Billions Of Ripple’s XRP On The Move As Holders Increasingly Expect $1 XRP Price This Month

As Bitcoin continues to jumpstart the crypto market thanks to its notable leg up, XRP is not left out this time.

This happened days after XRP witnessed a bullish divergence, as highlighted by the on-chain metrics provider 100eyes Crypto Scanner.

Source: 100eyes Crypto Scanner

An oscillator shows that a bullish divergence occurs whenever an asset’s price drops but buying pressure is surging.

At the time, XRP’s price was dropping while the Relative Strength Index (RSI) was rising, which served as a perfect moment for a reversal.

This has materialized since XRP is enjoying a 19.1% weekly increase, having already broken past the $0.50 zone that had proven daunting for the past couple of months.

XRP was trading in the $0.65 zone at the time of writing, according to CoinGecko data.

The altcoin’s significant trading volume has played an instrumental role in igniting this fire, as more than 7 billion XRP was traded in the past 24 hours. However, it remains to be seen whether XRP will surge to the psychological threshold of $1, which has been quite elusive.

Hong Kong Sets a Good Crypto Precedence

As XRP continues to enjoy a notable advantage, Hong Kong recently permitted the rollout of crypto-structured products after granting Victory Securities a license.

Therefore, this development aligns Hong Kong with becoming a regional crypto hub since structured Bitcoin and crypto products will offer professional investors more options to penetrate the cryptocurrency market.

These products will be settled in cash, given that they comprise different asset baskets, such as futures and options. As a result, Bitcoin and crypto-structured products will act as a stepping stone toward tailormade investment opportunities on Hong Kong soil.