XRP has surged above its critical resistance level of $0.65, marking a notable 10.5% increase over the past seven days. Currently trading at $0.68, the digital asset of Ripple’s blockchain is prompting speculation: Could it potentially reach $1 this year?
The movement in XRP closely mirrors the broader trends in the cryptocurrency market. Bitcoin (BTC), the leading cryptocurrency, has recorded a similar uptrend with gains of 10.2% over the week, now hovering near its all-time high of $73,737.94, which was achieved just three hours ago, according to CoinGecko data.
Bitcoin’s upward trajectory has been fueled by consistent inflows of new capital since late 2023. Initially sparked by speculation surrounding the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), Bitcoin’s rally gained momentum. On January 10, the SEC granted approval for 11 Bitcoin ETFs, including one from BlackRock, the world’s largest asset manager, which has since emerged as the largest among Bitcoin investment products.
This Tuesday witnessed a substantial influx of $1 billion into these ETFs, with BlackRock’s ETF accounting for the majority share of $848 million. This influx underscores a growing mainstream interest in Bitcoin and, by extension, the entire cryptocurrency market, contributing to the price surge observed across the market this week.
Record inflow for Ten yest, first day over $1b net. $IBIT went crazy with $848m of it, YTD net now +$11b, assets now over $60b. $IBIT also over $15b and about to crack the Top 100 ETFs by size. If you want to view this chart made by @JSeyff on terminal use {G #BI 124590<GO>}. pic.twitter.com/ca3QJxf7AM
— Eric Balchunas (@EricBalchunas) March 13, 2024
XRP experienced a significant surge on Monday, soaring by 20%, and maintained its upward momentum into Tuesday. The catalyst for this surge? Twitter alerts highlighting substantial transfers of millions of dollars worth of XRP from Binance to undisclosed wallets. Notably, @Whale_Alert, a prominent whale tracker, flagged one of the largest transactions on Friday, involving 300,000 XRP, equivalent to approximately $204.7 million at the current market price.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
Looking at XRP’s chart, we observe a consistent upward trend throughout most of February, with the price exhibiting more volatility towards the beginning of the month. Currently, with a Relative Strength Index (RSI) of 47, XRP shows potential for additional gains and is likely to continue tracking Bitcoin’s movements closely.
Other cryptocurrencies apart from Ripple’s XRP
Solana and XRP stand as prominent altcoins, each serving distinct purposes within the cryptocurrency space. Solana emerges as a leading competitor to Ethereum, boasting a vibrant ecosystem teeming with applications and developers. In contrast, XRP serves as the token fueling Ripple’s blockchain, which positions itself as the preferred platform for cross-border settlements and global payments.
However, the realm of meme coins presents an intriguing avenue for potentially explosive rallies, particularly when they offer more than just humor. Enter SPONGE, the latest sensation in the world of cryptocurrencies and the native token of a promising new ecosystem.
This Spongebob-inspired meme coin has notably outperformed its more established counterparts in recent times. With a remarkable surge of 10% in the past 24 hours, 60% over the last week, and a staggering 150% in the past two weeks, SPONGE has garnered significant attention fueled by fervent buying activity.
$0.0045 next? 👀🚀 $SPONGE
— $SPONGE (@spongeoneth) March 14, 2024
SPONGE, initially an ERC-20 token on Ethereum, recently underwent an upgrade and migration to V2 on Polygon, a Layer 2 scaling solution for Ethereum. It is currently available for purchase on the official SPONGE website at a price of $0.003637, before its listing on exchanges.
With this upgrade, the team introduced several significant enhancements, notably a new staking model promising a minimum yield of 40% APY. The current yield stands at approximately 447%, subject to variations based on the number of stakers and tokens locked up.
Furthermore, SPONGE serves as the underlying currency for an upcoming racing game, where participants engage in competitive gameplay to earn SPONGE rewards.
