As a seasoned crypto investor with a few years of experience under my belt, I’ve learned to read between the lines when it comes to market trends and whale activity. The recent decline in XRP price, despite holding support at key levels, has been accompanied by increased whale activity as reported by Whale Alert. This is often a sign that larger players are taking advantage of market dips to accumulate more coins, which could potentially lead to a bullish trend in the future.
As a crypto investor, I’ve noticed a downtrend in XRP price over the past 24 hours, with bulls failing to push above the intraday high of $0.5276. However, despite this bearish trend, the support at the intraday low of $0.5276 held strong. Interestingly, Whale Alert’s on-chain transaction tracker reported an increase in whale activity during this decline.
Currently, XRP is following a downward pattern as of the latest news update, and its value is being traded at around $0.5204 – a decrease of 1.16% compared to its highest point within the day.
In the current downturn, XRP‘s market capitalization dropped by 1.11%, amounting to $28,869,150,197. At the same time, the trading volume for the past 24 hours experienced a significant increase of 5.68%, reaching $1,206,808,325. This market behavior indicates that traders are capitalizing on the price decrease to acquire more XRP coins.
Whales Shift 318M Coins Amid XRP Price Correction
According to a recent finding, large-scale XRP transactions have taken place, indicating active involvement from cryptocurrency giants. Around 28.89 million XRP, equivalent to roughly $15,025,812, were transferred from an anonymous wallet to Bitstamp. Following this, another massive transaction occurred with the transfer of approximately 29.85 million XRP, worth around $15,522,089, to Bitso.
At the same time, the trading volume for XRP derivatives decreases by 1.61%, amounting to $646.70 million. This decline signals a possible downturn in trading activity or a period of market consolidation. In addition, open interest has dropped by 1.65% to $651.56 million, suggesting fewer market participants or reduced new positions being initiated.
In the current market climate, the trading volume for options has dropped by a significant 46.56%, landing at $584.98. This substantial decline is indicative of lessened speculation among traders or reduced usage of hedging strategies.
On the contrary, the open interest for options surged by 15.02%, amounting to $290.99K. This discrepancy between volume and open interest implies that although fewer new option contracts are being exchanged, more positions remain active, potentially as traders anticipate a definitive market trend indication.
XRP/USD Technical Analysis
On the XRP-USD price chart, the MACD indicator shows a downward trend and lies beneath its signal line in the red zone, suggesting a possible prolongation of the bearish trend for the XRP price with a rating of -0.0006.
The trend’s downward direction and the histogram’s movement towards the left in the negative zone indicate growing selling pressure, suggesting a worsening trend.
Additionally, the Chaikin Money Flow (CMF) being in the red zone indicates that more money is leaving the market than entering, leading to increased selling pressure. However, it’s worth noting that the Money Flow Index (MFI) is approaching oversold levels with a reading of 29.56. This suggests that if buying activity picks up, we may see a reversal in this trend.
Crypto Scam: NYAG Lock Horns With Firms With $1B Fraud Stint
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- PLI PREDICTION. PLI cryptocurrency
2024-06-07 01:46