XRP price has been sluggish for the longest time, even though XRP has struggled to gain a foothold at the $0.4 area, a bounce in which could propel the price above $0.5 in the coming days.
During the crypto crash in May, XRP was seen losing its hold at $0.55 and has since held a key support line. After that, the token remains in place and has not shown any bullish movement to prevent any uptrend.
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XRP price hike seen in the coming days
Recent data shows signs of a major bullish move that will propel the price of the coin in the coming days. There are a large number of stable XRP tokens, including a number of primary active wallets that have delisted most of their XRP.
Many analysts, including Ripple co-founder Jed McCaleb, are confident that crypto will soon get the stability it deserves. Right after McCaleb sold all of his XRP holdings, several dormant coins went off the line indicating that high volatility is coming soon. Furthermore, a lot of holders and whales have been active with the coin recently, which means that a price rally is imminent.
Whale Alert, a popular platform that monitors transfers on Twitter, reported that around 375 million worth of XRP tokens were being transferred in the past 48 hours. The largest share of tokens comes from a single address with over 155 million tokens. That being said, massive price action is going to happen soon.
XRP total market cap at $17.5 billion on the weekly chart | Source: TradingView.com
XRP may increase in intensity, volatility
While its price currently appears to be dormant, it may increase in terms of intensity and volatility in the coming weeks.
Over the past few days, the XRP token performance showed a lull in terms of buy and sell bids. However, there was a huge jump in transactions on July 20.
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Furthermore, on the same day, there was also a sudden increase in stablecoin swapping addresses as consumption reached a tremendous high of 854.32 billion. This is XRP’s highest performance since December 2020.
XRP rises on 12 July. But, on July 20, it formed a rising wedge pattern on which the token also suffered a steep price drop.
It was trading at $0.37 on July 20th. Crypto currently has a bearish outlook, but investor interest is now stronger than ever. The RSI for the coin is rising around 55.66 as of this writing. With a steady increase in pressure or demand, the MFI or Money Flow Index for XRP appears to be rising over the next 24 hours.
Featured image from The Daily Hodl, chart from TradingView.com