After surpassing $0.5276, marking the highest level of the day for bulls, the XRP price pulled back again within the last 24 hours. Despite the downward trend in price, the recent rise did not go unnoticed. The subsequent price drop coincided with whale activities revealed by Whale Alert.
XRP Coin Comments
As of the time of writing, the negative outlook for XRP persisted. Prices retracted by 1.16% from the highest level of the day and traded at $0.5204.
Following the price drop, XRP’s market value also fell by 1.11%, declining to $28.9 billion. The 24-hour trading volume, however, showed an increase. After a 6.47% rise in the last 24 hours, the volume exceeded $1.2 billion. This volume increase during the price drop could indicate that investors are willing to buy XRP at lower prices.
Recent information revealed that significant amounts of cryptocurrency were transferred to exchanges by XRP whales. Approximately 28,890,000 XRP, valued at around $15,025,812, was sent from an unknown wallet to the cryptocurrency exchange Bitstamp. In another XRP transfer, 29,850,000 XRP, valued at approximately $15,522,089, was moved to the Bitso exchange.
Meanwhile, XRP’s volume in the derivatives exchange decreased by 1.61%, falling to $646.70 million. This decline might indicate a slowdown in trading activities or an impending market consolidation.
XRP Coin Price Outlook
Looking at the XRP chart, the Moving Average Convergence Divergence (MACD) indicated a value of -0.0006, continuing the downward trend in XRP price. While it continues to indicate the negative region, the trend remains in this direction.
The existing trend and the shift in the histogram in the negative region reveal the increase in selling pressure in the market.
On the other hand, the Chaikin Money Flow (CMF), which indicates the money flow to XRP, also remains in the negative region. Accordingly, it is seen that money is flowing out of XRP and out of the market, indicating that the accumulation period has turned into a selling period due to selling pressure.
Additionally, the Money Flow Index (MFI) approaching the oversold region at 29.56 suggests that new buying pressure might be approaching, according to the charts.
