Connect with us

XRP

XRP price needs a definite break above $1.36 for the uptrend not to lose momentum

Published

on

  • Ripple price saw bulls attempting to break above $1.36 this week but failed.
  • XRP price would need to see a firm break above and close if bulls do not want this rally to fade.
  • On the downside, long positions in XRP price are held by a mix of pivots trend lines and moving averages.

XRP price saw bulls attempting a second try to break above $1.36, followed by another fail and fade. The fade was triggered by global markets rolling over on the US inflation print that, in its turn, triggered heavy profit-taking on long positions in Ripple price. As investors start to doubt whether XRP price will see $1.81 anytime soon, Ripple price needs to offer bulls enough reason to add other positions to give the uptrend additional firepower.

XRP price sees bulls supported, but risk looms

Ripple price saw bulls trying to break out of the red descending trend line once and for all, but they hit a curb on the $1.36 level that proved its resistance in the past. The risk at hand for bulls is that price action faded too much after headwinds popped up from global markets rolling over. As XRP price action dipped back below the red descending trend line, bears could be able to push price action further to the downside for a reversal of the uptrend towards a downtrend. 

XRP price holds many supporting factors that could give bears quite a challenge before they could even start to think about a downtrend. Before reaching the green ascending trend line that has already proven its support on two previous occasions, bears face both the 55-day and the 200-day Simple Moving Averages (SMA) between $1.00 and $1.10. With that 55-day SMA, the monthly pivot comes in at $1.10, forming double firm support if XRP price would come down to this level.

XRP/USD weekly chart

XRP/USD weekly chart

As the number of support elements is quite significant, expect this uptrend not to be coming to a halt anytime soon, even if a few headwinds would persist. Expect another attempt to break out, which needs to be strong enough to get at least a daily close above $1.36. If that is again not the case, expect that time to fade too many and might see a push in XRP price towards the monthly S2 at $.075.

Advertisement

News Source

Ripple

XRP Whale Moved $20 Million Coins Away from Exchange

Published

on

whale

XRP whale moves large funds volume in few hours amid global cryptocurrency market correction.

While the trading activity on the market plunges after a 10% correction, some whales have decided to move their XRP holdings away from various exchanges, which is considered a good signal for holders.

The set of similar transactions

According to the blockchain data, the anonymous wallet has moved approximately $20 million worth of XRP coins from Bitstamp exchange to the unknown wallet. The future of those coins remains undisclosed.

Advertisement

The wallet that received approximately 20 million coins is now holding a total of 51 million XRP. Previously, the same wallet moved to Bitstamp the same amount of coins but divided it into two transactions each worth 10 million coins.

Whale Alert
Source: Whale Alert

The unknown wallet does seem to move large amounts of funds to the exchange and then withdraw almost the exact same amount of funds back. Some users suggested that the wallets are being used in a mixing scheme, which is considered illegal.

But the more likely outcome is that the wallet is officially tied to the Bitstamp exchange and is being used to either provide liquidity or as an exchange’s cold wallet. But at the same time, all wallets that are owned by exchanges should be labeled.

XRP’s performance during market dip

In comparison with other market performers, XRP followed the general trend by losing 10% of its value while recovering approximately 2% today. The more unfortunate fact for holders is that Ripple broke the two-month trend by dropping below the $1 mark. At press time, XRP is trading at $0.95.

Advertisement

News Source

Continue Reading

XRP

XRP holds key support while indicators point to short-term recovery

Published

on

  • Ripple started a recovery wave above a key support level of $1.024. 
  • XRP price started an upside correction as indicators suggest a short-term recovery.
  • The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds. 

XRP rejected above the triple bottom at $1

XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.

If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108. 

The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284 

Advertisement
 Ripple 12-hourly chart - Triple bottom to drive uptrend

 XRP 12-hourly chart – Triple bottom to drive uptrend

If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.

The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.

News Source

Advertisement
Continue Reading

XRP

XRP price consolidates as Ripple bulls eye a 15% run-up

Published

on

  • XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
  • A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
  • A daily close below the $0.92 foothold will invalidate the bullish thesis.

XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.

XRP price to pull a 180

XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely. 

In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.

While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.

Advertisement
XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.

News Source

Advertisement
Continue Reading