XRP whale movement saw a heightened activity while the prices of the crypto coin were rangebound. At the press time, XRP was trading at $0.4729, being down 0.22%, as compared to the same time last day.
XRP Whale Moves Token Worth $23 Mln
Almost $23 million worth of XRP coins have changed hands on Friday. This massive transaction took place after an overnight 3% increase in the price of XRP, the seventh-largest cryptocurrency. However, the prices were rangebound the entire day, falling to $0.4704.0 later in the trading session.
XRP has continued its downward trend since the past week. Should the downturn continue, XRP is probably going to test support near the low of June 7 ($0.4508). If the price of the cryptocurrency rises, XRP may close the Fair Value Gap between $0.4731 and $0.4710 before starting to decline again.
%20[00.40.23,%2029%20Jun,%202024].png)
With the signal line passing above the MACD line and the red histogram bars below the neutral line, the Moving Average Convergence Divergence (MACD) indicator lends credence to the bearish thesis. The price trend of XRP is characterized by underlying negative momentum.
Bear Signals To Hurt XRP Trajectory In the Future?
Even while there may not be as much demand for XRP in the spot markets, recent changes seen in the futures markets indicate that bears have placed sizable bets that XRP would continue to decline. If the current market recovery's advances are reversed, this move could result in an accelerated price downswing.
However, on the brighter side, the price of XRP is expected to increase by 20.69% and reach $ 0.579052 by July 28, based on the current price estimate. With the Fear & Greed Index reading 47 (Neutral) according to our technical indicators, the present mood for the coin is bearish.
Within the previous 30 days, XRP experienced 3.60% price volatility and 11/30 (37%) green days. Three technical analysis indicators indicate optimistic signals and twenty-eight indicate negative signals, indicating a generally bearish feeling regarding the price prognosis of XRP.
In the upcoming month, XRP's 200-day SMA will have dropped reaching $0.55392. By July 28, XRP's short-term 50-Day SMA is predicted to reach $ 0.53997. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). At 40.78, the RSI number suggests that the XRP market is now in a neutral position.
