Ripple (XRP) Whales Could Overcome $0.5605 Resistance Soon
- Whale alerts shared that huge amounts of XRP have been transferred by whales over the past few days.
- At press time, XRP was worth $0.5083 after a slight 0.97% price decline in the past 24 hours.
- A positive trend line has formed on the XRP chart, which may carry its price up to $0.5605.
A massive amount of Ripple (XRP) was moved over the past few days. According to an X post shared by the whale tracking platform, Whale Alert, a whale transferred 120,000,000 XRP from Bithub to an unknown wallet. The transferred XRP was worth approximately $61,149,038.
Just yesterday, Whale Alerts data indicated that another whale transferred 29,900,00 XRP from an unknown wallet to Bitstamp. In this case, the transferred tokens were worth about $15,264,627.
Looking at the remittance token’s 24-hour performance, CoinMarketCap indicated that XRP experienced a 0.97% decline in its price during this period. This led to XRP trading hands at $0.5083 at press time, positioning it between its highest point in the past 24 hours, which was $0.5135, and its lowest point, which was established at $0.502.
XRP Price Prediction
Furthermore, XRP witnessed a decrease in its 24-hour trading volume, with a decline of 14% throughout the past day, resulting in a trading volume of $838,101,913. Additionally, XRP weakened in comparison to the market leader, Bitcoin (BTC), by approximately 0.77%.
In the previous week, the altcoin managed to register a modest price increase of just over 2%. However, over the past month, the token experienced a 2.56% decline.
From a technical standpoint, XRP’s price had gradually risen over the past few days – resulting in the formation of a positive trend line on its daily chart. If this positive momentum continues, the cryptocurrency’s price may break above the next resistance level at $0.5605 soon.
In addition to this, a daily candle close above $0.5605 may be identified as a buying opportunity. If traders purchase the remittance token at this point, then its price may continue to rise to $0.7385 in the subsequent fortnight.
On the other hand, a break below the positive trend line may be followed by XRP’s price falling to the immediate support level at $0.4425. Thereafter, if the sell volume persists, the remittance token’s price may drop to as low as $0.3480.
Traders and investors will want to 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 press time. As a result, a daily candle close today below these levels may validate the bearish thesis.
Conversely, closing today’s trading session above the 20-day EMA line may be interpreted as a positive sign by traders. In this scenario, XRP could begin its ascent towards $0.7385.
Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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