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XRP price consolidates before it pops to $1.42

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  • XRP price action consolidates after two days of wide-ranging price action.
  • The bulls stopped in their tracks for a straight run higher but set the record straight again.
  • The 200-day SMA turns out to be the driving force for the push higher.

Ripple (XRP) price action drew in favor of the bulls this week, but price action got distorted on Wednesday with a breakout in both directions, scrambling buyers to get back in and defend the rally. With price action in XRP squeezed toward each other, with lower highs and higher lows, the stage looks set for bulls to break out toward $1.42.

XRP price bulls have 200-day SMA in their corner as guiding star

XRP has been on the breakout path after the pennant breakout at the beginning of October. With price action in Ripple reaching an echelon higher, bulls lost control over their run on Wednesday. Bears were able to cut short further upside on the rejection against the green ascending trend line. Bulls abandoned their longs, and the price dipped lower back below $1. 

With the 200-day Simple Moving Average (SMA) coming in at $0.98, bulls saw the discount opportunity and set the record straight in XRP with price action back above $1 on Thursday. With price consolidating further this Friday, expect a breakout to the upside in favor of the bulls as that 200-day SMA will act as the backbone for the bull run.

XRP/USD daily chart

XRP/USD daily chart

The first issue ahead for the bulls is breaking back above the green ascending trend line. If the price can close above there by the end of the week, bulls then have two bullish elements in their corner backing them up. At that moment, a bullish triangle is forming again with $1.42 as base and target for at least a retest, possibly a pop higher toward $1.76.

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In case market sentiment should shift to the downside, for example, with the job report later this afternoon, expect some headwinds to pop up for XRP price action. The consolidation could then fall in favor of the bears. Expect a return to a lower support level, near $0.84, that would break the 200-day SMA and switch off the lights for now on this bull run. 

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XRP Whales Are Moving $24 Million Worth of Tokens from Exchanges Amid 6% Rally

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XRP whales are continuously moving their funds away from exchanges amid accelerated cryptocurrency market rally

Following the recovery on the cryptocurrency market, XRP whales are joining the global outflows trend and moving their funds away from centralized exchanges like Bithumb and FTX. 

Transactions on chain

According to the Whale Alert transaction tracker, two transactions have appeared on the XRP blockchain: the latest transaction was made from the FTX exchange to an unknown wallet and was worth $14 million XRP coins. The first transaction appeared one hour before the FTX withdrawal and was worth $10 million.

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According to data from the tracker, the Bithumb wallet transaction is being made to another wallet labeled with the exchange’s name. It’s most likely tied to the fact that in order to withdraw funds, Bithumb uses multiple hot wallets rather than one large address.

The FTX transaction, on the other hand, is being made to the wallet of a completely different HitBTC exchange. The wallet of the exchange holds 26 million XRP and is most likely being used as another hot wallet for placing orders.

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XRP short-term rally

Both transactions have been made during the short-term rally present on the XRP trading pairs. Currently, Ripple is trading in a short uptrend and remains at 6% growth since the last week.

Ripple was one of the victims of the global cryptocurrency market correction that led to the retrace of all the major cryptocurrencies, including Bitcoin and the larger altcoins. After a recovery on most of the traditional markets, the cryptocurrency market followed with an average 10% recovery.

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XRP Price Attempting to Get Back In Track, Is Now A Double-Digit Figure Target In Place?

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Ever since the Ripple has fallen into a legal well against SEC, XRP price appears to have been more strong and more independent. Woefully, the asset went inversely parabolic to yet again hit the lower support levels. Moreover, the asset plunged below this support level that initially pointed out towards a bearish trend. Yet a quick reversal and consolidation assisted the price and prevented further plunge. 

The asset that remained much passive for a pretty long time, jumped out of consolidation and registered a huge spike in the trading volume. After a prolonged downtrend, XRP price initiated with a flip that could march the asset towards its next resistance very soon.

The asset was pretty much close to its immediate resistance levels around $1.2, yet the past week slump trembled the plot. The XRP price declined below $1 amid the plunge that the asset is trying hard to regain. However, it is mandatory for the price to not only range beyond $1 but also surpasses the resistance levels at $1.2. And hence a substantial uptrend may be confirmed.   

Yet this may not point out towards the resumption of a bull run as the barrier still reside close to $1.4 to $1.5 levels. And a successful breach through these levels should pave way for the asset to range above $2. Conversely, the RSI in long term manifested a downtrend which may flip any moment and begin with the uptrend soon.

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XRP price on edge of cliff as Ripple faces imminent collapse

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  • XRP price falls below key Ichimoku levels on the weekly chart.
  • Key oscillator divergence may hint at near-term support.
  • The threat of a 34% drop, however, remains likely.

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions

XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.

The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.

Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.

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XRP/USDT Weekly Ichimoku Chart

There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.

Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.

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