The XRP is steadily trading about $ 3, with minor changes over the past 24 hours and an increase of 3% per week. Over the past three months, Ripple token has grown by 35.4%, which indicates a long -term upward trend
We figure out what is happening on the Ripple (XRP) token market and what to expect from the price of cryptocurrency.
Whales added $ 750 million to XRP
One of the obvious signals is the activity of the whale in the Ripple token market. Since mid -August, investors who own 10 million to 100 million XRP bought about 250 million tokens.
At a price of $ 3, this is approximately $ 750 million in new savings. Whales usually buy large volumes when they expect prices. Their stable purchases, even when the price of XRP remained in place, show confidence in a possible growth.
XRP balance on exchanges fell to the annual minimum
The activity of large XRP holders coincides with a decrease in the reserves of token on exchanges. Over the past three weeks, reserves have decreased from 3.77 billion to 3.27 billion XRP, which is a drop by 13.3%.
This is the lowest level per year. Less XRP on exchanges often means less pressure on the sale, as traders move coins to wallets for storage, and not for sale.
In the past, similar falls were accompanied by rally. For example, between May and June, a sharp decrease in reserves coincided with a price increase of $ 2.10 to $ 2.32 in a few days. The schedule shows that the minimums of balance on exchanges often preceded the increase in the price of XRP.
Thus, the current reduction in the XRP balance on the exchanges can become a catalyst for a breakthrough.
XRP price dynamics and breakthrough levels
For several weeks, XRP has been trading in the range, trying to break out of it. The first important mark is $ 3.01, which acts as strong resistance. Interestingly, this level again lowered the price of XRP.
This breakthrough will occur at $ 3.33, where the price often encounters resistance. If the day closes above this mark, the path to the historical maximum of $ 3.65 will be open.
The bull script is canceled if the price falls below $ 2.72. In this case, XRP can reach new local minimums.
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.
