XRP Price Forecast: Mysterious Whale Activity Raises Questions – What’s Next for Ripple?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has gained by 1% in the past 24 hours, rising to $0.59 as the cryptocurrency market continues to ride the Fed’s rate cut this week.
XRP is now up by 4% in a week and by 10% in a fortnight, while also sitting on a modest 15% increase in the last 12 months.
Yet despite being in the green over most timeframes, this week has also seen substantial XRP transfers – worth over $26 million – to Mexico-based exchange Bitso.
This raises the possibility that a whale may attempt to cash out as soon as the XRP price rallies again, although this won’t dent the coin’s momentum in the medium- or long-term.
After a poor start to the week, XRP continues to show strength and momentum in the near term.
Its relative strength index (purple) has risen above 50 again after dipping early this morning, indicating that the overall trajectory at the moment is upwards.
Likewise, its 30-period moving average (orange) is still climbing above the 200-period average (blue), again indicating that XRP is in a phase of expansion.
This view receives support from the fact that XRP’s 24-hour trading volume has reached $1.5 billion today, up from $800 million as recently as Monday.
Yet we may see a dip over the weekend perhaps, given that a single whale has sent two separate transfers to Bitso in the past few days.
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