- Earlier today, about 400,000,000 Ripple (XRP) was unlocked from escrow.
- CoinMarketCap indicated that XRP’s value climbed by 0.09% over the past 24 hours, which left it trading at $0.5171.
- Although many investors and traders speculate that the latest unlock is a bearish sign, XRP’s technicals suggest otherwise.
The whale tracking platform, Whale Alert, shared in an X post earlier today that 400,000,000 Ripple (XRP) was unlocked from escrow at Ripple. The unlocked tokens were worth about $205,914,675.
Many of the commenters on Whale Alert’s post believed that this was not a good sign for the remittance token and that the price of XRP will start dropping soon. Several people even shared that they will be shorting the altcoin as a result of this unlock.
The community’s prediction that XRP’s price may fall soon has not yet come to play at press time as CoinMarketCap indicated that XRP’s value climbed by 0.09% over the past 24 hours. This meant that XRP was trading hands at $0.5171, which was right between its 24 hour peak price of $0.5196 and its daily low of $0.5149.
Although XRP’s price was able to record a slight uptick, the token’s 24 hour trading volume fell by more than 72% in the past day, which left it standing at around $472,013,661. Meanwhile, the altcoin managed a 1.62% increase in its price over the past week. Additionally, XRP was in the green by 1.76% on its monthly time frame as well.
A symmetrical triangle had formed on XRP’s daily chart over the past couple of weeks. This particular chart pattern suggests that the remittance token’s price may break out soon. Meanwhile, during the past 3 days, the altcoin’s price had broken above this chart pattern and continued to trade above it at press time.
Although many investors and traders speculate that the latest unlock is a bearish sign, XRP’s price being positioned above the breakout chart pattern suggests otherwise. From a technical standpoint, the altcoin’s price may attempt to flip the $0.5515 resistance level into support. Thereafter, it could continue to rise to $0.6683 in the following week.
However, if the recently-unlocked tokens make their way onto an exchange platform, then there is the risk of an XRP selloff. In this scenario, the altcoin’s price may drop to the $0.4783 support level. Depending on the magnitude of this potential selloff, XRP’s price could even drop below this level to retest the subsequent support at $0.4120 as well.
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