XRP is showing signs of price recovery by hovering within a defined range. This is a good signal, as the token aims for a higher milestone and the XRP lawsuit nears its settlement. In this scenario, two transactions stand out. Their collective transfer to centralized exchanges amounts to more than 52 million XRP tokens, valued at approximately $25.88 million at the time of the transaction.
Shifting tokens to and from exchange platforms is a natural course of action, except when it signals a relevant sentiment. For instance, a transfer from exchange platforms to private wallets means traders want to hold on to their tokens. A reversal trend demonstrates that there is potential for selling pressure. Traders shift their tokens to exchange platforms when they have to sell sentiments on their mind—wanting to shed some weight for profit-making, avoiding further losses, or both.
XRP is hovering within the range of $0.4992 and $0.488. The current value is $0.4946, with a drop of 0.01% in the last 24 hours. It further reflects a rise of 1.36% in the last 7 days and a fall of 4% in the last 30 days. However, technical indicators support the speculation that a price recovery is imminent.
One thing to note is the formation of a bullish double-bottom pattern. It is bringing the colors of pace, with a target of $0.56 upon neckline breakout. Near-term predictions are bullish, with the next 5 days likely to see a jump to $0.607263. The next 30 days could see a surge of 20.74% from the current value, thereby seamlessly surpassing the mark of $0.5900. Prevailing sentiments are bearish, with a volatility of 3.73%.
Whales shifted a total of 25 million+ tokens in two separate transactions. The first transaction had 28.65 million XRP, and the second transaction had 23.53 million XRP, both collectively valued at $14.21 million and $11.67 million, respectively, applicable in the same order. In the first transaction, whales shifted their tokens to Bitstamp, whereas in the second translation, they moved their tokens to Bitso.
The 24-day RSI roughly translates to 46.30. The 50-day SMA and 200-day SMA come to $0.514168 and $0.569318, respectively. As per the ongoing trend, the Fear & Greed Index has given XRP 60 points. An upcoming immediate resistance is set at $0.500. Breaching that mark will open the doors for further upticks. Earlier, the RSI was around 50, indicating a neutral position. The RSI has undergone some movement since then. XRP projections are optimistic, with the value expected to go as high as $2.51 by the end of the year, that is 2024.
The real cause of the selling pressure is still unknown; it could be either profit-making or a strategy to prevent future losses. It could only have something to do with diverting allocations to flagship tokens like Bitcoin ($BTC) and Ethereum ($ETH).