XRP’s price held steady despite a whale transferring a large amount of XRP to the Coinbase exchange. Whale watchdog, Whale Alerts, reported that a whale transferred more than 26 million XRP worth nearly 58 million USD from an unknown wallet to the Coinbase exchange. The tremors of such a large movement would generally be felt in the market, with a large price crash due to a market sell-off. However, at this instance, XRP held its ground as it smoothly sailed at $2.16, gaining almost 0.50% within the last 24 hours.
XRP’s resilience took the community by surprise, and many netizens shared their thoughts on social media platforms. A crypto analytical platform, Alva, stated that XRP was showing great resilience when other cryptocurrencies were falling apart due to the geopolitical disturbance in the middle east.
Optimism surround around XRP spot ETF
Some others in the community attributed this stellar performance by XRP to the positive sentiment in the market. Some others believe the optimism surrounding the approval of an XRP spot ETF and the massive treasury buying could have stopped a huge crash in prices. However, on the flipside, there are others who think that the whale will dump this amount shortly.
Bearish outlook looms over XRP, can the bulls pull off magic?
On the technical side of XRP, the charts seems to have nothing special happening. The bearish outlook on XRP still seems to be persisting as the token keeps making lower highs, with the bears beating the every effort of the bulls to push the highs higher.
Source: Tradingview
To add insult to injury, the 200-day moving average has crossed above the 50-day moving average from below. This intersection denotes a death cross– a bearish view of the market. XRP has rebounded off of the lower trendline which is also a strong support level close to $2. If XRP continues its motion upwards towards the upper trendline in its path to complete the descending triangle pattern, it may be met with resistance near the 50-day moving average. Once XRP break out of the descending triangle, there is a high probability that the token could further continue according to the general accepted thesis.
Please note that all price predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.
