- XRP is still Hovering Above the $0.2400 Level But Whales are Increasing Their Stock as they Anticipate Major Rally
- Increase in Whale Accumulation Means the Token Might Move as High as $0.3000 Soon
XRP Price Analysis – The XRP token has been struggling against the USD for a while now. That’s no longer news. After falling below the $0.25 support, the token found another support at $0.24. It has maintained this support and might be primed for a surge to the $0.30 level. According to the XRP price analysis on NewsBtc, the token might test the $0.3000 level. The whales have reemerged in the market and their purchase of lump sums of XRP will allow the price of the token to cross a pivotal resistance.
At the time of writing, the price of the XRP token was $0.245613. It is up by 1.34% against the USD and down by 1.58% against Bitcoin BTC. The trading volume over a 24 hour period was $1,425,856,923 and the market capitalization was $11,113,532,312. In the last 24 hours, the token is up by 2% against the USD. While the token might move above the $0.3000 level in the next few days, there is still a chance of a downside correction back to the $0.20 level. Over the last few months, the XRP token has been rejecting the upside price correction. This is why the token hasn’t been able to make progress.
Keep in mind that the XRP token traded at the $0.33 level in August but it has fallen by more than 30% since then moving as low as $0.22. The XRP token fell into a descending parallel channel and has traded in this channel for the last 60 days. Data from the price chart shows that the downtrend is about to come to an end for XRP. Investors have been encouraged to pay more attention to the token and watch out for a close above the 50 and 100-day simple moving averages.
The token must gather bullish momentum soon to avoid retracting back to the 200-day moving average which is currently at $0.225. The lower boundary of the parallel channel is at the $0.20 level which is where the most important support is currently holding. If the whales keep buying tokens at the same pace as they are currently, XRP will gather the bullish momentum it needs to move above the $0.30 level.
You should pay attention to the price action of Bitcoin BTC if you want to make smart decisions about XRP. Bitcoin BTC is currently trading at $11,880.78. It is up by 3.65% against the USD with a trading volume of $28,282,415,479 and a market capitalization of $220,058,356,121.