Ripple’s XRP still consolidates within a constricted range, preparing a massive move.
- Vital Support Areas – $0.75 and $0.70
- Critical Resistance Areas – $0.89 and $1
Ripple (XRP) approaches the $0.75 support level after its upward move encountered rejection. As the XRP trend remains flat, it seems price faces condensation in the prevailing structure. Such actions might push XRP for a breakout attempt.
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Indeed, Ripple price needs to escape the constricted range for XRP to see price volatility and momentum. Without that, the resistance level near $0.89 will challenge the alt bulls.
Meanwhile, CoinGecko data shows XRP is almost 60% high this year. Keep in mind that the remittance token has faced challenges since the battle with SEC began. However, that can be minor compared to BTC and ETH with 147.4% and 552%, respectively. Moreover, XRP still wavers in troubled waves.
In 2020 December, the Securities and Exchange Commission attacked Ripple, stating the crypto project raised over $1.3 billion via illegal securities offering. However, Ripple fights back, saying that XRP isn’t a security. Ripple Labs executive Brad Garlinghouse trusts the legal battle will end in 2022.
The SEC move had crypto exchanges like Coinbase delisting XRP. Moreover, Canadian crypto platform Bitbuy declared suspending XRP trading services by January 2022. What’s whales’ reaction as market participants wait for XRP relisting?
Ripple Whales Still Accumulate
Santiment data shows XRP whales continue collecting, increasing their Ripple holding by about 7% since September, currently wavering at 3.31 Billion XRP tokens. The whales started accumulating almost one year ago when XRP saw dips towards the lows near $0.16. That came when the regulator unveiled the case against Ripple. While writing this content, XRP trades with a 2.17% 24hr loss at $0.793.
XRP Technical Indicators
- Trading Volume
XRP’s volume remained relatively flat over the last few days as XRP lacked the momentum to overpower its current range.
- Relative Strength Index
The RSI depicts bullishness with higher lows. However, the indicator needs to climb past the 50-level as being near the oversold territory means weak strength.
- Moving Average Convergence Divergence
The MACD is nearing a bullish cross completion. However, the prevailing market situation might prevent this as BTC and ETH hover in bearish attitudes.