- XRP price has experienced a significant movement of tokens onto active wallets and exchanges.
- XRP price has printed classical bearish divergence in recent days.
- A breach above the $0.48 level would invalidate the bearish trend.
XRP price shows large cap investors may be considering liquidating their investments. Key levels have been identified.
XRP price edges near a make-or-break situation
XRP price continues to show concerning on-chain analysis signals. The previous XRP outlook reported a significant increase in daily active wallets. On Monday, U.Todays’ Yuri Mulchan confounded the on-chain analysis with a breacking news piece. According to the article Nearly 300 million tokens were transferred to exchanges. Whale Alert, the notorious crypto auditor, took to twitter with more information on the sudden movements on the blockchain. Apparently, 50,000,000 of the recent transactions were directly linked to XRP and transferred to an unknown wallet.
XRP price currency auctions at $0.37, just below last week's high at $0.39. Based on historical evidence, cryptocurrencies usually witness a significant sell-off after influx of transactions occur. The large transfers of XRP tokens to active wallets is symbolic with a rifleman loading his artillery. It appears there is a substantial interest in selling the XRP token at the current time and price.
Seantiment’s Active Wallets Indicator
XRP price additionally shows subtle bearish divergences between recent trading levels on the Relative Strength Index. There is always a possibility for prices to move higher, but for the safety of our readers, it is best to adopt a reactionary investment strategy when dealing with the XRP price. A breach below $0.35 could send XRP price back to $0.24 for a 35% decline.
A breach above the $0.48 would invalidate the bearish trend and could give way to bullish surge targeting $0.75 in the short term for up to a 100% increase from the current Ripple price.
XRP/USDT 1-Day Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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
Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000
Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.
Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament
Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.
Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit
As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.
Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024
Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.