- XRP plummeted by 13%, hitting a critical support level.
Spikes in whale transactions and social volume indicate a likely bullish reversal.
As a seasoned crypto investor with a few battle scars from past market volatility, I’ve learned to keep a watchful eye on critical support levels and indicators of potential bullish reversals. The recent 13% drop in XRP since May 25th has left me on the edge, wondering if this is just another temporary setback or the beginning of a more significant downtrend.
As an analyst, I’m observing that Ripple (XRP) has faced a significant challenge at a crucial support threshold following a 13% decline since May 25th. This rejection has left investors in a quandary, pondering whether XRP will reach its all-time low or if an uplift is imminent after a probable price correction.
At present, XRP is experiencing consolidation within a bullish pennant formation on the charts. A significant price surge is anticipated soon as the breakout threshold draws near. The value hovers around the supportive price mark of $0.45.
Should the price drop beneath this point, there’s a possibility of it reaching new lows and touching its all-time low. On the other hand, if XRP manages to defend this support and gathers sufficient buying pressure, a rally back up towards the $0.53 resistance could ensue.
The stochastic RSI (23.27) is in an oversold zone, indicating an impending bullish reversal.
Whales show mixed signals
Based on AMBCrypto’s examination of Santiment’s latest whale transaction figures, there has been a steady rise observed. This observation implies that significant investors could have boosted the market recently by acquiring more assets, potentially causing a price surge.
AMCrypto delved deeper into Santiment’s social volume and NVT ratio statistics. The social volume figure has been on an upward trend since June 9th, indicating heightened market engagement.
The NVT ratio has risen, implying that XRP‘s market cap exceeds its transaction volume at present. Should this pattern persist, heightened demand for purchasing XRP may ensue, potentially igniting a price turnaround.
Realistic or not, here’s XRP’s market cap in BTC terms
Will XRP drop to its all time low, or is a bullish surge nearing?
As the number of whale-sized transactions increases, and stochastic RSI and NVT ratio suggest growing bullish sentiment, there’s a strong possibility that a price reversal will occur.
However, if the support level is broken down, the XRP price may plummet to its all time low.
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2024-06-14 01:11