Over the past month, the price of XRP, the native cryptocurrency of Ripple, has remained quite stable, consolidating within a small range. XRP recovered and kept moving horizontally even though it had fallen below its horizontal channel after the August 5 market collapse. At the time of writing, the coin is trading below the coveted $0.60 mark, resting around $0.57.
XRP Whale Transactions Increases
XRP whales have boosted their trading activity in the past 30 days. There is a rise in the number of whale addresses that hold between 1,000,000 (1 million) and 10,000,000 (10 million) XRP, according to Santiment data. As of this writing, 1,617 addresses make up this group; a notable 2% increase since August 9.
A growing number of whales holding an asset indicates bull signs. It suggests that there is a high demand for the asset which may give individual investors more confidence, encouraging additional purchasing activity and potentially raising the asset’s price.
According to XRP’s daily profit/loss ratio, which is calculated using the 30-day moving average of trading volume, more transactions during the last month resulted in profits than losses. As of the time of writing, this ratio is 1:2, meaning that there are 1:2 profitable XRP transactions for every transaction that makes a loss.
XRP Price Movement Pattern
Since July 17, XRP has been moving in a horizontal trend and is currently trading at $0.57. The asset’s price creates a channel that reflects a balance between buying and selling pressures as it trades within a specific range, preventing significant movement in either direction. In this instance, the channel’s bottom barrier provides support, and its higher boundary serves as resistance. XRP encountered resistance at $0.63 and encountered support at $0.54.
Moreover, in the last 24 hours, the price of the coin has declined marginally by 0.80% to trade at $0.5734. Additionally, its 24-hour trading volume plummeted by 34% to $1.06 billion. Notably, XRP has traded between the range of $0.5573 and $0.5776 over the last day.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.