Latest XRP Price Behavior
Ripple’s XRP upside has been very much limited, as the market bears continue to dictate the price’s movements. Any upside that is seen proves to be short-lived on a regular basis. The market bulls have been failing to sustain prolonged upside momentum, which many had hoped after the strong start to a run higher on 16th December.
Despite the above-detailed lack of full commitment from the bulls in their move north, XRP/USD for now remains supported by an ascending trend line. This has been running since 16th December, providing comfort for the price still to this day. On 24th December XRP/USD began to cool and did so right up until 27th December.
The price was forced to seek a bounce at the ascending trend line, which sent it back to the north. However, yet again, XRP/USD ran up towards $0.40 and failed to breakdown the supply that has plagued the bulls here on countless occasions. A firm conquer of the $0.40 price territory should be the key to greater upside.
Big Whale XRP Transaction
Across the XRP community within the social media space, some large transactions seen on 1st January have raised eyebrows.
According to the Whale Alert via Twitter, 1,108,302,304 XRP, around $392 million, were transferred on 1st January. It was noted that the funds were moved from an unknown wallet to Ripple OTC Distribution wallet.
The large transactions were reported to have started around 17:00 UTC time. Further from the closely watched Whale Alert, over the course of around 10 minutes, 7 of the transactions ranging between $392 and $38 million were recorded, which was totalling over $1 billion. At a cost of 0.0005 XRP for each transaction, the total fee payed for all amounted to around $0.001.
Technical Review – XRP/USD
It is critically important that the detailed ascending trend line holds; should this prove to be the case, then expect another $0.40 retest. The bulls must then break above the 24th December high area, within the early $0.46 region. Enough momentum can then likely see XRP/USD moving back into the $0.50 territory. The price has not been up at these heights since 20th November 2018.
Looking to the downside, if the bears manage to force a breach of this trend line, then expect the flood gates to open. XRP/USD could be sent into free-fall mode, and eyes would then be on the below demand zone, seen sub-$0.30. Buyers have proven to swoop in from $0.30 down to $0.25, should this technical development play out.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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