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- 1 XRP price trades at $0.5208 with a loss of 0.97% during the intraday trading session.
- 2 XRP has declined below 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of XRP is 53.64% while one monthly return is -27.29%.
XRP price rallied back in July 2023 when Judge Anallisa Torres first announced that XRP programmatic sales do not qualify as securities. This led to a sudden spike of 73.10% in the price. However, at the momentum, it can be seen that the euphoria from the ruling has worn off as the United States Securities and Exchange Commission (SEC) decided to fight back.
The cryptocurrency price has been correcting downwards with a massive sell-off of tokens. Over the last 30 days, the price has melted nearly 27%. Recently, the XRP price broke the major support of $0.62 and fell to form support near $0.50.
The price has been hovering above $0.50 since 18 August 2023. On 17 August 2023, there was a huge sell-off and the coin price fell below $0.50 but the strong presence of bulls helped the price rise back above the $0.50 psychological level.
If the cryptocurrency price breaks below $0.50, it might fall the lower wick of the 17th August candle and melt toward $0.42 but for confirmation traders should wait for a close below $0.50.
On the other hand, if bulls can push the price above $0.54, it might rise toward the support-turned-resistance of $0.62 level.
XRP Whale Activity
According to a post on X (previously Twitter), a single whale has moved 29.3 Million XRP, worth $15.13 Million to CEX (Centralized exchange).
Usually, the transfer by such large whales to CEX is to sell their tokens as the centralized exchange provides lower fees and deeper liquidity, which also helps mitigate the impact of selling. The 24-hour trading volume has increased by 9.85% and the market capitalization is up by 0.98% to $27,521,434,073.
Will XRP Price Sustain Above $0.50?
The cryptocurrency price has slipped below 20, 50, 100 and 200-day exponential moving averages, implying bearish momentum. However, the Chaikin money flow score has jumped above the 0 mark and is trading at 0.14 showcasing strength in the market.
The relative strength index has surfaced above the 30 mark and currently trades at 34.04 indicating that there is still a confluence of bears over the price. The Bollinger bands have contracted after the major moves in July 2023 indicating less volatility in the market.
The long/short ratio is 0.845 with 45.8% longs and 54.2% shorts suggesting a higher selling pressure in the last 24 hours.
Conclusion
The market structure and price action of XRP have turned bearish after the rally in July 2023. The technical parameters indicate that there is a rise in the participation of bulls in the market.
Technical Levels
- Major support: $0.50 and $0.42
- Major resistance: $0.54 and $0.62
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
