As a seasoned crypto investor who has weathered numerous market storms and witnessed the rise and fall of countless digital assets, I must admit that the current state of XRP leaves me both hopeful and cautious. The recent whale transfer could potentially dampen the anticipated breakout, but the bullish on-chain metrics suggest a different story.
The price of XRP persisted in a tough climb against market turbulence and general losses. It’s still undecided if the Securities and Exchange Commission (SEC) will file an appeal after the recent lawsuit verdict, which happened nearly four weeks ago. This leaves XRP in a state of uncertainty. The coming weeks up until early October might provide clarity on several key questions.
XRP Price Market Movers: $200M Whale Transfer, Ripple Partnerships, Bullish On-chain Metrics
- XRP price experienced a 2.2% decline in 24 hours, with the weekly loss summing to 2.8% amid a massive 94,325,384 XRP transfer from an unknown wallet to another unknown wallet, Whale Alert updated on X earlier today. If the whale intends to sell or diversify into other digital assets, this transfer could dampen the impending breakout and possibly trigger another sell-off.
94,325,384 #XRP (53,656,730 USD) transferred from unknown wallet to unknown new wallet
— Whale Alert (@whale_alert) August 28, 2024
- Major banks continue to join Ripple’s payment network to reduce costs, increase transaction speed, and access new markets. According to the latest report, many global banks tap into the blockchain company’s XRP Ledger (XRPL) technology hail from China, Hong Kong, and the Philippines, including the Agricultural Bank of China, Bank of Beijing, and Standard Chartered Bank. Intriguingly, Bank of America has collaborated with Ripple since 2018 despite previous doubts, highlighting the company’s ability to offer robust financial services and transactions.
The supply of XRP on exchange recently fell below the 3 million mark to hold at 2.64 million on August 27. Note that a persistent decrease in this Santiment metric can be a bullish sign. It proposes that investors are holding XRP as opposed to selling and signals confidence in XRP price appreciation.
- Ripple whales are unfazed by price doldrums, seeing that they continue to increase their XRP holdings. On-chain data reveals that large-volume investors currently hold 3.88 billion XRP, a significant increase from early August. This trend is bullish for Ripple price and may bolster the anticipated breakout.
Technical Analysis: XRP Price Breakout In The Offing
On Tuesday, XRP stayed around $0.5728 in the US trading period. The 50-day Exponential Moving Average (EMA) serves as an immediate floor below, while the 20-day EMA indicates a level of resistance at $0.582 above.
A daily price rise over the 20-day resistance level strengthens the temporary bullish perspective, potentially increasing the likelihood of an inverted head and shoulders (H&S) formation. If this pattern is confirmed, it could lead to a 21.6% increase in XRP‘s value to approximately $0.74—a goal set by the height of the pattern, extending above the breakout point.
Instead of only focusing on one possible outcome, it’s wise for traders to anticipate different scenarios. This means that if the support at $0.5661 fails, the downtrend might continue. If this happens, the 200-day support at $0.5487 can serve as a buffer. However, there’s also a possibility that the SEC appeal of the lawsuit ruling could lead to a significant sell-off, potentially pushing the price down to $0.5 or even $0.4.
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2024-08-28 18:44