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
AAVE proposes a slew of upgrades and expansions in plan for 2030
Aave has proposed a Unified Liquidity Layer, V4, and solutions to enhance and compete with zero-knowledge networks in its plan for 2030 and beyond. The proposal states that Aave aims to implement its plan together with the community within the next three years.
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Recovery likely if Bitcoin freefall ends
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) look primed for recovery, according to technical indicators, despite the broader crypto market correction prompted by the sharp drop in Bitcoin (BTC) price.
XRP tests $0.52 resistance while XRP Ledger developers propose lending protocol on the blockchain
Ripple has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance. XRP holders digested the news of US Securities and Exchange Commission’s response to Ripple in its filing that addressed the issue of “expert testimony.”
Pepe whales buying spree could trigger 55% rally Premium
Pepe price shows signs of a potential comeback as it retest the a declining resistance level. A successful breakout could kick-start a 56% move to the upside as whales continue to accumulate on dips.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.