Wed, 7/02/2024 – 11:16
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP, the seventh largest cryptocurrency, has been underperforming of late; however, this narrative might soon switch if a positive signal holds for its price.
Crypto analyst Ali observed on Feb. 6 that the TD Sequential indicator was signaling a buy on the XRP weekly chart, suggesting that XRP might be poised for an upswing lasting one to four weeks.
While optimism remains, whales have begun to make their moves in anticipation of a rebound in the XRP price.
According to Whale Alert, a service that tracks large crypto transactions, a large XRP transaction was detected in recent hours. The transaction involved the transfer of 40 million XRP, worth about $20 million, from Bybit to an unknown wallet.
“40,000,000 XRP (20,054,038 USD) was transferred from Bybit to unknown wallet,” WhaleAlert reported.
The identity and reasoning of the whale behind this transaction are unknown, but they might be expecting significant XRP price movement soon. Also, the whale may be buying more XRP tokens at a cheaper price, anticipating a substantial gain in value in the next few days or weeks.
Alternatively, the whale may be shifting their XRP tokens to cold storage, indicating that they intend to store the tokens for a longer length of time rather than sell them.
At the time of writing, XRP had dropped 0.55% in the last 24 hours to $0.50.
Given that XRP is not immune to the volatility of the crypto market, it might see some corrections alongside the market. If the falls continue, XRP may reach the next support level at $0.4744, ahead of the $0.46 level.
On the other hand, if the XRP price rebounds from its current levels, it might face the next major barriers at $0.568 and $0.576, which coincide with its daily SMA of 50 and 200, respectively.
A sustained break above these levels may spark a strong bullish wave, propelling the price to the next resistance levels at $0.623 and $0.65. The ultimate goal for XRP bulls in the short term would be to recapture the high of $0.75, which was reached in November 2023.