Ripple Price Analysis: XRP/USD needs to clear $0.1730 to break the lockdown

  • XRP/USD is locked in a tight range above $0.1600.
  • Ripple has moved a large number of tokens between wallets.

Ripple's XRP is changing hands at $0.1620, mostly unchanged since the beginning of the day. The coin has been range-bound recently, despite large movements in Bitcoin and some other altcoins. Ripple's market value is registered at $7 billion, while its average daily trading volume exceeded $2 billion.

Ripple moved 130 million XRP tokens 

Amid the recovery on the cryptocurrency market, XRPL Monitor reported a series of large transactions to the total amount of 174.4 million XRP. About 130 million tokens worth of $20.8 million were transferred by Ripple. The breakdown is as follows: 100 million XRP was moved between Ripple's wallets and eventually settled in a BitGo wallet, 20 million tokens were sent to multi-signature wallets, while the rest went to the wallet of a custody service BitGo.

These moves produced little effect on the market, obsessed by coronavirus spread, global economic crisis and massive liquidity injections by large central banks.

XRP/USD: Technical picture

XRP/USD bottomed out at $0.1129 on March 13 and has been range-bound with bullish bias ever since. By the time of writing, the coin settled at $0.1620, having gained over 40% from the above-said low. On a daily chart, XRP/USD has created two Doji candles with small shadows, which emphasizes the sense of indecision on the market. A sustainable move above $0.1700-$0.1730 (the middle line of the daily Bollinger Band) will kick start the recovery and push the price towards psychological $0.20 that served as a support at the beginning of the month. The next strong barrier is created by SMA100 1-day at $0.2230. 

On the downside, a sustainable move below $0.1600 will attract new speculative sellers and bring $0.1450 back into focus, This support has been tried on several occasions during the recent week, but stayed unbroken. If it is cleared, the selling pressure will increase with the next aim at  $0.1400 (March 18 low) and $0.1283 (March 16 low).

XRP/USD daily chart


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