XRP Price Sees Major Spikes Following $51M Whale Transfers

August 28, 2022 7:17 pm Comments

On August 26, the price of XRP had some interesting moves as it was recorded that there were some major spikes that happened on that day.

Specifically, the price of XRP had spiked up 6% within a 24 hour period which was a two-week high for the digital asset.

At the same time, data shows that there were three massive XRP transfers that were worth $51 million which were done across the exchanges Bitso and FTX.

Such whale activity may potentially indicate future price movement and the increased trading volume certainly suggests something may be coming up as history has shown in the past.

CoinTelegraph reports:

Notably, XRP’s price jumped 6% to $0.37, a two-week high, during the early London hours.

The token’s upside move occurred hours after its network processed three massive transfers worth $51 million involving crypto exchanges Bitso and FTX, as highlighted by Whale Alert.

XRP’s gains also came as a part of a broader upside move that started on Aug. 25, a day after Ripple announced its flagship event, “Ripple Swell Global,” to be held in London in November 2022. The market has seen similar reactions to the Swell event in the past.

XRP’s intraday spike left behind a “Graveyard Doji,” a bearish reversal candlestick with open, close and low prices near each other with a long upper wick.

This candlestick suggests that the price rally witnessed at the beginning of the session was overwhelmed by bears by the end of it.

As of right now, the overall crypto market may still be in a bearish trend, but some speculators are optimistic about the potential that the market has bottomed out already.

Of course, it is still possible that the market may stagnate for a long period of time as it has done in the past crypto winters.

XRP is now currently testing major support confluences which should not be broken if XRP wants to maintain its current price range.

Future news or catalysts should indicates the overall direction on whether or not  the support will hold or be broken.

CoinTelegraph concludes:

XRP now trades nearly 4% below its intraday high, testing a support confluence. The confluence comprises the upper trendline of XRP’s previous “ascending triangle” (at $0.35) and the 50-4H exponential moving average (50-4H EMA; the red wave in the chart above) near $0.343.

From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup, with its profit target at around $0.33. In other words, a 7% price decline by September when measured from Aug. 26’s price.

Conversely, a rebound after testing the support confluence could have XRP eye a recovery rally toward the $0.36–$0.38 range (marked in red in the chart above). This area served as XRP’s consolidation range in recent months.

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