- Market analysis reveals rising confidence in XRP, potentially signaling a favorable shift in its price movement.
- Armando Pantoja’s chart review points to a bullish breakout for XRP following a prolonged descending trading channel.
- A recent transaction of 32 million XRP from Upbit to an unknown wallet may indicate significant market movements ahead.
Crypto analyst Armando Pantoja has recently turned the spotlight on Ripple’s XRP, noting an imminent surge in optimism about the prospects of cryptocurrency. Despite a history of skepticism from various quarters, technical experts outside the XRP community are starting to paint a bullish picture.
Moreover, Pantoja’s message is clear as he urges the community to ignore the noise of the broader market. He advocates for a steadfast approach, urging XRP holders to maintain their assets “HODL.” This term, born from a misspelling of ‘hold,’ has become a battle cry amongst crypto enthusiasts during volatile market periods. It emphasizes a long-term investment strategy over short-term trading moves.
According to Pantoja’s chart, XRP’s price has been decreasing steadily over time. The descending trajectory has been confined within a narrowing pattern, forming a descending triangle. The price has been making lower highs, coinciding with the bearish market sentiment observed in the chart.
However, since the start of March, the price has been consolidating, forming a narrowing pattern that could indicate an imminent breakout. XRP’s volatility has reduced as the price has been holding strong above the key trendline in the chart. This has led to a bullish breakout out of the descending channel, suggesting a new rally for XRP in the coming sessions.
Whale Alert, a blockchain tracker and analytics system that reports large and interesting transactions as they happen, has documented a significant XRP transaction. An impressive 32 million XRP, valued at just over $19 million, has made its way from the digital corridors of Upbit, a reputable cryptocurrency exchange, to a wallet whose ownership currently remains unknown. This transaction has rippled through the crypto community, drawing attention to the movements of high-value holders in the market.
As of press time, XRP is exchanging hands at $0.6130, an increase of 0.87 from yesterday’s close. XRP has faced a stiff rejection at the $0.6400 region, thus correcting lower to seek support at the $0.6000 region. The market capitalization and trading are on the rise, with values at $33 billion and $2.4 billion, respectively.
