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XRP Price Might Offer Discount in Short Term as Signal Flashes

Sat, 11/19/2022 - 14:28
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Tomiwabold Olajide
XRP up 2.58% in last seven days, outperforming top 10 cryptocurrencies in weekly gains
XRP Price Might Offer Discount in Short Term as Signal Flashes
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An opportunity may soon present itself for XRP dip buyers if the scenario portrayed by the TD Sequential indicator plays out in the short term.

According to Ali Martinez, a crypto analyst, the TD Sequential flashed a sell signal on XRP's four-hour chart, which might suggest an incoming price decline to $0.368 or even $0.341. At its current price, a drop to $0.341 would represent an 8% discount.

At the time of publication, XRP was trading at $0.38 after touching lows of $0.375 in today's trade. While marginally down in the last 24 hours, XRP is up 2.58% in the last seven days, outperforming the top 10 cryptocurrencies.

On the other hand, XRP might squash the negative sell signal if the market trends are higher in the coming days. An inflow of positive news into its ecosystem might as well aid the XRP price performance in the short term.

As seen on its daily chart, XRP might persist in its current range with support at $0.319 and a barrier near $0.40 as the RSI has flattened below the 50 neutral mark, suggesting a period of consolidation.

There are several ways traders could approach the XRP price action in the coming days. A breach past the $0.40 barrier located near the daily MA 200 might spur a new uptrend with targets near the MA 50 ($0.46) and then the $0.51 mark. On the contrary, XRP has confirmed support near the $0.32 mark, having failed to sustain below here on two occasions.

XRP whales in accumulation spree

Crypto data tracker Whale Alert points to the flow of a significant amount of XRP in the last 24 hours. The most notable was the fact that 239,000,000 XRP worth $90,949,248 moved between wallets.

Meanwhile, another 30 million XRP worth $11,385,343 was moved from the crypto exchange Bittrex to an unknown wallet. Two transfers of 39,999,550 XRP worth $15,217,321 and one of 42,231,481 XRP valued at $16,060,073 moved from Bitstamp to unknown wallets were reported by Whale Alert.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.