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As on-chain data shows an astounding one billion XRP movement, XRP has been causing a stir on the cryptocurrency market, with a spike in trading activity. Given that XRP is still holding onto a critical support level, this unexpected inflow has raised concerns about a possible market shift. After a recent decline, the asset has been consolidating and is currently trading at $2.30, which certainly creates unpredictability about its next move.
After recently breaking below a significant ascending trendline, the price of XRP has struggled to sustain bullish momentum. Nevertheless, the asset has found support at $2.28, which is the 100-day EMA. This level may act as a transitional one prior to the next significant price movement. Even after a brief decline to $2.26, XRP has demonstrated resilience by remaining above this critical level.
XRP would need to regain the $2.50 level, which corresponds to the 50-day EMA, in order to see a significant recovery. It is possible for XRP to move toward $2.75 if buying pressure increases, returning it to a bullish structure. The next significant support, which is located at $1.79 - close to the 200-day EMA - could result in additional losses if the current support is broken.
Godfrey BenjaminBullish scenario: A breakout above $2.50 may pave the way for a rally toward $2.75 if XRP holds its position above $2.28 and buyers intervene. In the upcoming weeks, a sustained move above this level might push the price toward $3.00, reinforcing the bullish sentiment.
Bearish scenario: Should selling pressure continue, XRP may test $1.79 and further decline if it loses the $2.28 support. Losses would extend further into the $1.50 range if there were to be a decline below this level, which would signal a protracted bearish phase.
XRP is still at a pivotal point right now. The recent spike in the price of billions of XRP may be a sign of increased volatility, so the course of the market will be determined by the next few trading sessions.
Dan Burgin
Vladislav Sopov