XRP, the digital asset backed by Ripple, has taken investors on a thrilling roller coaster ride of ups and downs due to a recent court ruling in a lawsuit. The XRP price experienced a remarkable 100 percent surge immediately after the ruling, only to retract by more than 25 percent shortly after, accompanied by a noticeable drop in trading volume.
Recent data from cryptocurrency price oracles has revealed a significant plunge in XRP’s daily traded volume, plummeting from over $10 billion to around $1.4 billion following the legal decision. This shift in demand can be partially attributed to the growing popularity of alternative altcoins like Shiba Inu (SHIB), which are currently offering more enticing trading opportunities.
Surprisingly, despite the price turbulence, data from on-chain sources indicates that XRP whales have been steadily accumulating digital assets throughout the past year, seemingly unfazed by the market’s ups and downs. This consistent accumulation pattern suggests a bullish long-term outlook for XRP among these influential investors.
Read More: Here’s the Ultimate XRP Price Game Plan for the Upcoming Bull Run!
Renowned crypto analyst Nick from Cheeky Crypto has delved into the current state of XRP’s price, providing valuable insights into its potential path. According to Nick’s analysis, XRP seems poised to enter its third wave within the ongoing correction phase.
Nick predicts that XRP’s price could experience a rebound in the near future, with a potential reach of 66 cents before undergoing further retracement. Notably, he pinpoints a crucial support range for XRP between 53 cents and 58 cents.
However, Nick advises caution for XRP traders who are anticipating a rapid surge towards the $1 mark. He highlights that the bullish momentum appears to have subsided, with a completion of a three-wave Elliott structure on the weekly time frame.
In anticipation of a larger market correction, Nick outlines the potential for a macro ABC wave correction that could push the XRP price down to 48 cents. It’s important to note that this scenario could be invalidated if an unforeseen upward movement to $1 occurs in the upcoming months.
In conclusion, the recent developments surrounding XRP have created a tumultuous market environment, with price swings and changing trading dynamics. Despite short-term uncertainties, the accumulation behavior of XRP whales and insights from analysts like Nick highlights the complex and evolving nature of crypto.
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