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XRP: This Might Trigger Rally for XRP After Losing 16%

Mon, 08/21/2023 - 16:15
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Tomiwabold Olajide
XRP gained modest advantage over other assets on Sunday
XRP: This Might Trigger Rally for XRP After Losing 16%
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XRP saw a rebound after dipping to lows of $0.436 on Aug. 17. The recovery saw XRP close in the green on two separate days over the weekend.

On-chain analytics firm Santiment observed the rebound, stating that several altcoins were scratching their way back, including XRP, after a significant sell-off in the past week.

Santiment goes on to say that the recovery trend might continue this week given that metrics comparing market value to realized value continue to show traders are down significantly.

That said, technically, the key to future XRP gains lies at the crucial level of $0.558. XRP confirmed resistance at this level in mid-June.

Given the current unsuccessful attempt by the bulls to push prices beyond this range, XRP may be on track to confirm resistance at this level once more.

XRP/USD Daily Chart, Courtesy: TradingView

However, if the $0.558 barrier is flipped into support, XRP could extend its current rebound. Regardless, the road ahead for the XRP price might be filled with hurdles.

On the upside, XRP might confront a major hurdle at the daily MA 50 at $0.631 before challenging the $0.66 and $0.72 levels next.

Currently, the intermediate support level at $0.50, which coincides with the MA 200, remains a key level to watch if the price further declines.

At the time of writing, XRP had reversed the gains accrued over the weekend and was down 3.16% in the last 24 hours to $0.526. The cryptocurrency has dropped 16% in the last seven days.

Whale accumulation is another key item to watch

As the XRP price rose over the weekend, on-chain analytics firm Santiment reported that XRP was beginning to show some mild recovery signs, buoyed by XRP whales.

According to Santiment, XRP gained a modest advantage over other assets on Sunday as wallets holding 10 million to 1 billion XRP accumulated. According to the most recent statistics, 221 addresses hold between 10 million and 1 billion XRP. This address class also has a total of 16.13 billion tokens worth $8.71 billion.

XRP: More Businesses Now Accepting Direct XRP Payments

Aside from overall market price action and developments in the Ripple-SEC lawsuit, whale movements may be an important factor to monitor for the XRP price.

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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.