XRP Analysis: Recent Large XRP Transfer Sparks Market Interest

XRP Analysis: Recent Large XRP Transfer Sparks Market Interest

Crypto News – Recently, Whale Alert, an on-chain tracking platform, disclosed a substantial transfer of Ripple (XRP) from an undisclosed wallet to Bitstamp, a cryptocurrency exchange. The transfer involved a notable 30,700,000 XRP tokens, valued at approximately $15,315,061.

Upon further on-chain analysis, it was revealed that the initiating wallet belonged to Ripple Labs, adding intrigue to the substantial token movement, especially considering XRP’s recent struggle with a downtrend in its weekly performance.

XRP’s Current Market Position

XRP holds the fifth position in the cryptocurrency market rankings based on market capitalization, according to CoinMarketCap. In the last 24 hours, XRP witnessed a modest 0.75% price increase, bringing it to $0.4826. Consequently, its market capitalization stood at around $25.787 billion.

However, this 24-hour gain was insufficient to pull XRP out of a week-long downward trajectory. The remittance token’s price was still down by 7.32% over the past week. Despite this, the 24-hour upturn in XRP’s price was accompanied by a 5.59% increase in its 24-hour trading volume, estimated at $753,042,061.

Over the last 48 hours, XRP’s 4-hour chart showcased a symmetrical triangle pattern, indicating a potential breakout in the cryptocurrency’s price in the near term.

In the event of an upside breakout, XRP’s price might attempt to convert the resistance level at $0.5165 into a support, providing a foundation for continued upward movement. If this bullish momentum endures, XRP could target $0.5670 as the next major resistance level. Conversely, a downside breakout, signifying the continuation of the prevailing negative trend, could lead XRP to the immediate support level within the next couple of days, potentially dropping to $0.4585.

On a broader daily timeframe, XRP made efforts to surpass a medium-term negative trend line visible on its daily chart over the past months. Unfortunately, these attempts were thwarted by sellers, resulting in a continued negative trend, causing the price to dip below the critical support level at $0.5161, a level still maintained at the time of reporting. If bearish pressure persists, XRP might retest the subsequent support level at $0.4585.

This support level is critical, representing the last line of defense against XRP potentially plummeting to as low as $0.4105 in the upcoming weeks. The bearish outlook would be invalidated if XRP closes a daily candle above the aforementioned $0.5165 mark within the next 3-5 days or manages to break free from the medium-term negative trend line on its charts.

In a more optimistic scenario, if the bullish support persists, XRP could strive towards $0.5670. Success in surpassing this level might set the stage for further upward movement, potentially reaching $0.6390 in the coming weeks.