Bitcoin price is rising again and despite the drop in US stocks, the price remained strong at market opening. Today, 2 ETH ETF futures started trading on the stock exchange. This is the basis for the positivity in cryptocurrencies and altcoins are starting to benefit from this positive atmosphere.
XRP Coin Review
September will be remembered as a wasted time for most cryptocurrencies. We have seen significant altcoins hitting all-time low levels during this period, except for a weak increase in BTC. The price of XRP Coin mostly stayed around $0.5. It was critical to maintain this important support level to prevent further losses.
On-chain data shows that the increase in the price of the cryptocurrency above $0.55 level led to an increase in XRP profit-taking volume. Sellers created significant pressure before quickly dropping to $0.53. At the time of writing, the price was just below $0.53.
According to Santiment’s data, XRP has not seen these levels in the metric of Daily On-Chain Transaction Volume in profit since February 2021. If the current spot price is higher than the cost of the token transferred on the network, it is a profitable transfer. Investors can make a profit if they sell.
The profit volume of 3.48 billion XRP recorded on Sunday indicated a tendency to take precautions against a potential decrease. Therefore, the $0.55 region could be a compelling resistance for XRP Coin. Nevertheless, the relatively strong hold of the price despite the metric at the peak of 2.5 years is an important detail.
XRP Coin Price Prediction
On September 27, wallets of whales holding 1 million to 10 million XRP had 3.73 billion coins. This figure increased by nearly 600 million after 2 days. This indicates that while excessive transfers for profit trigger on-chain alarms, whales remained calm. Whales positioning against sellers accumulated in significant amounts.
When evaluated at the current market price of $0.52, it seems that the strong buying power has stopped a severe downward wave. Firstly, the large-volume entries made by whales absorbed the excess supply in the market. If they continue this trend, they may influence other strategic investors to take positive positions.
If the $0.55 resistance weakens, the price may target $0.6.