Despite a minor drop in the last 24 hours, the cryptocurrency market saw significant gains over the weekend. The XRP coin is currently trading in the green, with a strong bullish trend emerging from the lower levels. XRP price increased in value from 96 cents to $1 on Friday. It is currently trading at $1.03.
XRP Price Action:
Ripple’s XRP plummeted to an intraday low of $1.02 this morning before making a rise, tracking the overall market. The altcoin soared to a late intraday high of $1.09 after staying clear of the first key support level around $1.0074.
XRP/USD trading pair surpassed the $1.05 level, but it failed to break the $1.08 resistance and the price is now correcting lower.
There was a break below the $1.05 level. On the downside, initial support is near the $1.020 followed by the $0.9800 level.
The 7th largest crypto might hit resistance at $1.15 before any reversal if the coin continues to climb. The $1.1224 level is the second significant resistance level.
In case, XRP price rebounds and breaks the initial hurdle is near the $1.05 level, The next key resistance is near the $1.08 level. A close above the $1.08 could set the pace for more gains.
However, XRP/USD should avoid falling below $0.95 unless there is a prolonged sell-off. The downside should be limited by the second major support level at $0.9889.
XRP Network Activity:
There is a spike in XRP network activity due to huge whale transfers. On October 2 XRP accounts began transferring the world’s 7th most valuable digital asset from crypto wallets to exchanges. Whale Alert, a well-known blockchain tracking service, has revealed a $41 million transaction involving the transfer of 40 million XRP coins.
In a different transaction 15 million XRP we’re transferred from an unknown wallet to Binance.
On October 3, 2021, the XRP millionaire wallet completed a transaction for $20.9 million in a separate transaction. The crypto whale sent 20 million coins from an undisclosed wallet to Coinsph.