bullish

Gold

<p>Ahead of the highly anticipated crypto bullish breakout in the fourth quarter, Ripple Labs-backed XRP has signaled an early exit from macro consolidation. The large-cap altcoin, used by Ripple to streamline cross-border payments, has attracted more attention from speculative investors, more so institutional traders seeking to diversify into the crypto space.</p>  
<p>Furthermore, the XRP market has significantly matured in its ten years of existence and has deep liquidity from different centralized and decentralized exchanges.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-xrp-price-ready-for-liftoff-nbsp">XRP Price Ready for Liftoff&nbsp;</h2>  
<p>The large-cap altcoin, with a fully diluted valuation of about $64 billion and a daily average traded volume of around $3 billion, closed last week above the 200 Moving Average (MA) for the first time since April, thus signaling a potential bullish breakout.&nbsp;</p>  
<p>From a technical standpoint, XRP price has already broken out of a macro falling logarithmic trend after consolidating in a macro triangular pattern for over six years.&nbsp;</p>  
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<p>Having closed last week above 64 cents, XRP price is well positioned to rally to the next major psychological target around $1. However, a retrace below the support/resistance level of around $0.58 will push the XRP price further below. Thus the XRP/BTC pair potentially retesting its multi-year low of about 0.0000071.</p>  
<h2 class="wp-block-heading" id="h-whales-relentlessly-accumulate-nbsp">Whales Relentlessly Accumulate&nbsp;</h2>  
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<p>According to on-chain data analysis from Santiment, crypto whales accumulated over 470 million XRP, worth around $300 million, in the past ten days. For instance, over $56 million worth of XRP has been withdrawn from the Upbit crypto exchange in the past 24 hours.</p>  
<p>The sharp uptick in XRP whale accumulation could further spell bullish sentiment in the fourth quarter, which is largely expected to be bullish.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-factors-fueling-bullish-sentiment-nbsp">Factors Fueling Bullish Sentiment&nbsp;</h2>  
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<p>Moreover, XRP is free from SEC shackles, and Ripple has significantly increased XRPL development in line with Web3 demand.</p>  
<p>Additionally, the crypto market is gradually following a Gold bullish breakout ahead of the upcoming U.S. 2024 general election amid the shifting economic outlook.</p>  
<p>Following the announcement of its entry into the stablecoins market, Ripple has accelerated its RLUSD minting process on XRPL, thus increasing its overall on-chain activity.</p>

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