Lorenzo Stroe
Independent Analyst
- XRP price had a significant spike but plummeted within the next few hours.
- Coinbase has announced it will suspend XRP trading on January 19.
XRP was hit hard when the SEC decided to sue Ripple. Since then, the digital asset has crashed and lost close to 60% of its value. Several prominent exchanges announced they would halt XRP trading on their platforms including Coinbase. On January 19, one of the biggest cryptocurrency exchanges in the world, Coinbase, suspended XRP trading.
XRP price could be poised for another leg down
In the past two weeks, the trading volume of XRP plummeted and the digital asset has been trading sideways. Surprisingly, XRP price saw a significant spike from $0.289 to $0.33 but crashed shortly after.
XRP/USD 4-hour chart
The digital asset is currently trading at $0.30 and the TD Sequential indicator presented a sell signal on the 4-hour chart which seems to be getting some bearish continuation. The next price target would be $0.28 where the 100-SMA and the 50-SMA converge.
%20[21.33.58,%2019%20Jan,%202021]-637466852695881608.png)
XRP Holders Distribution chart
Additionally, the number of whales holding at least 10,000,000 XRP has declined even further from a high of 356 holders on December 25, 2020, to 300 currently. This metric shows that large investors are getting out of their XRP positions.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.