Crypto News- XRP Price Surge: The recent disclosure by the whale tracking platform, Whale Alert, regarding the release of a substantial amount of Ripple (XRP) tokens has stirred significant interest within the crypto community. Specifically, 400 million XRP tokens were unlocked from escrow at Ripple, amounting to an estimated value of approximately $205,914,675.
Potential XRP Price Surge: 400 Million Tokens Unlocked, Targeting 0.4120 Dollars
This news triggered a range of reactions from members of the crypto community. Numerous commenters on Whale Alert’s post expressed their concerns about the potential impact of this token release on the price of XRP. Some individuals even indicated their intentions to short the altcoin in response to this unlock event.
However, as of the latest update, the expected decline in XRP’s price has yet to materialize. According to data from CoinMarketCap, XRP’s value has experienced a modest 0.09% increase over the past 24 hours, with XRP trading at $0.5171. This price falls within the range of its 24-hour high, which reached $0.5196, and its daily low at $0.5149.
Despite this slight uptick in price, XRP’s 24-hour trading volume has witnessed a significant drop of more than 72% in the past day, totaling approximately $472,013,661. Over the course of the past week, XRP managed to record a 1.62% increase in its price. Additionally, the altcoin exhibited a 1.76% gain on a monthly timeframe.
An interesting development can be observed on XRP’s daily chart, where a symmetrical triangle pattern had formed over the previous couple of weeks. Such patterns typically signal an impending price breakout. Remarkably, in the last three days, XRP’s price broke above this chart pattern and was trading above it at the time of this writing.
While some investors and traders view the token unlock as a bearish signal, the fact that XRP’s price is positioned above the breakout pattern suggests an alternative perspective. From a technical standpoint, there is a possibility that the altcoin’s price may attempt to convert the $0.5515 resistance level into a support level. If successful, this could potentially pave the way for further price gains, with a potential target of $0.6683 in the upcoming week.
However, it is essential to be mindful of the possibility that the recently unlocked tokens may enter cryptocurrency exchanges, thereby carrying a potential risk of an XRP selloff. In such a scenario, XRP’s price could experience a decline and could potentially dip to the $0.4783 support level. Depending on the magnitude of this potential selloff, there is even the chance that XRP’s price could fall below this level and retest the subsequent support at $0.4120.
Leave a comment