For the longest time, XRP’s price has been slow. However, XRP is struggling to get into the $0.4 zone. An upswing in the market could see the price rise far above $0.5 over the coming days.
XRP’s hold at $0.55 was lost during May’s crypto crash. Since then, they have been trading below this pivotal support line. Following that, the token has been still and hasn’t displayed any bullish movement halting any uptrend.
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A rise in XRP’s price is expected to be seen over the next few days
According to recent data, there are signs that the market will see a big uptick which will lift the token’s price in the days ahead. The massive haul of unutilized XRP tokens includes a large number of primary wallets that have lost the majority of their XRPs.
Several analysts are confident – including Jed McCaleb, Ripple Co-Founder – that the crypto will soon find the stability it deserves. McCaleb’s XRP holdings were sold and several tokens that are still inactive moved. This indicates high volatility. More importantly, hodlers as well as whales were active recently with the token. This suggests that the price will rise.
Whale Alert, which is an online platform for monitoring transfers via Twitter, reported that around 375,000,000 worth of XRP tokens were being transferred in the last 48 hours. One address that has more than 155,000,000 tokens receives the biggest amount of tokens. Massive price actions are expected to occur soon, despite that.
The weekly chart shows XRP's total market capital at $17.5 Billion. Source: TradingView.com| Source: TradingView.com
XRP Might Spike in Volatility, Intensity
Although its current price seems to be dormant at the moment, volatility and intensity could rise in the weeks ahead.
The XRP token’s performance has been a lull over the last few days in terms of sell and buy bids. The transactions saw a dramatic increase on July 20.
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Additionally, consumption spiked up to 854.32 trillion, a dramatic increase in the amount of stagnant tokens being moved addresses. This marks the most impressive performance XRP has seen since December 2020.
July 12 saw the rise in XRP. However, July 20 saw a rising wedge pattern that led to a dramatic decline in the price of the token.
The price was $0.37 on July 20. The cryptocurrency currently holds a bearish outlook, but investors are more interested than ever. The token’s RSI is seen rising at around 55.66 as of this writing. With the stable spike in buying pressure or demand, XRP’s MFI or Money Flow Index appears to rise in the next 24 hours.
Featured image taken from The Daily Hodl. Chart from TradingView.com