Why all eyes are on Ripple's XRP price this week
Ripple's XRP Price
Modified Date:- Published Date:-Categories: Cryptocurrency
Why all eyes are onRipple's XRP price this week
With XRP price nearing a make-or-break situation
XRP price continues to show in relation to on-chain analysis signals. The previous XRP outlook reported a significant increase in daily active wallets. According to the article about 300 million tokens were transferred to exchanges.
The sudden movements on the blockchain on Twitter. Apparently, the most recent 50,000,000 transactions were directly linked to XRP and were transferred to an unknown wallet. XRP price currency auction at $0.37, just below last week's high of $0.39. Based on historical evidence, cryptocurrencies usually witness a significant sell-off after an influx of transactions.
The large transfer of XRP tokens to the active wallet is symbolic of a rifle man loading his artillery. It looks like there is a lot of interest in selling the XRP token at the current time and price. The XRP price also reflects a subtle bearish divergence between recent trading levels on the Relative Strength Index.
There is always a possibility for the price to move higher, but for the safety of our readers, it is best to adopt a reactionary investment strategy when dealing with the XRP price. A breach below $0.35 could send XRP price down by 35% to $0.24. A breach above $0.48 would invalidate the bearish trend and could give way to a bullish move to the $0.75 target in the near term for a 100% rise from the current Ripple price.
The XRP price suggests that large cap investors may consider liquidating their investments. Key levels have been identified. The XRP price has experienced a significant movement of the token on active wallets and exchanges. XRP price has printed a classical bearish divergence in the recent past. A breach above the $0.48 level would invalidate the bearish trend.
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