At the time of writing, the price of BTC has once again dropped below $36,000, and the previously breached resistance zone is struggling to hold as support. While it is still too early to say, daily closes below $36,000 could potentially lead to a further drop to $34,400 for Bitcoin. Despite the impressive US inflation data, the falling price of Bitcoin has caught investors off guard. So, what about XRP Coin?
The past 24 hours have been quite eventful for XRP Coin. It was rumored that BlackRock had submitted an XRP ETF application that would challenge the SEC. When checked on the Delaware website, an XRP application with the same information as the ETH application was visible. However, Bloomberg reached out to BlackRock and the expert stated that this rumor was false. The question of how such an application was made without authorization remains a mystery.
Amidst all this activity, XRP Coin whales have also been active. According to the Santiment chart below, the cumulative balance of whales (wallets holding between 1 million and 100 million XRP) was only 8.93 billion XRP on Sunday, November 12th, but it increased to 9.02 billion on November 14th.
Based on the current price, whales have purchased $60 million worth of XRP Coin. If the XRP Coin price can maintain the $0.65 region and demand continues, the price could potentially return to $0.7.
Despite the losses in Bitcoin’s price, XRP Coin has not strayed far from the level it dropped to after the denial of the BlackRock news. This indicates that whale demand may still be ongoing. If bulls manage to regain control as predicted, the XRP price could reach the previous local peak of $0.72. Once this level is surpassed, the target would be $0.8.
On the downside, we may see some struggle at the $0.55 support and the $0.6 level. A drop to support is particularly risky for XRP Coin, as breaking the $0.65 resistance wall has not been easy. In an environment where BTC tests $38,000, the previously overcome obstacle could become more challenging due to increased demand.
At the time of writing, XRP Coin is trading at $0.645, while Bitcoin is seeking deeper local lows at $35,870.