With the completion of another month XRP coin It did not make a satisfactory development in its price. The altcoin has still been stuck around $0.5 on average for months. XRP had a good rally in 2018 where it rose as high as $3.84 and has been struggling ever since. XRP price is struggling despite quasi-bull market conditions where user emotions are greedy according to the fear and greed index.
So, is there a chance for a breakthrough for the XRP price? Continue reading…
XRP Coin Price is in the Critical Phase of Ups and Downs
It resulted in a 1.14% increase in XRP price. Additionally, it is currently trading at $0.5198. However, it is still down 1.19% on weekly data, balancing gains and losses. Over a period of one month, the XRP price moved only between $0.55 and $0.49, with $0.55 being the highest. However, today witnessed a 67% increase in trading volume of $1,012,239,237.
This XRP price increase is due to increased whale interaction on the network. Recently, 77 million XRP ($40 million worth) was moved from Binance exchange to unknown wallets.
When analyzing XRP charts, key resistance emerges at $0.5 and key support is causing sideways movement at $0.47. This is the same pattern that was exhibited in the final months of 2023 when the price moved to the $0.7 mark. The same thing could happen if buyers push the value a little higher to start an upward move.
On the other hand, technical indicators cryptocurrency It indicates a loss of momentum for the unit. Relative Strength Index is below 50. This is likely to start a downward trend for the XRP coin.
This Move Could Push the XRP Price Even Lower
Ripple plans to launch its largest crypto sale by releasing 400 Million XRP this month. The network has been transferring 200 Million XRP to its treasury through the Ledger escrow system every month for the last seven years. However, this month an additional 200 Million XRP was moved from a Ripple (35) dormant account. As a result, June will witness twice as many token sales than usual.
XRP has been in the same price range for years. Analysts are of the view that this increased selling could trigger a massive sell-off.
As of now, there are no clear signs of any breakthrough. However, it is possible that a few points could lead to a small increase in the XRP price. XRP community is on track to hit the crypto market soon altcoin continues its support for the token with expectations for the season.
