Here is why heightened volatility may work against XRP price in September


Share:
  • XRP price delays recovery despite firmly holding onto support at $0.32.
  • Santiment’s Age Consumed on-chain metric foreshadows potentially high volatility as XRP finds a way out of this week’s murky waters.
  • Odds seem to favor bears, but bulls may carry the day if the Stochastic oscillator breaks above a key descending trend line.

XRP price recovery remains elusive despite firmly holding onto support at $0.32. A break above $0.34 appears to be a tall order for the bulls, hence the mundane price action at $0.33. The next few days will be important to the cross-border money remittance token, as observed from Santiment’s Age Consumed on-chain metric.

Previously dormant XRP tokens on the move

The Age Consumed metric by Santiment shows a massive move in previously idle XRP tokens. In addition to tracking token movement, this metric elucidates the number of XRPs changing addresses each day multiplied by the number of days since their last movement. Huge spikes in the metric such as the 890 billion tokens on August 29 point to an incoming volatility period.

Read more: XRP Price Prediction: This bearish continuation pattern could trigger a 70% crash

XRP price is expected to move significantly in the coming days. Traders must carefully examine technical and other fundamental factors to determine the direction XRP price will take.

XRP Age Consumed metric

XRP Age Consumed metric

The daily chart paints a grim picture with the help of the Stochastic oscillator, which is stuck in the oversold region (below 20.00). This means bulls must go the extra mile to reverse the downward trend.

 XRP/USD daily chart

XRP/USD daily chart

A sell signal from the Super Trend indicator affirms the possibility of XRP price carrying on with the downtrend. If this technical index holds above the seventh largest cryptocurrency, recovery to $0.40 is unlikely in the coming days – maybe weeks.

Read more: XRP price trap careless bulls before crashing to $0.28 as Ripple's legal trouble continues

Key takeaways for XRP price 

According to the Age Consumed metric, heightened volatility will likely engulf XRP price in the first week of September. The international money transfer token must break above $0.34 to affirm its next climb to $0.40. On the downside, it is feared that declines below $0.32 will wipe out all the accrued gains since mid-June.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.

More Solana News

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.

More Rune News

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.

More Cryptocurrencies News

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.

More Chainlink News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP