XRP eyes $0.80 breakout amid Robinhood listing

On By Littum

  • The XRP price rose to a six-month high of $0.75 on Wednesday, up 50% in the past 10 days.
  • XRP’s recent price increase coincided with its official listing on Robinhood, one of the largest retail trading platforms.
  • In the last 48 hours, traders have moved 45 million XRP coins from exchanges to long-term storage, signaling expectations of future gains.

On November 13, the Ripple (XRP) price crossed the $0.75 mark for the first time in 2024. On-chain data trends suggest that the majority of current XRP holders expect more gains.

XRP price hits 50% gain on Robinhood listing

While the majority of crypto traders were betting on Donald Trump winning the November 5 presidential election, Ripple (XRP) founders donated over $11 million to the Kamala Harris campaign.

In fact, the XRP price lagged the broader crypto rally in the wake of Trump’s landslide victory.

While prices such as BTC, Dogecoin and Solana had surged more than 50% within a week of the election, the XRP price registered a muted 25% gain as it rejected the $0.65 resistance on November 11.

Ripple (XRP) Price Analysis | TradingView

The chart above shows that the global altcoin market cap grew by 33% between November 5th and November 11th, highlighting XRP’s initially sluggish price performance.

However, on November 13, market sentiment turned positive after Robinhood announced the IPO of XRP, Solana and Cardano.

This listing reflects a significant shift in US regulatory stance, as major crypto platforms had previously delisted these altcoins following the SEC’s 2023 lawsuit against Binance and Coinbase, which accused these assets of being unregistered securities.

With Trump’s election victory, the incoming administration is expected to replace SEC Chairman Gary Gensler with a more crypto-friendly candidate. As a result, the relisting of XRP and other large-cap altcoins signals a growing expectation of a positive shift in the US regulatory landscape for cryptocurrencies when the new administration takes office in January 2025.

In fact, the XRP price has instantly risen by another 22% since the Robinhood listing, reaching a new 2024 high of $0.76 on November 14th.

Traders move 45 million XRP to long-term savings in 48 hours

Looking beyond the price action, on-chain movements observed in the last 48 hours suggest that the Robinhood listing has sparked increased confidence in XRP’s long-term price outlook.

To confirm this narrative, CryptoQuant’s currency reserve measurement tracks the supply of XRP coins deposited on major trading platforms.

XRP Currency Reserves | XRPUSD

The chart above shows that the exchange reserves stood at 3.27 billion XRP at the end of 12. November.

However, following the Robinhood listing, traders moved 45 million XRP out of the short-term market supply, reducing currency reserves to below 3.23 million XRP at the time of publication.

At current prices, XRP exchange outflows over the past 48 hours have passed $33 million.

When the supply of exchanges falls during a major rally, as observed in the XRP market this week, strategic investors interpret it as a bullish signal for two important reasons.

Reduced foreign exchange reserves typically indicate a shift towards long-term holdings rather than seeking immediate exit opportunities.

This reduction in liquid supply could intensify upward price pressure as fewer tokens are available for quick sale.

Therefore, if the demand continues, XRP’s ongoing rally may gain further momentum and advance towards the next psychological resistance level of $0.80.

XRP Price Forecast: $0.80 breakout still in play if $0.70 support holds

After peaking at $0.75, the XRP price has fallen mildly to consolidate above the $0.73 level at press time on Thursday.

However, with $33 million in outflows from exchanges tightening market supply, the XRP price appears to be on the verge of another leg up towards the $0.80 level.

The bullish thesis is supported by the rising green bars on the Bull-Bear Power (BBP) technical indicator, suggesting strong buying momentum.

XRP Price Forecast | XRP USD

Should XRP maintain near-term support above the $0.70 level, bulls could regroup for a major attempt to regain the $0.80 resistance level, with further potential to reach $0.85 if buying pressure continues.

However, this bullish thesis could be invalidated if XRP falls below the $0.70 support, as this could trigger selling pressure. In that scenario, a decline to the R1 pivot level around $0.60 could follow.