- Whale transfers of 100M XRP spark investor speculation of a price rally ahead.
- XRP shows strong support at $0.5138 and faces resistance near $0.5250.
- Bullish momentum indicated as MACD trades above the signal line, RSI remains neutral.
Large XRP transactions have fueled speculation about a potential price rally. Whale Alert reported a transfer of 100 million XRP, worth approximately $51.6 million, between two unknown wallets. This whale transaction has increased expectations of near-term price action. XRP’s current price trend and key support and resistance levels provide clues about its potential direction.
Price Trend and Momentum for XRP
XRP has shown a gradual upward price trend throughout the day, trading at $0.5229 with a 1.77% increase. The price experienced fluctuations before stabilizing, with minor dips leading to a sustained rally.
XRP’s price rose close to $0.525, briefly touching its daily peak. This upward movement indicates underlying market strength.
Key support levels for XRP show where buying interest is strong. At $0.5138, the lowest level observed in recent trading, buyers stepped in, confirming strong support at this level.
Additionally, $0.5200 has emerged as a minor support level, helping to sustain XRP’s upward momentum despite minor dips. The presence of strong buyers at these levels suggests that XRP has a solid foundation for continued upward movement.
Resistance levels, on the other hand, show where selling pressure could slow or reverse price advances. The immediate resistance level at $0.5250 has already shown signs of selling interest, with XRP pulling back after reaching it.
If the price can break above and hold past this level, it could potentially reach $0.5300, where additional resistance is likely to emerge.
Technical Indicators Point to Bullish Potential
Adding to this, technical indicators suggest a positive outlook. XRP’s 4-hour RSI reading at 54.43 indicates a neutral market stance, showing neither extreme overbought nor oversold conditions. Meanwhile, the 4-hour MACD line is trading above the signal line, hinting at building bullish momentum.
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Source: https://coinedition.com/xrp-price-surges-following-large-whale-transaction/