Ripple’s Its native token, XRP, has maintained a relatively stable trading pattern over the past month, trading within a narrow price range. Despite falling below its horizontal channel during the market crash on August 5, XRP has managed to recover and continue its sideways movement. Despite limited price volatility, most daily transactions for XRP do not indicate a resilience in trading behavior.
What’s Happening on the XRP Front?
XRP’s The daily profit/loss ratio, which is evaluated using a 30-day moving average of trading volume, shows that more trades were profitable than lost in the past month. As of the date of writing, this ratio is 1.2, meaning that for every XRP trade that ended in a loss, 1.2 trades ended in a profit. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
During the review period, XRP whales increased their trading activity. Centimeter data shows an increase in the number of whale addresses holding between 1,000,000 and 10,000,000 XRP. At the time of writing, this group consists of 1,617 addresses, up 2% since August 9.
An increase in the number of whales holding an asset is a bullish signal. It indicates strong demand for the asset and can increase confidence from retail investors, leading to more buying activity, which can then cause the price of an asset to rise.
XRP Chart Analysis
Right now XRP It is trading at $0.57 and has been trading inside a sideways channel since July 17. When the asset’s price is trading within a range, it forms a channel that reflects a balance between buying and selling pressures, preventing the price from making a strong move in either direction. In this case, the upper end of the channel acts as resistance, while the lower end acts as support. XRP encountered resistance at $0.63 and found support at $0.54.
A bearish trend is currently evident, with selling pressure outweighing buying activity. This is reflected in the Chaikin Money Flow, which is currently at -0.08, which is in a bearish trend for XRP. (CMF) The CMF indicator measures the flow of money into and out of an asset. A negative value indicates market weakness and indicates high selling pressure.
If this trend continues, the price of XRP could move towards the support line of its horizontal channel. If the bulls fail to defend this level, a downtrend could push the token’s price down to $0.50. On the other hand, if the bulls regain control, XRP could rally towards the resistance level and attempt to break above it. If successful in breaking above the resistance, XRP could trade at $0.66.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
