XRP/USD settles above $0.2000 amid growing liquidity transactions activity
|- XRPL Monitor registered huge transactions on XRP ledger.
- XRP liquidity spiked in the Philippines and Australia even as XRP/USD stays under pressure.
According to XRPL Monitor, several huge transactions have been registered on XRP ledger during the recent days. Thus, 20 million XRP has been transferred between Japanese Bitbank accounts. Other large transactions include corporate wallets and several popular crypto exchanges such as Coincheck, MXC, Bithumb and gate.io.
Also, the XRP liquidity index jumped to new highs in the Philippines and Australia, which means this digital coin has become more popular in those countries.
While these developments may be regarded as positive they did little to support XRP price amid the recent market crash. XRP/USD dripped from $0.2450 on Friday, March 6 to $0.1885 on March 9. While the coin has recovered above $0.2000 by the time of writing, the near-term picture remains bearish as there are no clear signals of the upcoming reversal as of yet.
XRP/USD: Technical picture
On the intraday level. XRP/USD has entered a range limited by $0.2000 on the downside and $0.2100 on the upside. The channel resistance is reinforced by SMA50 1-hour and the upper line of 1-hour Bollinger Band located above this area. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2260 (SMA100 1-hour) and psychological $0.2300. The next strong barrier is created by SMA100 daily on approach to $0.2350.
On the downside, a sustainable move below $0.2000 will bring more sellers to the market. This development will worsen the technical picture and create a pre-condition to a sell-off towards January 2020 low of $1846 and the lower line of the weekly Bollinger Band on approach to $0.1700.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.