- Ripple price struggles to hold above the short term support at $0.23.
- Ripple over-the-counter sales of XRP reported to have hit $17 million in February.
The cryptocurrency market is relatively in the green towards the end of the Asian session on the second day of March 2020. Ripple price has advanced 0.85% on the day from an opening value of $0.2273 to $0.23019 (market value). The existing trend is bullish, however, volatility is shrinking. In other words, XRP could remain in the hands of the bulls but investors should settle for little to no upside movement above $0.23 (immediate resistance) in the short term.
Ripple-owned XRP wallet remains active
Ripple, the blockchain startup that issues the XRP token is reported to have transferred one billion XRP from its escrow account. The coins are approximately $225 million. Ripple owns over half of the total supply of XRP tokens and sells the tokens monthly to third parties in support of the company’s operations and expansion.
A Ripple-owned XRP wallet, set aside specifically for over-the-counter sales of XRP to institutional buyers has been very active throughout February. The wallet has released at least 75 million XRP approximately $18 million to different wallets of unknown identity. There have been questions of Ripple ‘dumping’ XRP tokens and jeopardizing XRP performance. However, Ripple maintains that it has no power over the price of XRP.
Ripple price technical picture
XRP/USD can barely hold above $0.23 even though the trend is bullish. The immediate upside is capped by the seller congestion zone at $0.24. Marginally above this zone is the next resistance provided by the 38.2% Fibo took between the last drop from $0.3463 to $0.1760. Ripple price is trading under the moving averages where the 200-day SMA at $0.2530 and the 50-day SMA at $0.2575 on the daily chart are in standby to limit upward movements.
The initial support holds the ground at $0.22 assisted by the 23.6% Fibo (marginally under $0.22). If push comes to shove and XRP dives under the first support, $0.20 is holding firm to stop losses that could test last December’s support at $0.1760.
For now, the RSI shows that the path of least resistance is sideways especially with its horizontal motion at 38.00. It is essential that support is established above $0.23 to allow bulls to focus on pushing the price above $0.24.
XRP/USD daily chart
 (35)-637187220694399832.png)
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.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?