- The price of Ripple XRP plunged after large XRP whale transfers to exchanges drew market attention.
- Technical indicators suggest a potential for XRP market reversal as analysts remain optimistic.
Ripple’s XRP token recently drew attention after a pair of whale transfers were picked up by Whale Alert.
According to the whale tracker, two large transfers moved a total of 46.60 million XRP to centralized exchanges.
The first transfer saw 23.80 million XRP, valued at about $14.84 million, sent to Bitstamp, while the second moved 24.80 million XRP, worth roughly $15.46 million, to Bitso.
XRP’s Market Performance Amidst Whale Transfers
Amid these activities, XRP’s price experienced a slight downturn, dropping 1.95% to $0.6358 as of press time.
Consequently, during the decline, XRP’s market capitalization and 24-hour trading volume dipped by 1.68% and 21.52% to $34,059,801,089 and $1,461,443,740 respectively.
Despite this, market analysts like Cryptoes remain optimistic about the token’s future. They suggest that a bounce back above a crucial trend line could signal a positive trajectory for XRP.
Supporting this bullish view, cryptocurrency influencer Egrag Crypto forecasts a potential XRP value rise to $3.7, citing historical market trends and patterns.
#XRP Super Guppy:
This indicator identifies changing trends, breakouts, & trading opportunities by combining 2 groups of moving averages with different time periods.
— EGRAG CRYPTO (@egragcrypto) October 28, 2022
Egrag Crypto’s analysis indicates that investing in XRP could multiply an investor’s portfolio by six to seven times.
This is especially significant for those holding more considerable sums, positioning XRP as an attractive investment choice.
The period between December 2023 and February 2024 is highlighted as a critical time frame, with expectations of notable price movements.
XRP/USD Technical Analysis
The Relative Strength Index (RSI) rating of 49.26 and movement below its signal line on the XRPUSD price chart indicate that the market may be experiencing a minor negative momentum.
However, its upward movement suggests a bullish turnaround is still possible if purchasing pressure intensifies. This pattern suggests a possible market consolidation phase in which buyers and sellers are balanced.
Additionally, the stochastic RSI trend in the oversold region, with a rating of 6.75, shows that the market is approaching a point of selling exhaustion.
As a result, there is a chance that the bearish trend will reverse, and the market will become bullish. If the stochastic RSI rating rises above 20, it would indicate the probability of a bullish reversal.