- Ripple’s XRP experiences a 10% decline, settling at $0.65 from a recent high of $0.72, with on-chain data indicating strategic moves by crypto whales.
- If buying activity persists, XRP may retest $0.70, facing resistance at $0.72 and a potential target of $0.80.
Ripple (XRP) witnessed a 10% decline, falling to $0.65 from its recent three-month high of $0.72. On-chain data indicates strategic moves by crypto whales aiming to disrupt the ongoing consolidation phase in XRP’s price.
The fate of XRP’s price hangs in the balance, with the broader crypto market retracting from last week’s fervent trading. As bullish whales initiate strategic maneuvers, XRP stands at the precipice of a potential breakout in its price.
The surge in XRP’s price to $0.72 occurred amid heightened market activity, driven by positive developments such as new listings on the Upbit exchange and a series of legal victories against the Securities and Exchange Commission (SEC).
Following a week of consolidation, the Relative Strength Index (RSI) data reflects a transition for XRP from overbought conditions to a more neutral territory. Last week, when XRP reached $0.72, the RSI spiked to 87.93 on November 6, marking the highest point since a US court ruling in July declared XRP “not a security.”
However, after a week of consolidation resulting in a pullback to $0.65, the XRP RSI trend line has now descended to the neutral zone at 61.96.
The Relative Strength Index (RSI) data evaluates the strength and momentum of the current price trend of an asset. A move below the 70 level on the RSI indicates that the asset has transitioned from a state of euphoric overbought conditions to a consolidation phase.
XRP Whales In Action
XRP’s recent price stagnation prompted strategic moves by large whale investors, with on-chain data indicating significant accumulation at the key support level of $0.65. Over the past 48 hours, whales (wallets holding 1 million to 100 million XRP) increased their cumulative balance from 8.93 billion to 9.02 billion coins, acquiring a substantial 90 million XRP. At the current value of $0.66, this acquisition amounts to approximately $60 million, signaling a strong bullish sentiment.
The Parabolic SAR, indicating reversal points in the trend, aligns with this, pointing toward $0.65, reinforcing the potential for a bullish breakout. If buying activity continues, XRP may retest the $0.70 area, with initial resistance at $0.72 and a potential target of $0.80.
However, a bearish scenario could unfold if the price dips below $0.55, although robust support is anticipated around the $0.65 level.
The major volatility in the XRP price above $0.72 came as fake news erupted that BlackRock had filed for a spot XRP ETF. The Department of Justice in Delaware is investigating a fake filing from Monday that falsely suggested BlackRock (BLK) was set to launch a spot XRP exchange-traded fund (ETF). This misleading submission, which remains accessible on the Delaware Department of State’s Division of Corporations website as of 2:30 p.m. ET on Tuesday, closely resembles BlackRock’s genuine documentation for its iShares Ethereum Trust product filed the previous week.
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