XRP Price Prediction as Ripple Executes Massive 3 Billion XRP Transfer – Bullish or Bearish for XRP?
XRP is displaying bearish signals despite a price increase amidst overall market growth. This comes as the transfer of 3 billion XRP tokens, valued at $1.5B, has raised concerns about market stability.
The XRP price has experienced a 0.15% increase over the past 24 hours, increasing its price to $0.5204, amidst broader market growth.
Despite today’s gain, XRP has posted a weekly loss of 3.14%, disrupting its monthly rise of 1.07%.
Over the past year, XRP has yielded a disappointing loss of 2.91%, underperforming major cryptocurrencies like BTC, ETH, and SOL.
This lackluster performance indicates weak widespread investor interest in XRP. However, XRP’s 24-hour volume has rocketed 85.49% to $1.038B, suggesting increased market activity.
Potentially, influenced by a Ripple executive’s transfer of 3 Billion XRP, creating uncertainty and doubt within the market.
XRP Whale trades: Starting 1 hour ago (5.4% of $XRP circulating supply moved):
– 2:30pm 200,000 $XRP
– 2:34pm 300,000 $XRP
– 2:38pm 500,000 $XRP
– 2:41pm 500,000 $XRP
– 2:45pm 300,000 $XRP
– 2:47pm 200,000 $XRP
– 2:55pm 500,000 $XRP
– 2:58pm 500,000 $XRP
Total $XRP so far: 3b… pic.twitter.com/u5PPTPQmJw
— MartyParty (@martypartymusic) June 1, 2024
In the last 24 hours, XRP experienced a dip but has since displayed signs of recovery and is potentially poised to swing to the upside.
Notably, XRP has established strong support at $0.5189 (red). A retest of this support level is imminent. If the XRP price decisively breaks below this zone, it may indicate further downside potential.
Given that XRP is currently trending within the 0.282 – 0 fib retracement zone, the price is in a critical support area, and traders should watch for signs of reversal or further decline.
One indicator to
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