Blockchain firm Ripple has moved a substantial amount of XRP, a transaction that is likely to influence the short-term movement of the asset.
Specifically, Ripple transferred 200 million XRP, worth roughly $610 million, from its treasury to an unknown wallet, according to on-chain data shared by Whale Alert on October 6.
Therefore, a decisive breakout above this level could open the door for a strong upward move toward $3.60. Martinez noted that several intermediate targets around $3.30 and $3.45 suggest potential consolidation points before XRP reaches the higher range.
XRP price analysis
As of press time, XRP was trading at $2.97, having plunged 0.27% in the past 24 hours, while over the past week, the asset has gained more than 3%.
Overall, XRP is showing relative stability around its short-term averages. The 50-day Simple Moving Average (SMA) stands at $2.94, suggesting moderate short-term bullish momentum as buyers maintain control above this key level.
Meanwhile, the 200-day SMA sits at $2.61, indicating that the longer-term uptrend remains intact and providing a strong support base if prices retrace.
On the other hand, the 14-day Relative Strength Index (RSI) of 51.76 reflects a balanced market, neither overbought nor oversold, implying that XRP still has room for upward movement if buying pressure strengthens.
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