Ripple (XRP) price has been in a sideways trend for the 11th consecutive day. Earlier this month, the token price dropped by 14% due to the correction faced by Bitcoin at the same time. XRP crypto is changing hands at $0.5253, down 0.47% till press time.
In most cases, Bitcoin price action dictates the price for altcoins. On Tuesday, Bitcoin price rallied to $27,716. Consequently, Ripple also saw its price jump by 3.2%, but the bullish momentum did not last for long as the price fell back close to the daily lows.
The recent whale accumulation reports have added to the concerns in the crypto market. XRP tokens, worth $899 million, were moved around on the blockchain in the month of August. Centralized exchanges like Bitstamp received more than 85 million XRP. Another exchange Bitvavo, was also used in whale transactions this month.
On the other hand, on-chain data also reveals a total of 800 million XRP coins were locked in Ripple’s Escrow wallet. The total worth of these tokens is almost $560 million. Locking these coins in escrow will reduce the circulating supply of Ripple in the market. This will put upward pressure on Ripple price.
The XRP price chart shows that the price found strong support at the 200 MA. On 17th August, the price attempted to break below the 200 MA level but failed to close below the key moving average.
The Ripple price prediction will turn extremely bullish if the price flips the $0.67 level into support. In this case, the bulls can eye this year’s high of $0.9209 as their main price target. However, the bears are expected to come into play if the price breaks below the 200 MA.
I’ll keep posting my updated XRP outlook along with my personal trades on Twitter, where you’re welcome to follow me.
This post was last modified on %s = human-readable time difference 14:01