- A whale moved 36,370,840 XRP, worth around $18,775,470, to Bithumb exchange.
- XRP’s 24-hour trading volume significantly increased to $1,672,194,735.
- XRP’s price could reach the next resistance level at $0.6686.
Whale Alerts, a platform dedicated to tracking whale activities, disclosed in a recent post that a significant volume of XRP
There is no evidence to suggest that the whale has taken any steps to divest from his XRP holdings despite the remittance token’s price remaining positive at the time of reporting. CoinMarketCap data shows that the price of XRP has increased by 1.57% in the last 24 hours, resulting in a trading price of $0.5164.
This indicates that XRP was trading slightly nearer to its 24-hour low price of $0.5072, compared to its highest price during the same period, which was $0.5455. Importantly, XRP saw a significant increase in its 24-hour trading volume, raising the total volume to $1,672,194,735.
Additionally, it should be noted that the recent daily performance of XRP has shifted its weekly performance to a positive increase of 0.70%. Nonetheless, considering its monthly performance, the value of this remittance token has experienced a decrease of 1.80%.
Over the past few weeks, XRP’s price successfully breached a symmetrical triangle pattern developed on its daily chart. It maintained its position above this chart pattern at the time of reporting. Consequently, in the next few days, the remittance token’s price might convert the resistance level of $0.5515 into a support level.
Subsequently, sustained purchasing momentum could elevate the altcoin’s value to reach the next resistance level at $0.6686. This optimistic prediction will be nullified if XRP falls back into the breakout pattern previously established on its daily chart. As a result, the cryptocurrency could face the threat of a downward breakout.
Under a pessimistic outlook, XRP could revisit the support level of $0.4783. Should the downward pressure on this cross-border payment token’s price persist, it could fall below this crucial level, possibly reaching the next benchmark of $0.4120 within the next fortnight.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
