XRP price is on an uphill battle amid crypto market uncertainty. The recent crash in Bitcoin price has made it harder for Ripple bulls to make a comeback. But XRP enthusiasts await the Securities and Exchange Commission (SEC)’s appeal that should be filed before September 7. The next few weeks until early October could answer the many arising questions.
XRP Price Market Movers: $200M Whale Transfer, Ripple Partnerships, Bullish On-chain Metrics
- XRP price experienced a 2.2% decline in 24 hours, with the weekly loss summing to 2.8% amid a massive 94,325,384 XRP transfer from an unknown wallet to another unknown wallet, Whale Alert updated on X earlier today. If the whale intends to sell or diversify into other digital assets, this transfer could dampen the impending breakout and possibly trigger another sell-off.
🚨 🚨 🚨 94,325,384 #XRP (53,656,730 USD) transferred from unknown wallet to unknown new wallethttps://t.co/3kH4omAfIq
— Whale Alert (@whale_alert) August 28, 2024
- Major banks continue to join Ripple’s payment network to reduce costs, increase transaction speed, and access new markets. According to the latest report, many global banks tap into the blockchain company’s XRP Ledger (XRPL) technology hail from China, Hong Kong, and the Philippines, including the Agricultural Bank of China, Bank of Beijing, and Standard Chartered Bank. Intriguingly, Bank of America has collaborated with Ripple since 2018 despite previous doubts, highlighting the company’s ability to offer robust financial services and transactions.
- The supply of XRP on exchange recently fell below the 3 million mark to hold at 2.64 million on August 27. Note that a persistent decrease in this Santiment metric can be a bullish sign. It proposes that investors are holding XRP as opposed to selling and signals confidence in XRP price appreciation.
- Ripple whales are unfazed by price doldrums, seeing that they continue to increase their XRP holdings. On-chain data reveals that large-volume investors currently hold 3.88 billion XRP, a significant increase from early August. This trend is bullish for Ripple price and may bolster the anticipated breakout.
Technical Analysis: XRP Price Breakout In The Offing
XRP hovered at $0.5728 on Tuesday during the US trading session. The 50-day Exponential Moving Average (EMA) provides immediate support downside, while the 20-day EMA highlights resistance at $0.582.
A daily close above the 20-day resistance will help affirm the short-term bullish outlook. Ultimately, this may bolster the chances of an inverse head and shoulders (H&S). This is a bullish pattern that, if validated, could boost XRP price by 21.6% to $0.74—a breakout target determined by the height of the pattern and extrapolated above the breakout point.
Conversely, it is prudent for traders to prepare for divergent outcomes. In other words, the downtrend could extend if the 50-day support at $0.5661 crumbles. In that case, the 200-day support at $0.5487 will come in handy while not ruling out a major sell-off to $0.5 and even $0.4 if the SEC appeals the lawsuit ruling.
Frequently Asked Questions (FAQs)
XRP price follows Bitcoin’s footsteps which has crashed nearly 7% in the past 24 hours.
A decrease in the supply on exchanges can be a bullish sign, suggesting investors are holding XRP rather than selling.
This bullish outlook will depend on factors including general market sentiment, but a technical breakout hints at a breakout to $0.74.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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