- 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.
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