XRP Price Prediction as $0.50 Support Level Breaks Down – More Selling Coming?
XRP price prediction is in focus as the $0.50 support level breaks down, raising concerns about potential further selling.
Over the past 24 hours, massive transfers involving over 70 million XRP tokens have taken place, sparking questions about their purpose and impact on the market.
With XRP/USD currently trading at $0.4665, the recent movements and technical indicators suggest a bearish outlook, highlighting key resistance and support levels crucial for traders to monitor.
Significant Movement of Over 70 Million XRP Tokens
Massive transfers involving over 70 million XRP tokens have occurred within the past 24 hours, raising questions about their purpose.
Details of XRP Transfers
A total of over 70 million XRP has been moved, with significant amounts leaving known Binance addresses:
- 28,218,783 XRP, worth approximately $13.5 million, was transferred from Binance.
- 26,234,427 XRP, worth around $12.4 million, also left Binance.
- 30,820,000 XRP, worth about $14.9 million, was moved from an unknown wallet.
These transactions were flagged by the popular bot, Whale Alert, on X.
Where Did All That XRP Go?
The first two transactions, totaling around 54 million XRP, were sent to addresses previously activated by Binance. This indicates that the transfers were likely internal operations for security purposes, possibly moving funds to cold storage or different addresses following a security protocol.
The third transaction, nearly $15 million worth of XRP, came from an account activated by Ripple in 2022 and was sent to the cryptocurrency exchange Bitstamp. Ripple has been consistently sending XRP to Bitstamp and other exchanges for liquidation purposes. This transfer is a standard procedure and does not indicate any cause for concern.
XRP Price Prediction
Ripple is currently trading at $0.4665, reflecting minimal movement, and keeping XRP price prediction bearish. The downward trendline extends resistance near the $0.4730 level, which aligns with the immediate resistance. This trendline plays a crucial role in limiting upward momentum for XRP, reinforcing bearish sentiment as long as the price remains below this level.
The formation of a bearish engulfing candle on the 4-hourly timeframe further supports a selling trend below the $0.4729 mark. This pattern typically indicates a reversal from an upward trend to a downward trend, suggesting that sellers have taken control.
XRP/USD Outlook: Currently trading at $0.4665, facing resistance at $0.4730 from a downward trendline. Bearish engulfing candle and RSI at 28.21 suggest selling pressure. Key support at $0.4620 with a triple bottom pattern. Buy above $0.4620, cautious of $0.4730 resistance. pic.twitter.com/oBbRtWme3D
— Arslan Ali (@forex_arslan) June 24, 2024
Additionally, the Relative Strength Index (RSI) at 28 indicates that XRP is in oversold territory, which could lead to a potential rebound if buying interest resumes.
A key highlight is the triple bottom pattern providing significant support near the $0.4620 level. This pattern often signals strong buying interest at this price point, suggesting that XRP might find stability and potentially reverse its downward trend if this support holds.
The 50-day Exponential Moving Average (EMA) at $0.4856 acts as further resistance, reinforcing the bearish outlook below this level. If XRP manages to break above the immediate resistance of $0.4730, it could shift to a bullish bias, targeting the next resistance levels at $0.4850 and $0.4890.
In conclusion, maintaining a bearish stance below the pivot point of $0.4665 is prudent. However, a break above the immediate resistance at $0.4730 could signal a shift to bullish momentum.
For traders, it is advisable to consider buying above $0.4620, leveraging the support from the triple bottom pattern, while remaining cautious of the resistance levels ahead.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
