XRP Major Price Action Seen Enroute $0.5 In The Coming Days
XRP price has been sluggish for the longest time, even though XRP has grappled to set foot on $0.4 zone in which an upswing could push the price far reaching above $0.5 in the next few days.
During the crypto crash in May, XRP was seen to lose its hold on $0.55 and have been under the pivotal support line ever since. Following that, the token has been still and hasn’t displayed any bullish movement halting any uptrend.
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XRP Price Ascent Seen In The Coming Days
Recent data show signs of a major uptick that will hoist the price of the token in the coming days. There is a massive amount of stagnant XRP token that are hauled which included a lot of primary active wallets that dislodged most of their XRPs.
Several analysts are confident – including Jed McCaleb, Ripple Co-Founder – that the crypto will soon find the stability it deserves. Right after McCaleb sold all of his XRP holdings, several dormant tokens moved which signal high volatility happening soon. More so, a lot of hodlers and whales have recently been active with the token which means that a price rally is in the offing.
Whale Alert, a popular platform which monitors transfers over Twitter reported that roughly 375 million worth of XRP tokens are being shifted in the past 48 hours. The biggest chunk of tokens come from a single address bearing over 155 million tokens. With that being said, massive price action is set to happen soon.
XRP total market cap at $17.5 billion on the weekly chart | Source: TradingView.com
XRP Could Spike In Intensity, Volatility
While its price appears to be currently dormant, it could increase in terms of intensity and volatility in the coming weeks.
Over the past couple of days, XRP token performance showcased a lull in terms of buy and sell bids. However, in July 20, a huge spike in the transactions occurred.
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More so, on the same day, there was also a sudden increase in stagnant tokens changing addresses as the consumption spiked to a tremendous high of 854.32 billion. This is the highest performance XRP has had since December 2020.
July 12 marked the rise of XRP. But, in July 20, it formed a rising wedge pattern at which the token also suffered a massive decline in price.
It was trading at $0.37 in July 20. The crypto currently has a bearish outlook but investor interest is stronger now more than ever. The token’s RSI is seen rising at around 55.66 as of this writing. With the stable spike in buying pressure or demand, XRP’s MFI or Money Flow Index appears to rise in the next 24 hours.
Featured image from The Daily Hodl, chart from TradingView.com