Altcoin market revived once again with Ripple’s latest moves
According to Whale Alert’s report, Ripple transferred 50 million XRP to an anonymous wallet. This major transfer caused a lot of speculation within the altcoin community.
Generally, the movement of funds from a platform like Ripple indicates that investors prefer to hold their XRP. This may be a decision to store or protect assets for potential future gains. Such large transfers cause investors to speculate about the intentions of the project and its impact on the price dynamics of XRP…
Other big transfers have also emerged, especially in recent days. The transfer of 120 million XRP from Bithumb is the most notable among these transfers. So how does the altcoin price react to these transfers?
As massive XRP transfers continue, price struggles
XRP price increased by 0.76% in the last 24 hours. Meanwhile, it was traded at $0.5131 per unit. Trading volume decreased by 30.04% to $606.68 million. Its market value increased by 0.77% during the same period, reaching $27.31 billion.
Altcoin market bears gained more ground following the Fed’s decision on Wednesday, September 20. For example, Bitcoin fell below $27,000 and fell to $26.4,000 at the time of this writing. Similarly, Ripple pulled back from $0.52. It has struggled to lock in recent gains above $0.50 at the time of writing.
Bulls are having a hard time
According to Coinglass’ liquidation data, XRP noted increased liquidations of long positions starting September 21. This strengthens the possible short-term downward trend towards the end of the week. Additionally, futures market volume and Open Interest rates data were negative at the time of publication. This situation further strengthens the downward trend. Therefore, extra losses cannot be ruled out for XRP by the end of the week, especially if BTC extends the retracement below $26.4K.
However, XRP bulls can only display bullish intent if they can regain the immediate resistance level ($0.5130). Even so, they have to deal with the $0.549 and $0.597 hurdles. Interestingly, the RSI and CMF fell but led a sideways move a few hours before news time. This underlines that purchasing pressure and capital inflows have eased, followed by a recession at the time of writing. If the trend continues, there is a narrow consolidation below $0.5130. cryptokoin.com We have included current XRP technical analyzes in this article.
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