A crypto analyst and podcast host who goes by the pseudonym Sjuul tweeted that XRP was holding the resistance level that it flipped into support, even after an 80% price appreciation. Sjuul wrote, “Once again showing incredible resilience compared to most other coins.”
In the backdrop of the Altcoin Season Index indicator tracing back towards the Bitcoin season, many altcoins have performed poorly. However, despite the gloomy conditions for altcoins, XRP, ETH, and a handful of other tokens and coins have been performing quite well.
The Altcoin Season Index is an indicator that compares Bitcoin’s performance against the other coins and tokens and gives a signal about where money is flowing into. From last week’s 42, the Altcoin Season Index has dropped to 35, moving more towards the Bitcoin season. This means that Bitcoin is performing better compared to the altcoins.
XRP could drop to $2.8, but the bulls will turn up at the right time
As shown in the chart, Ripple’s token XRP is fluctuating inside a bull flag. The token has made another lower high as it tests the upper trendline of the bull flag. Although some expected XRP bulls to push through the trendline into new territories, however, the bulls did not have the legs to drive through. As such, the token has rebounded off of it ,and currently it is supported near the $3.03 support level.
There is a high chance that the token could drop further, as it completes the bull flag. This is because traders may keep taking profits, knowing that XRP has made another lower high. In the future, XRP may land at $2.8. However, this support level may not be able to hold the falling prices from falling even further, as Watcher Guru spotted whale activity on the Coinbase exchange.
The crypto watchdog, Watcher Guru, stated that 6,673,461 XRP, which is worth $51,834,742, was transferred from an unknown wallet to the Coinbase exchange. Usually, whales do this kind of large transaction from the wallet to an exchange to dump the prices, so there could be a sell-off coming soon. However, as long as XRP remains within the bull flag, there is still hope for it.
