• XRP/USD is hovering around the critical resistance level.
  • The on-chain data suggests that traders are less inclined to sell.

Ripple's XRP is changing hands at at$0.256, mostly unchanged on a day-to-day basis. The coin has gained over 5% in the last seven days amid the recovery on the cryptocurrency market. 

XRP is currently the fourth largest digital asset, with a current market value of $11.58 billion and an average daily trading value of $1.7 billion.

Someone is taking XRPs from the exchanges

The exchange flow data revealed a massive outflow of XRP from the trading platform, which is typically a good sign for the coin. It means that traders are not inclined to sell their coins and move to an accumulation phase.

Ripple's exchange outflow

Source: Santiment

Also, according to XRP scan data, someone continues moving XRP from the cryptocurrency exchange accounts. Thus, over 15 million XRP worth over $3.7 million has been transferred from Binance to the institutional custodian BitGo. This transaction followed a series of large XRP movements between the internal digital wallets of the exchange.

XRP transaction data

Source: XRPScan

XRP/USD: The technical picture

XRP.USD topped at $0.264 on October 22 and moved back inside the consolidation range with the upper boundary at $0.258.  A sustainable move above this area is needed for the upside to gain traction. Once it happens, the bullish momentum will start snowballing and take the price to the next resistance of $0.278, followed by the pivotal long-term resistance of $0.31.

XRP/USD 12-hour chart

On the other hand, a failure to break above the said resistance of $0.258 will increase the bearish correction risks to the lower line of the recent consolidation channel $0.24.  Once it is out of the way, the sell-off will likely gain traction with the next focus on $0.227.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple Price Prediction: XRP ready to make a comeback as bulls target $0.7

XRP, like the rest of the market, had a significant crash from its peak of $0.78 down to $0.456. The digital asset is currently trying to bounce back up, trading around $0.537, awaiting a clear breakout or breakdown from an ascending triangle on the 30-minute chart.

More Ripple News

Facebook plans to launch a limited version of its cryptocurrency Libra in 2021

The social media giant Facebook may launch its contradictory digital coin Libra as early as in January 2021, the Financial Times reports, citing knowledgeable sources.

More Libra News

Bitcoin show signs of a dead cat bounce while investors hope for prompt recovery

Bitcoin is hovering around $17,000 after a heart-breaking sell-off to $16,200 on Thursday. However, the industry experts warn that the downside correction has just started. 

More Bitcoin News

German finance minister calls for quick decisions on ECB's digital currency

Germany's finance minister, Olaf Scholz, said that Europeans should work very hard to come up with a solution for digital payments, as there is a massive demand for digital money from consumers and businesses.

More Cryptocurrencies News


Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast