• 28 May, 2024
Markets News

Market Watch: XRP’s Price Trend Catches Analysts’ Eyes

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.

Source: Armando Pantoja

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.

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