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After experiencing a few days of market volatility, XRP faces a crucial resistance that will determine its future price trajectory. Market participants are anticipating XRP’s next big move.
XRP key resistance
The price of XRP is currently pegged at $2.20, down 4.9% in the past 24 hours. Within this time frame, XRP touched a high price of $2.31, underscoring how much the resistance wall lies at the $2.30 level.
Tomiwabold OlajideThe daily chart shows that XRP has yet to enter a consolidation channel that would later become a foundation for recovery. Instead, bears have been continuously pushing ADA down, as seen in the daily decline.
Also, traders are slowly dropping support for the crypto, as the volume profile indicates. Within the last 24 hours, the trading volume declined by 14.16% to $4.6 billion, showing reduced investor interest.
XRP has stayed above the $2 threshold despite its intense bearish pressure. If the bulls can make a comeback, the move to flip the $2.30 level could be successful in the short term.
However, traders are unlikely to see sharp ups or downs in the near future.
Massive XRP outflows
Meanwhile, U.Today reported a mysterious large-scale transfer of XRP coins to the leading U.S. crypto exchange, Coinbase. Notably, over 30.17 million XRP, valued at about $69.24 million, were moved from an unknown wallet address to Coinbase.
Gamza KhanzadaevMany market participants expressed concern that the large XRP transfer hinted at a potential market sell-off. In contrast, others opined that the whale is likely purchasing and withdrawing assets from the centralized exchange into personal custody.
Despite having no direct affinity with the transfer, such a move might nonetheless generate disruptions for the token. XRP is still finding its balance, and a major crypto market recovery could help boost the price, boosted by a major XRP Ledger milestone.
Gamza Khanzadaev
Arman Shirinyan
Dan Burgin
Alex Dovbnya