XRP Coin, one of the largest altcoins by market value, continues to find buyers above $ 1.33. Iran today rejected the US’s claim for negotiations without delay, and the fact that even the negotiation table cannot be established as we move forward to April 6 is worrying for risk markets. So why is XRP Coin diverging positively?
Ripple buyers are on the scene
Today we talked about the positive divergence on the ETF side. On the stock market front, XRP Coin buyers are also on the scene. More than 4,000 exit transactions were recorded from cryptocurrency exchanges in a few days; At some peaks, nearly 6,000 transactions took place in a single day. Darkfost CryptoQuant report He says buyers are showing appetite again.
Drawing attention to the resistance shown by XRP Coin, the analyst is satisfied with the price stuck between 1.30 and 1.50.
“Although the asset continues to trade 60% below its recent all-time high, some investors appear to be trying to gradually accumulate by taking advantage of this consolidation phase. This can be especially observed on the Binance exchange, which has seen a significant revival in on-chain activity since late February.”
1,000 to 100,000 XRP These outflows by investors with assets between 100 and 100,000 indicate that medium-sized investors remain faithful despite the chaos and are showing appetite. Assets withdrawn from exchanges are mainly moved to cold wallets. XRP Coin Since DeFi activity in particular is weak, we can assume that almost all of this is accumulation.
The only major altcoin to see accumulation in the ETF channel is XRP. Attracting $15.8 million in net inflows is no simple task, with even SOL Coin hosting massive sell-offs. The asset size of Ripple products reached 2.269 billion dollars.
XRP Coin chart review
In today’s analysis, @Morecryptoonl says that the expected deeper bottom in the first quarter did not materialize for XRP Coin and $1.2 is maintained. According to him, the next phase is the recovery phase for the new ATH, which now exceeds $ 5.67. In the crypto winter scenario that will be triggered by chaos, $0.5 can be maintained as support.
@wicktator shared the chart where he applied the Elliott Wave Theory. of XRP Stating that we are currently in a withdrawal/correction phase called “Wave 4”, the analyst says that we are moving to the ideal buying level.
The area shown in the gray box on the chart is the “ideal purchase” point, where the price may fall but is expected to receive support from here and rise. According to the analyst, after this correction is over, XRP will begin a major and final upward movement called the “5th Wave”. There are 2 profit-taking zones at $3.5 and $5.
