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XRP Price Recovers From Crash – Will the Price Hit $0.6?

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Highlights

    Bitcoin price recovered above $19,000, still struggling to clear $19,500.

    XRP is struggling to stay above the $0.500 support

    Many Altcoins have taken a breath of fresh air with the spike in market cap

It was a bearish start of the week for the major cryptocurrencies. While Bitcoin Price will need to avoid the pivot, XRP price will need to break through it to avoid a loss.

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However, the altcoins gained lost momentum and have currently entered the consolidation phase. Failure to move back through the early morning highs would bring support levels into play.

In terms of gains, With the spike, 125% Nucleus Vision (NCASH ) leads the crypto market followed by ALL BEST ICO (ALLBI) with 108% gains. The trending tokens EFFORCE (WOZX) and Bitcoin Vault (BTCV) are also showing minor gains of 2% and 3% respectively. 

XRP price has been in the limelight since December. The third-largest cryptocurrency tumbled by 17.78% in the week ending reversing a 2.69% gain from the previous week.

XRP Whales – 230 Million XRP Were Transferred in Just 3 Transactions

As per Whale Alert recent tweets, about 230 million XRP in just 3 transactions were transferred within a few hours ago — hinting that there might be more transactions.

  • 29,999,980 XRP (15,415,586 USD) transferred from Unknown wallet to Coinbase.
  • 100,000,000 XRP (51,609,407 USD) transferred from Unknown wallet to Unknown wallet.
  • 100,000,000 XRP (51,783,761 USD) transferred from Unknown wallet to Unknown wallet.

XRP Price Analysis 

XRP price chart

A bearish start to the week saw Ripple’s XRP fall from an early Monday morning high $0.51316 to a low $0.50337. Ripple’s XRP left the major support and resistance levels untested early in the day on Monday.

At the time of writing, XRP traded at $0.505510 with a daily trading volume of $8,155,309,593 USD. XRP is up 3.60% in the last 24 hours, with a market valuation of $22,952,192,576 and  a circulating supply of 45,404,028,640 XRP. 

Also read : Stellar Price Prediction 2021 – Will XLM Price Hit $1?

The price is now trading below the  $0.520 level. The support is near $ 0.500, below which the price could dive towards the weekly support at  $0.480. On the upside, the price must gain momentum above  $0.520 and then surpass  $0.535.

Looking ahead,  XRP would need to move through the 38.2% FIB of $0.5285 and the $0.5393 pivot level to support a run at the first major resistance level at $0.5985. However, support from the broader market would be needed for XRP to break out from $0.55 levels. Barring another extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside. 

In the event of another breakout, the 23.6% FIB of $0.6274 resistance at $0.65 would likely come into play. The second major resistance level sits at $0.6840. Failure to move through the 38.2% FIB and the $0.5393 pivot would bring the first major support level at $0.4538 into play. In an extended sell-off,  XRP Price should clear sub-$0.40 levels. The second major support level is at $0.3946. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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