Price Analysis

Here’s Why XRP Price May Rise by Another 15% to Reach $0.4 Soon!

Author: Sahana Vibhute

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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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Highlights
  • XRP’s price may soon lose the profit incurred in the past few hours, which may further trigger a massive rally ahead

  • Whales become more active as huge transfers and accumulations have been recorded in the past few days

Ripple’s XRP price has been trading within an incremental range despite the market being badly impacted by the FTX fallout. While Bitcoin and Ethereum prices fell dramatically and reached new lows, the XRP price maintained some strength within an ascending range. Meanwhile, whales continue to accumulate heavily, indicating the possibility of resuming a bullish trend at the earliest. 

The XRP price is facing a notable rejection at $0.38, as the bears intend to drop the price below $0.37. Considering the flipped market sentiments, the price may continue to head towards the lower support. Meanwhile, a rebound may be triggered before it tests the lower trend line, implying the resurgence of a firm bullish trend. 

The XRP price has been rejected from the same resistance levels multiple times and may slice through them on the next attempt. Meanwhile, the trading volume also appears to support the bulls as notable pressure is mounted. Therefore, after a brief consolidation towards the south, a notable upswing may propel the price beyond $0.4. 

Alongside, the whales are constantly moving XRP on and off the crypto exchanges. According to a data provider, WhaleAlert, they have moved nearly 225 million XRP tokens and accumulated more than 165 million worth nearly $61 million. The largest whale accumulation was valued at over $20.3 million, while the whales cumulatively have added more than 96 million XRP.

Collectively, the XRP price is displaying immense strength and is believed to maintain a firm upswing in the coming days. 

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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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