XRP transfer comes at time when market is on edge
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
This substantial movement, worth millions of dollars, raises questions about the intentions behind the transfer and its implications for the market. TheThe transaction was detected by blockchain data trackers and immediately sparked interest due to its size and timing. According to crypto data trackerThe XRP transfer comes at a time when the market is on edge, with investors closely watching price moves for signs of what will happen next.
At the time of writing, XRP was up 0.46% in the last 24 hours to $0.504 as the market continued to struggle. After reaching a low of $0.423 on April 13, XRP has generally stabilized in a price range of $0.464 to $0.57. The formation of a death cross, which has historically served as major or interim price bottoms for XRP, adds to price expectations.That being said, a break over the daily moving averages of 50 and 200 might be the first sign of strength for the XRP price, triggering a new bullish rise toward $0.668 and eventually $0.744.
On the other hand, support is envisaged around $0.46, a level that has halted XRP price declines twice since mid-April. If declines persist, XRP price might aim for the $0.42 level next as support.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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
400 Million XRP Unlocked From Escrow, XRP Reacts Unexpectedly400 million XRP released from escrow amid market reboot trend
Read more »
Arbitrum Network to Unlock 92.65 Million Tokens Worth $107 MillionArbitrum network will release 92.65 million tokens to the market, potentially causing a 10% dip in ARB token price. Token unlocks are considered bearish catalysts as recipients are likely to cash in for quick gains.
Read more »
XRP Skyrockets 91% in Volume as XRP Price Goes WildXRP's trading volume surges by 91% in 24 hours amid Ripple's legal battles and Robinhood's SEC scrutiny
Read more »
XRP tests resistance at $0.52 as Ripple developers propose lending on XRP LedgerRipple (XRP) has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance.
Read more »
Ripple XRP Ledger enters the Japanese market through key partnership, XRP sustains above $0.50Ripple (XRP) sustained above $0.50, a key support level, on Wednesday.
Read more »
XRP: Major Japanese Crypto Exchange Adds Exciting New XRP Trading PairXRP Japanese yen-denominated trading pair listed on major crypto exchange
Read more »