Price Analysis

Ripple(XRP) Price At Crucial Phase : This Move Will Decide 20% Upswing or Downtrend !

Written by: Sahana Vibhute

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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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Feb 18, 2022

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Highlights

    XRP price displaying a huge probability of undergoing a major upswing, yet at the same time, possess an equal possibility of plunging down

    On the other hand, the asset is been accumulated heavily after quite a long time that may uplift the price above $1

Yet the crypto space has again plunged hard as the market capitalization has plummeted more than 4.44%. While Bitcoin price is hovering around $40,000 and Ethereum price around $2900, the market sentiments turn somewhat bearish.

No doubt at the present time, a slight recovery is witnessed, and hence the top 6th asset, Ripple(XRP) price is heading towards $0.8. Yet with just a small wrong move may plunge more than 20%.

The XRP price currently is swinging within a symmetrical triangle from more than a week and currently approaching the apex of the pattern. And therefore the asset may consolidate for a while and finally pull a leg in either direction.

The asset if break’s out from the symmetrical triangle, then may rise high and smash $0.95 slicing through $0.8 and $0.9 levels. On the contrary, if in the case the asset fails to surge, yet the price may reverse the trend and plunge down to the lower support which is at 18% distance. 

However, the possibility of a plunge appears to be pretty low as the on-chain analytics points out towards a notable uptrend incoming very soon. The XRP platform in recent times has witnessed the second largest XRP accumulation in the past 5 years.

The first largest accumulation of nearly 1.3 billion XRP happened in between November & December 2020. While considering the current accumulation, nearly 10 million XRP addresses accumulated more than 897 million XRP. 

With the current accumulation the XRP price against BTC bounced significantly forming a bull flag. And hence a notable breakout may happen very soon as the trend is appearing towards the apex of the consolidation.

Moreover, the market trends are currently chopping around the narrow regions and hence the BTC pair may gain extreme strength. Yet considering the USDT pair, it may maintain a stagnant trend until a notable push could propel towards the next levels. 

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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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