XRP [XRP] is still in a consolidation phase. The price is holding the $0.52 support level, and whale activity has little impact on the upward price trend.
It is reported that a whale withdrew $28.67 million worth of 52 million XRP from Bybit, which does not help boost market sentiment or trigger a bullish trend.
Encouraging statistics on the XRP Ledger
The daily price chart of XRP is not bullish. The market structure is strongly bearish, and the sharp price drop in early October has led to a huge imbalance in the north.
Therefore, although it is expected that XRP will rebound to a local high of $0.62 to $0.66, it will still face huge selling pressure.
The daily trading volume of the XRP Ledger is comparable to the Layer 1 network.
This is based on activity between September 15 and October 15.
The decentralized exchange activity indicator shows that the number of transactions has decreased by 6.83%, from 6.88 million to 6.41 million. Even so, the DEX trading volume has increased by 17.64% to $4.6 million.
There has been significant growth in the supply of liquidity for automated market makers (AMMs).
The purpose of AMMDeposit is to deposit funds into existing AMM instances, while AMMCreate is used to create a new instance for trading a pair of assets.
The strong growth of AMMDeposit and AMMCreate reflects the increase in liquidity deposits, which is also a sign of growing confidence.
Network growth exceeds three-month highs
During the period from October 7 to 20, trading volume has shown an upward trend, but has begun to decline. The rapid growth of the network is particularly encouraging, as it may stimulate demand.
This may help the token bulls defend the critical $0.52 support level. However, based on the price trend, a breakout of the $0.508 area may be needed before rising to $0.62.
Ripple Whale Action: XRP Price Uncertainty Triggers Major Moves
Despite the current market difficulties, the increase in whale activity seems to support the forecast of an 85% increase in the XRP price. Although the XRP price has recently risen and is hovering around $0.53, a significant upward trend is imminent. The likelihood of an XRP price increase is related to a more positive outlook on the alliance and regulatory situation.
Ripple whales are also starting to turn to exchanges, in the hope that the price may rise. Recently, Ripple whales have already acquired 470 million XRP, laying the foundation for a major breakthrough in the forecast of an 85% price increase. Although market adjustments may lead to a temporary decline, the overall forecast remains positive.
XRP Technical Analysis: The $0.65 resistance level remains a key obstacle
XRP has been in a bearish trend for a long time and is far from reaching its historical price levels. Currently, XRP has fallen more than 83% from its previous highs.
He pointed out that the cryptocurrency has broken through key long-term support levels multiple times and there are no signs of a trend reversal.
In mid-2023, XRP rebounded from a breakthrough of this support level to $0.94, but was unable to maintain the upward trend. In July 2024, an even more severe collapse occurred, with the price reaching the $0.38 level.
Although XRP rose again to $0.65 in August, it subsequently gave back some of its gains, and the current trading price is around $0.53. This decline is worrying, as this cryptocurrency is still struggling to break through long-term support lines. The $0.65 level is currently a key focus area in the XRP price chart analysis. As long as the price of XRP cannot convincingly break through this level, the current optimistic view may be untimely.
However, a breakthrough of this level may bring a new trend to the price of XRP. Although network activity and some indicators support a bullish view, the market volatility in the short term is relatively large, so it is better to be patient and wait a while, wait for the price of Bitcoin to stabilize, or wait for the price of XRP to break through the $0.65 level before entering the market.
