XRP Price Forecast: Here’s What To Do As XRP Nosedives
Highlights
- XRP trading volume surges by 36%, indicating heightened market activity.
- A whale offloads 31 million XRP to exchanges, raising bearish concerns
- Mixed technical indicators suggest potential consolidation or volatility ahead.
XRP price forecast: The crypto market sustained last week’s bearish outlook on Monday and early Tuesday, with XRP retesting support at $0.5. Although the downtrend started with Bitcoin reacting to the hawkish stance of the Fed following the FOMC meeting on Wednesday, altcoins bore the brunt of the sell-off with some correcting as much as 30%. XRP price banks on support at $0.5 to strengthen the uptrend make way for the next run to $1.
The market capitalization of XRP has also surged, currently standing at approximately $27.65 billion, ranking it seventh in terms of market cap. The 24-hour trading volume has shown a positive trend, surging by 36% at $1.17 billion, suggesting active trading despite the market volatility.
Bitcoin on the other hand moves sideways above support at $65,000 after a gruesome week characterised by key events like the CPI report and the FOMC meeting. Losing this support could trigger more losses while defending will strengthen for a breakout to $70,000.
XRP Price Forecast: Is a Bullish Momentum on the Horizon?
XRP price has decreased by 5% over the past month, fluctuating between $0.54 and $0.46. This tight trading range underscores the current struggle for market dominance.
XRP has shown a modest 0.15% dip in the past week, reflecting a gradual volatility trend with a slight market correction. This week, XRP has traded within a narrow range, highlighting the ongoing tug-of-war between bulls and bears.
XRP Whale Activity and Market Impact
A significant XRP whale has offloaded 31 million coins to a centralized exchange, coinciding with a recent price drop. This move has raised concerns among investors about the future of Ripple-backed cryptocurrency.
Large token dumps to exchanges are usually seen as bearish indicators. They increase the supply and can negatively affect prices. According to Whale Alert, an on-chain transaction tracking platform, a prominent XRP whale transferred 30.350 million XRP to two centralized exchanges within the past day.
This substantial transaction, valued at $14.53 million, was mainly directed to Bitstamp, a crypto exchange based in Luxembourg. This shift indicates heightened selling pressure. Such significant sales often trigger bearish sentiments among market participants, disrupting market stability and leading to increased volatility.
Technical Indicators and Future Predictions
XRP has seen notable fluctuations, indicating potential volatility in the market. XRP could surpass the $0.5 resistance level if the bullish momentum continues. Sustained upward movement may drive the price towards $0.7, possibly reaching $1 during the next bullish run.
On the other hand, if bearish sentiment prevails, XRP’s value could stabilize around $0.49. A further decline might see the price drop to $0.45, highlighting the cryptocurrency market’s unpredictable nature.
The daily technical indicators for XRP show mixed signals. The Moving Average Convergence Divergence (MACD) shows a bearish signal, with the MACD line slightly below the signal line.
The Relative Strength Index (RSI) is currently at 47, indicating a balance between buying and selling pressure. The Bollinger Bands on the daily chart demonstrate a notable pattern of volatility. The upper Bollinger Band is currently at $0.5369, while the lower Bollinger Band is around $0.47.
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