XRP Price Prints Bearish Pattern, Poised to Plunge Even Lower
Over 725 million XRP worth $400 million moved by unknown investors
Analysts believe XRP/USD price is at risk of another downtrend.
Developed by Ripple, XRP coin has been in the limelight since the start of December, due to both XRP price fluctuations and the upcoming Spark airdrop.
At press time, the XRP price is showing the sign of weakness across its markets. Looking at the daily chart, the XRP/USD market is down by 2.91%, reflecting a price drop in the market and the fall might become heavy if the bearish action continues.
On the short-term outlook, if XRP/USD moves bullishly and price actions still remain inside the channel, traders may expect an uptrend. A breakout above the moving averages could strengthen bulls and push the market price to the resistance levels of $68, $73, and $78.
On the other hand, a channel breakdown might lead the market in a bearish scenario. If the price continues to fade and the closest supports to keep an eye on are $0.45, $0.40.
The XRP/BTC trading pair has remained intact within the channel. If the selling pressure continues, the Ripple price may likely create a new monthly low.
The RSI indicator is seen moving in the same direction around the 49-level; traders could see a negative move if XRP crosses below the moving averages.
Will XRP Price Return to $0.45?
The XRP price analysis by Vince Prince has shown that the cryptocurrency will hit the $0.45 mark next after descending in a down-channel. The price rests between the $0.56 to $0.58 range after testing the $0.6 resistance.
The analyst expects this wave pattern to continue as the price descends in the down-channel. The next target for Ripple lies at $0.4585, as marked by the crypto analyst. The price is to hit the top of the channel and turn bearish until it bounces off the bottom of the channel near the lower support level, at $0.45.
The bounce-off is expected to cause the altcoin to ascend across the channel, following a final breakout setup towards the upside. This breakout will let Ripple reach across the $0.62 mark.
XRP whales Ignite! Hits ATH Ahead of Spark Airdrop
According to cryptocurrency data analytics platform Santiment, the number of XRP accounts that hold more than 10 million tokens (roughly $5.6 million at press time) has hit a new all-time high of 339.
Also, an advanced crypto tracker with Twitter handle Whale Alert, revealed that over 725 million XRP worth over $400 million were moved, in at least 5 transactions in the span of a day.