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XRP Whales Continue to Stack up, Will the Price Regain Lost Positions?

Highlights

    XRP price rebounds well by breaking the neckline of the inverse ‘w-shaped’ pattern

    The price is expected to test crucial resistance levels around $0.6 as it has been rejected a couple of times before

XRP Price Attacks the Crucial Levels Again

The XRP price initiated a jump in the previous trading day and maintained an uptrend where-in the crypto space plunged hard. Currently, the price had regained nearly 25% from the lows around $0.44 in the past couple of days. 

The price is trending and attempting hard to smash the strong resistance levels around $0.5724 which was often rejected in the recent past. However, in the current scenario, the price has bounced well and initiated an uptrend. As per the uptrend predicted by analyst Credible Crypto, the price may hit above $0.7 levels by mid of April 2021.

Moreover, the rounds of the probable use of XRP in the EU payment gateway has outspread the space. And as much as 85 million XRP may have been shifted by Ripple to the EU ODL corridor which may intensify the bull run to the next level. 

Price Analysis – Will the Price Smash $1?

The XRP price began the previous trading day with a downtrend, which hit the lowest levels below $0.45. However, the price recovered later and successfully surged above $0.5. The present trade initiated very well and kept surging to reach the daily highs of around $0.58.

xrp price image

The price is currently attempting hard to smash the target set at $0.6 as in the past hour a huge influx of volume dragged the price to the higher levels. Therefore it indicates that the whales have jumped in action to regain the lost momentum and initiated stacking the assets. 

According to some reports, in the past week, the wallet address that hold more than 10 billion XRP has increased by about 4%. Moreover, as much as 15 new whales have joined the network indicating more bullish rally incoming.

Technical Specifications

  • The resistance levels are at $0.6
  • The support levels are at $0.4826
  • The indicators for Ripple’s XRP price point out towards a strong buy signal
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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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