The post XRP Displaying huge Strength Against Bitcoin, This is when the Price May Breakout  appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

XRP price against the USD or USDT is trading within the same pre-defined price range between $0.33 and $0.39 for more than a fortnight. The raised volatility had induced significant upward momentum, but the recent price slash nullified the bullish impact and kept the price restricted below $0.4. On the other hand, the XRP against Bitcoin is displaying immense strength and appears to be primed for a massive breakout. 

However, the asset paired with either USDT or BTC may continue trading sideways for long as a breakout does not appear to happen anytime in 2022. 

XRP/USDT Price Analysis

  • The XRP/USD price as seen in the chart is swinging within the same resistance and support levels for quite a long time
  • With the recent rejection, the XRP price may visit the lower support just below $06 at $0.58 from where a strong flip may prevent further drain as the 50-day MA levels also collide at $0.58
  • However, RSI maintains its swing within the upper bands and the MACD has raised high within the upper ranges after consolidating hard within the lower ranges ever since the May 2022 crash
  • Therefore, the price is expected to maintain a strong upswing and clear the upper resistance at $0.41 very soon

XRP/BTC Price Analysis

  • While the XRP/BTC price is displaying huge potential to breakout from the current descending consolidation at the earliest
  • Ever since the beginning of the 2021 trade, the pair has squeezed its resistance and support levels to a large extent. Therefore, after diminishing huge volatility, the pair appears to be an inch away from the apex
  • However, the XRP/BTC is expected to maintain a similar consolidated trend for another 30 to 45 days which could be hopefully followed by a massive breakout
  • With the breakout, the pair may rise by more than 32% to achieve levels around 0.00002046 BTC initially and aim to surpass 0.00004 BTC soon

Huge XRP Transfers Raises Suspicion

Ripple has intensified its activity in the past 48 hours, accounting for huge XRP transfers which points out the possibility of Whale transfers. Nearly 224.87 million XRP was flown from and to the cryptocurrency exchanges and wallets in the recent past. 

Additionally, Ripple also transferred 100 million XRP to an unknown wallet which raised huge suspicion. This transaction was accomplished after the company unlocked 1 billion XRP from its escrow wallet. However, it is been said that the move was to stabilise the XRP price and the transfer of 100 million XRP was to carry out the company’s expenses. 

Collectively, XRP in recent times appears to have been sidelined to some extent as a series of events that occurred after the Ripple vs SEC lawsuit did not impact the native asset. For example, despite Terra being looked at as a ‘Ponzi’ scheme, LUNA is in circulation. 

On the other hand, nearly 9 cryptos were reportedly called Securities on Coinbase by the SEC but still, their trades are on. Therefore, it appears that until and unless Ripple vs SEC lawsuit does not meet its destiny, no significant change in the XRP price may be registered. 

By admin

Leave a Reply

Your email address will not be published.