XRP Price May Rise Amid Market FUD, Indicators Suggest
tl;dr
The cryptocurrency XRP could see a rise in the coming days, despite the current uncertainty and FUD (Fear, Uncertainty, Doubt). Technical indicators and on-chain metrics suggest a short-term price increase. A large transfer of 60 million tokens has raised concerns, but the strength of XRP could overcome this.
60 Million XRP Tokens Transferred
Early in the morning of February 20, 60 million XRP tokens were transferred between wallets. According to Whale Alert, the transaction was made from Ripple’s wallet to an unknown wallet. At the time of the transaction, the value was 34.08 million dollars, while XRP was trading at 0.56 dollars. The exact reasons for this transaction are unknown so far.
Technical Indicators Suggest Price Increase
The Bollinger Bands (BB) show that XRP is expected to trade between 0.53 and 0.56 dollars. The Supertrend indicator is at 0.54 dollars, indicating a possible buy signal. Should the price of Ripple’s own token fall to 0.54 dollars, this could be a good entry point for traders who want to open long positions or hold the tokens for a while.
Aggressive Buying Could Drive Price to 0.60 Dollars
The Aroon indicator supports a bullish XRP trend. If this position is maintained, XRP could attempt to reach the 0.60 dollar mark. However, the price could fall to 0.53 dollars if the position changes in favor of the Aroon Down.
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Social Dominance and Funding Rate are Rising
XRP’s social dominance, an indicator of how much the cryptocurrency is being talked about, has increased. This could indicate a local high. The funding rate has reached its highest level since January 3. If the funding rate remains high while XRP rises, this suggests that buyers are becoming more aggressive. This could potentially be bullish and the price could rise to 0.60 dollars.
Our Assessment
Despite the current uncertainty and FUD, XRP shows strength and could see a rise in the coming days. Technical indicators and on-chain metrics suggest a short-term price increase. Traders should closely monitor the situation and respond accordingly.
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Sources: AMBCrypto, Whale Alert, TradingView, Santiment
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $2.23 |
| 24h % | 2.76 % |
| 7d % | -7.68 % |
| 30d % | 98.16 % |
| 60d % | 321.25 % |
| 1y % | 260.14 % |
| Official Links | Website |
| Socials | X |
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