Ripple Price Prediction: XRP Struggles to Hit $0.50 Level. Will it Surge Ahead?
Ripple (XRP) price has encountered significant challenges in its journey to conquer the $.50 mark. Over the past few days, the token has been hitting lower highs, casting doubts about the token's trajectory in the coming days.
Moreover, the rising speculations around the mysterious movement of millions of XRP tokens from the Ripple wallet raise investors' concerns. XRP now grapples with bearish pressure as it vies to reclaim lost gains.
But how soon can Ripple XRP recover from the prevailing bearish momentum to soar to new highs? Let's find out.
Overview of XRP's Recent Price PerformanceXRP has recorded a nearly 1% decline in the last 24 hours and trades at $0.49. Its strides coincide with the bearish outlook in the broader cryptocurrency market. However, amid the slightly bearish struggles, XRP's price is still over 2% higher than its past week's value.
On the other hand, the token has lost nearly 3% of its past month's gains but holds over 4% above its value one year ago. Amid these unstable moves, some bullish investors are optimistic that Ripple XRP will recover to reach new highs. Nonetheless, the following analysis will provide hints.
XRP Price Analysis: XRP Trades below SMAs, Any Signs of Recovery?XRP is in a downtrend, forming bearish candles on the daily chart as the bears push for lower lows.
The chart above shows that XRP is slightly below its Simple Moving Averages (SMAs), indicating a strong bearish outlook for the token. However, the fading red MACD histogram bars show the bears have reached saturation and are beginning to recede.
It suggests that XRP could witness a bullish trend reversal before the day ends if sell pressure completely dissipates for the bulls to regain control.However, it's essential to exercise caution as this is not a definitive indicator, and market conditions can change rapidly.
XRP Targeting $0.549 Resistance with Support at $0.489 - What to Anticipate NextThe daily chart below suggests that XRP aims to flip the resistance level at $0.549. The token has surpassed the critical support level of $0.489, and the buyers must mount significant pressure for XRP to test $0.549.
Meanwhile, the RSI is at 43, suggesting that buyers and sellers are in equilibrium. This setup hints at indecision among market participants as they consider whether to continue selling or enter long positions.
But if XRP successfully surpasses the $0.549 resistance level, more buyers could gain momentum to push the target to the $0.7 price level.
Whale Alert Report Large-Scale Crypto Transactions: Are Whales Accumulating XRP Again?Reports suggest that a large exchange outflow of XRP tokens could be behind the ongoing sell pressure on XRP. According to Whale Alert, the crypto data insights provider, over 409 million XRP tokens were transferred from Bitvavo exchange to an undisclosed wallet.
This transaction amounts to a staggering $201,627,816 as of the time of the transaction and has raised curiosity among market participants.
409,776,402 #XRP (201,627,816 USD) transferred from #Bitvavo to unknown new wallethttps://t.co/j0ho6BYxce
- Whale Alert (@whale_alert) October 17, 2023
The mystery lies in the destination of these nearly half a billion XRP tokens, as the receiving address remains unknown. While the source of the transfer is Bitvavo, it remains unclear whether the receiver is linked to the exchange and the motive behind such massive token movement.
Interestingly, Bitvavo is not the only key player making significant XRP movements lately. Ripple has also moved a large amount of XRP from an unknown address to Bitstamp.
On October 15, over 30 million XRP, about $14.95 million, was shifted from an unidentified wallet to the Bitstamp exchange.
30,200,000 #XRP (14,726,855 USD) transferred from unknown wallet to #Bitstamphttps://t.co/LTgJ7r7sMy
- Whale Alert (@whale_alert) October 15, 2023
Although Bitstamp is a notable player in Ripple's On-demand liquidity services (ODL), it still needs to be determined whether the token transfer is for its cross-border payment or another purpose.
The mystery surrounding these substantial movements has triggered discussions among XRP enthusiasts who worry about the potential impacts on the XRP market.
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