A major XRP price action is leading the coin towards $0.5 after being sluggish for the longest time so let’s read more today in our latest Ripple news.
XRP grappled to set foot in the $0.4 region where an upswing was able to push the price above $0.5 in the next few days. During the crypto crash in May, XRP lost its hold on $0.55 and was under the pivotal support line ever since. After that, the token was still not showing any bullish movement that halted any uptrend. The recent data show signs of a major uptick that will boost the price in the upcoming days. There’s a huge amount of stagnant XRP tokens that are hauled and included a lot of primary active wallets that dislodged most of the coins.
Some analysts like Jed McCaleb believe that crypto will soon find the stability it deserves and after he sold his XRP holdings, other dormant tokens moved which is a signal that some high volatility is preparing. More so, a lot of holders and whales recently became active with the token which means that a price rally is in the offing. Whale Alert which monitors transfers over Twitter, reported that 375 million worth of coins are been shifted in the past day. The biggest chunk of tokens came from one address that had 155 million tokens and with that being said, massive price action is set to happen.
While the price seems to be dormant, it could increase in terms of intensity and volatility in the next few weeks. Over the past few days, XRP token performance showed a lull in terms of buy and sell bids but on July 20, a huge spike in transactions happened. More so that there was a sudden increase in stagnant tokens that change addresses as the consumption surged to a new high of 854 billion which is the highest performance that XRP had since 2020.
In July we saw the rise of XRP and then it formed a rising wedge pattern where the token suffered a huge price decline. It was trading at $0.37 and it outlined a possible bearish outlook but the investor interest is much stronger now. The token’s RSI is rising at the moment near the 55.66 level and with the stable surge in buying pressure or the demand, XRP’s money flow index seems to have been increasing in the past day. A major XRP price action is also preparing for the coin.
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