- Kaiko shared in a tweet that XRP’s trading volume was four times higher than its closest competitor Solana.
- Yesterday, a whale transferred XRP worth more than $14 million to Bitstamp.
- From a technical point of view, XRP has been in a consolidation phase over the past few days.
The market analytics platform, Kaiko, shared that Ripple (XRP) saw far stronger trading activity when compared to other altcoins over the past month. In an X (Twitter) post shared yesterday, Kaiko pointed out that XRP’s trading volume was $462 million in the past 30 days, which was four times higher than the next largest altcoin by trading volume Solana (SOL).
Whale Alert, a whale tracking platform, also shared an X post yesterday revealing that 29,800,000 XRP was transferred from an unknown wallet to Bitstamp. The transferred XRP was worth approximately $14,931,898. This further supports Kaiko’s data that suggests huge amounts of XRP are on the move.
During the past 24 hours, XRP experienced a modest 0.48% increase in its price. Consequently, the remittance token was valued at $0.5042, which was closer to its peak of $0.5067 within that same 24-hour period rather than its 24-hour low of $0.4973. However, XRP’s performance over the week remained in negative territory, with a decrease of 0.55%.
From a technical perspective, XRP had been in a consolidation phase over the past few days. However, this sideways trend may soon come to an end as momentum indicators suggested that momentum was gradually shifting in favor of bulls.
Firstly, the 9-day EMA line was closing in on the 20-day EMA line. If the shorter EMA is able to cross above the 20 EMA line, then it will confirm that short-term momentum has shifted in favor of buyers. Furthermore, the daily RSI line had crossed bullishly above the daily RSI SMA line throughout the past 48 hours.
If these bullish technical flags are validated in the upcoming 48 hours, then the remittance token’s price may attempt to flip the resistance level at $0.5663 into support within the following week. A subsequent daily candle close above this price point will then clear a path for XRP to rise to $0.6715 in the following few days as well.
On the other hand, if XRP’s price is unable to close a daily candle above the 9-day EMA line at around $0.5078 within the next 2 days, then it may be at risk of retesting the immediate crucial support level. In this scenario, the altcoin’s value may drop to as low as $0.4480, a level it had temporarily breached on 17 August 2023.
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