Recent Ripple (XRP) Whale Movements and Price Analysis: A Glimpse into XRP’s Future
Crypto News – In the past few days, a significant amount of Ripple (XRP) has been on the move. According to a post from the whale tracking platform, Whale Alert, one whale moved 120,000,000 XRP from Bithub to an undisclosed wallet. This transaction amounted to approximately $61,149,038 in XRP value.
Similarly, just yesterday, Whale Alert data revealed another substantial transfer, with a whale moving 29,900,00 XRP from an unknown wallet to Bitstamp, totaling approximately $15,264,627.
Examining XRP’s performance over the last 24 hours, as reported by CoinMarketCap, XRP saw a 0.97% decline in its price during this period. At the time of reporting, XRP was trading at $0.5083, fluctuating between its highest point in the past 24 hours, $0.5135, and its lowest point at $0.502.
XRP Price Prediction
Additionally, XRP observed a 14% decrease in its 24-hour trading volume, resulting in a trading volume of $838,101,913. Moreover, XRP demonstrated a weakening compared to the market leader, Bitcoin (BTC), by approximately 0.77%.
In the preceding week, this altcoin managed a modest price increase of just over 2%. However, over the past month, the token experienced a 2.56% decline.
From a technical perspective, XRP’s price has shown a gradual rise over the past few days, forming a positive trend line on its daily chart. If this positive momentum persists, there’s potential for the cryptocurrency’s price to break above the next resistance level at $0.5605 in the near future.
Furthermore, a daily candle closing above $0.5605 might be seen as a buying opportunity. If traders take positions at this juncture, the price of the remittance token could continue its upward trajectory to $0.7385 in the following fortnight.
On the flip side, a breach below the positive trend line may lead to XRP’s price descending to the immediate support level at $0.4425. Subsequently, if selling pressure persists, the remittance token’s price may plummet to as low as $0.3480.
Traders and investors should note that the cryptocurrency’s price was resting on the positive trend line, as well as the 9-day and 20-day EMA lines at the time of reporting. Consequently, a daily candle close today below these levels may confirm a bearish outlook.
Conversely, concluding today’s trading session above the 20-day EMA line could be interpreted positively by traders. In such a scenario, XRP could initiate its climb towards $0.7385.
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