Despite all the latest difficulties, the popular Altcoin Ripple (XRP) today began to actively recover. The main for growth has become whale purchases.
We figure out what is happening on the Ripple (XRP) market and what to expect from the price of cryptocurrency.
XRP whales are trying to benefit
The large XRP holders actively bought tokens in the last week, which speaks of their confidence in Altcoin. In seven days, addresses with a balance of 10 million to 100 million XRP purchased more than 510 million tokens worth over $ 1 billion.
Such a large -scale accumulation increased the total amount of assets of these players to 7.38 billion XRP. If the trend continues, the XRP course can grow due to the demand from the key investors.
Their support creates a strong basis for cryptocurrency growth, especially if market moods continue to improve.
In addition, XRP is faced with problems due to the NUPL indicator (clean unrealized profit/loss), which for the first time in five months sank below 0.5. This means that XRP has entered the “Alarm zone”, usually associated with market corrections.
With an increase in caution among the XRP investors may encounter short -term volatility. However, the improvement of the global economy, especially after the decision of the US President Trump, suspend retaliatory duties for 90 days, can help cryptocurrency overcome bear signals and begin growth.
XRP forecast: exit from the descending trend
At the time of writing this analysis, the XRP is traded at $ 2.00, which is 11.7% higher compared to the latest trade days. Despite the noticeable growth, Altcoin is still influenced by a monthly descending trend.
Thus, XRP continues to fight bears, but the recent price increase indicates the potential of further rally. Thanks to the support of large players and a general improvement in the market, XRP has a chance to overcome the resistance at $ 2.14 and go to $ 2.27, breaking down the descending trend.
If bear mood intensifies, XRP may not stay at the current level. In this case, it is possible to fall below the key support of $ 1.94, followed by a decrease to $ 1.70, which will cancel the bull scenario.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
