- Indicators suggest bullish momentum, but market sentiment remains neutral.
- XRP whales accumulated nearly $30 million in the past 24 hours.
Without exactly deciding which side to support, ripple (XRP) has been twirling between the bulls and the bears. With the regulatory climate and market dynamics favoring XRP, investors have been anticipating a breakthrough from the currency. At last, there is a lot of promise for that, according to the signs.
A consolidative pattern that was ending on the XRP/USD chart suggests that buyers (bulls) and sellers (bears) are still at odds. With the circling about the 60 level, there is a little bullish momentum without going overbought. The MACD line being above the signal line and both moving upward are additional signs of growing bullish momentum.
XRP’s Current Price and Resistance Levels
CoinMarketCap currently lists XRP at $0.5195, up 0.97% in the previous day. Still, it has been declining by 0.12% during the last seven days, with immediate resistance close to the $0.53 level.
Should XRP be able to consistently cross this threshold, more purchasing may follow, maybe aiming for the next resistance level at $0.55. The exchange reserve of XRP, in the meantime, has shrunk within the last week.
Exchange reserves falling sharply often indicate less selling pressure or possible holder accumulation, which can come before price rises if demand stays constant or increases. Whale Alert notes that around $30 million of XRP has been accumulated over the last 24 hours, indicating that XRP whales are still quite interested.
But given the drop in social volume of XRP and the absence of consistent high levels of social activity, a bullish breakout propelled by social hype may not be as possible in the near future.
Market Sentiment and Future Outlook
At 42% right now, the Ripple Fear and Greed Index for XRP suggests a neutral market mood. Even so, the combination of extremely unfavorable attitudes in important areas like dominance, whale activity, and search interest with the general neutral market mood implies that, although there is some social optimism, XRP bulls are still too weak to seize control.
To further add to the cautious perspective, a prior CNF article summarized the opinion of a cryptocurrency analyst that the price of the token may fall by more than 80% from its present level.
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