, as indicated in the chart above (blue). These are all bullish signs that could translate to price increases if sustained.

Ripple Price Forecast As XRP Works Out Its Next Move

Ripple Price is working out a move north after a brief test of the demand zone (orange) following the August 17 crash. Besides the correlation to Bitcoin, which has crypto markets on standby, uncertainty is the only limiting aspect of XRP price growth. This comes as token holders show caution after the court rescinded their hard-earned victory (though partial) in the ongoing case against the SEC.

When writing, Ripple’s price is $0.5209, a daily rise of 2% with indications of price increases because of on-chain metrics. If buying pressure increases, sprouting from the demand zone where buyers tend to buy aggressively, XRP could move north.

Breaking past the immediate barricade at $0.5752 and the next hurdle at $0.6840 levels would be ideal. However, the Ripple price must record a decisive daily candlestick close above the $0.8193 resistance level for a confirmed uptrend. Such a move would constitute a 60% ascension above current levels.

Looking at the Relative Strength Index (RSI) position, it had just crossed above the signal line (yellow). This is a bullish crossover, often interpreted as a call to buy. Traders heeding this call could enhance the much-anticipated uptrend.

Similarly, the histograms of the Awesome Oscillator are recording vast volumes of green bars, meaning bulls have established a presence in the market.

Conversely, considering the current state of Bitcoin price and its characteristic correlation with the market, a sustained uptrend for altcoins could still be distant. Also, if BTC shows weakens, the probability of it harming altcoins would be high.

Ripple price pulling south remains a possibility, with greater odds than the downside. It could retrace to the demand zone or slip through it, failing the order block as a support level and making it a bearish breaker.

In the dire case, Ripple’s price could record the August 17 low, tagging the $0.4191 support level. This would denote a 20% slump.

With Ripple price remaining in the woods, calculating which way to go next, switch gaze to WSM, the ticker for the Wall Street Memes ecosystem. The token recently breached the $26 million mark in presale sales, anticipating an exchange listing soon.

Promising Alternative To XRP

Wall Street Memes is a new player in the 2023 meme coin market. It features among the best meme coins to buy during the presale stage. The project is in the last presale cycle, with much hype for its oncoming listing. See here whether WSM features among the top crypto ICOs if you are considering a potential investment.

The project has launched a staking feature to help reduce selling pressure, thus maintaining its value. Like in the cryptosphere, the staking mechanism helps achieve token price stability. It also serves to attract a broader range of investors. This promotes long-term growth and sustainability for the project.

Another exciting development in the Wall Street Memes ecosystem is that WSM features among the most anticipated listings to watch in September, barely a week from now. These two aspects qualify as positive developments for WSM.

Here is how you can buy WSM during the token presale