XRP Price Recovery: Crypto whales have moved a lot of coins to centralized exchanges, even though we’re hopeful for a favourable verdict on the XRP lawsuit now that the SEC has discontinued its inquiry into Ethereum. The whales transferred 52,180,000,000 coins, as reported by the on-chain platform.
XRP Whale Trend During Price Recovery
The XRP market has seen intense buying pressure over the past day, with prices fluctuating between $0.4992 and $0.488. As of this writing, XRP has risen 0.80% from its support level, trading at $0.4936. Whale activity has been observed in XRP Price Recovery, with 52.18 million. XRP worth over $25.88 million was transferred to centralized exchanges like Bitstamp and Bitso. Bitstamp received 28.65 million XRP, or about $14.21 million, and Bitso received 23.53 million XRP, or about $11.67 million, due to this activity.
Whales may be trying to cash in on recent price recoveries or hedge against future market volatility, and these massive transfers suggest they may be under selling pressure; however, if the uptrend keeps going and breaks through the $0.4992 level. Then, $0.505 and $0.510 will be essential resistance levels to watch out for. Conversely, $0.483 and $0.478 will be the subsequent support levels to monitor if bears seize. The market pushed the price below the $0.488 level.
The market capitalization of XRP increased by 0.60% to $27,425,091,894 during this price recovery, despite a 51% decrease in the 24-hour trading volume to $996,746,896. The XRP options market is behaving in a way that is counter to the general trend in trading volume. A rise of 15.02% in open interest indicates that more traders are buying XRP in anticipation of price swings. Given the decline of 46.56 per cent in options volume, this uptick may indicate that traders are positioning themselves for potential price movements in the future.
XRPUSD Technical Analysis
The 4-hour price chart of XRPUSD has created a double-bottom pattern, suggesting a bullish reversal pattern. Notably, the price has tested the support level twice without breaking through, indicating strong demand at these levels. Hence, this pattern is crucial. This support is further reinforced by the rising price action and approaching the neckline at approximately the $0.50 mark.
The crucial resistance level for XRP is $0.50, which is also the location of the neckline. The double bottom pattern. As the double-bottom pattern has generated a bullish reversal signal, traders keep a close eye on this price level if it is broken and closed above. Buyers will likely increase their purchases if the price breaks out above the neckline as they anticipate more significant gains in the market. Assuming XRP successfully breaks the neckline, the next anticipated target is around $0.56.
The Relative Strength Index (RSI) is currently around 50, which indicates neutrality. If the double bottom pattern is confirmed, additional buyers may be interested in buying into the prospective rise. Traders should proceed with care and consider taking profits as the price reaches the $0.56 goal if the RSI displays overbought conditions above 70. Meanwhile, a move to the south on the Money Flow Index (MFI) suggests. A little drop in buying pressure could slow down the rising trend, with a rating of 46. As a result, XRP can go through a period of consolidation before hitting its $0.56 goal.
Read Also: Ripple Sells $75 Million XRP During Market Downturn, Data Shows
