XRP Gains 2% – Are Big Players Moving In?

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Ripple is now up by 2% in the last 24 hours. This bullish price action comes amid rumors that many new players might be coming in to buy XRP. Is it true, or this price increase is just one of many volatile instances of XRP showing a green candle?

Ripple Climbs 2%

After painting three massive red candles till August 17, Ripple is poised to make a comeback. The recent upswing comes after a candlestick doji formed on August 18, which has pushed Ripple up by 2% on the price charts.

At press time, XRP has been trading around the $0.53 mark, with its market capitalization rising by 2% and its total trading volume dropping by 17.94%. That shows that people may be accumulating the token, hoping for a tailwind.

Ripple vs. SEC

Ever since the announcement of the upcoming trial dates of the Ripple vs. SEC case, there hasn’t been much action on the price of XRP.

The bearish response to the XRP until yesterday was likely because, on August 19, SEC finally moved to Judge Torres to ask her permission to appeal her ruling that XRP is not considered a security when sold to the general public.

The recent upswing in Ripple may have to do with the fact that Ripple has till September 1 to file its objection against SEC’s motion of interlocutory appeal.

This appeal can last till one year, according to some legal experts. If Judge Torres denies Ripple’s objection, the current case will persist till 2025.

Bank of America to Leverage XRP via Ripple’s Liquidity Hub?

ETH News recently shared an expert insight from Lingto’s COO, Joseph Endoso, who explained how Ripple’s liquidity hub can help large organizations – like Bank of America – manage XRP transactions.

🇺🇸How BofA can use XRP in the Liquidity Hub🇺🇸@linqtoinc @JosephEndoso pic.twitter.com/etSgpite0W
— Digital Asset Investor.XRP (@digitalassetbuy) August 21, 2023

Endoso posits that integration between RippleNet and the Liquidity Hub will give Ripplenet’s user base – also customers of Bank of America – access to Liquidity Hub’s functionality.

He further talked about how Bank of America could navigate a significant transaction.

While this tweet was merely to highlight how Bank of America could integrate itself with the Ripple economy, it may have given hope to customers that this integration is not out of the cards in the future, which could have bolstered market sentiments and increased the XRP price.

Ripple Price Analysis

While there has been a rise, the daily chart shows that Ripple’s current price is only 11.63% above its pre-pump values. The long reds the token has experienced in the past few days indicate that the XRP is heading back to its bearish route, and the latest green candle isn’t big enough to counter this prediction.

XRP Daily Chart

Hourly charts, however, show a reason to be excited about Ripple’s current performance. It indicates that the token is up by 5.14% since it bottomed on August 22. It shows a concerted effort to put Ripple back on its growing path.

XRP Hourly Chart

Furthermore, the token has been above its 20-day moving average, likely acting as its current psychological support. Ripple’s Current RSI is 58, getting it closer to the overbought zone, and a positive MACD is also indicating a positive sentiment.

If the token sticks to its current momentum, it could move up. That said, there has been no indication that big players are moving in since the recent growth hasn’t been parabolic.

XRP Alternative – WSM

While XRP’s hourly performance has given investors a reason to stay hopeful, the market is still volatile. This prediction can be upturned if today or tomorrow, another large red form on the price chart.

Therefore, investors must look for alternative investments that offer them guaranteed gains away from the current market’s volatility. Wall Street Memes is one of those assets.

A meme coin project created by a community of the same name, Wall Street Memes, leverages the power of memes to gain traction on social media platforms. This approach has been successful so far, as this community has gained over 260k followers on Twitter.

Inspired by Wall Street Bets, the infamous Reddit group that engineered a GameStop short-squeeze that pushed the price of Gamestop stocks and bankrupted hedge fund companies, Wall Street Memes is an idealistic memecoin project. It aims to mirror that very incident by taking an asset perceived useless by most of the investment community – memecoin – and turning it into a wealth generator.

Wall Street Memes are communicating this message on social media through memes that have even gained attention from Elon Musk.

As a result of these actions on social media sites, Wall Street Memes has raised more than $25 million since it opened its presale in June of this year.

There is a chance to make early bird gains before the presale ends in the next few weeks. Interested parties can visit wallstmemes.com to participate.

Wall Street Memes – Next Big Crypto