Tanya Abrosimova
Independent Analyst
- XRP/USD is hovering around the critical resistance level.
- The on-chain data suggests that traders are less inclined to sell.
Ripple's XRP is changing hands at at$0.256, mostly unchanged on a day-to-day basis. The coin has gained over 5% in the last seven days amid the recovery on the cryptocurrency market.
XRP is currently the fourth largest digital asset, with a current market value of $11.58 billion and an average daily trading value of $1.7 billion.
Someone is taking XRPs from the exchanges
The exchange flow data revealed a massive outflow of XRP from the trading platform, which is typically a good sign for the coin. It means that traders are not inclined to sell their coins and move to an accumulation phase.
Ripple's exchange outflow
 [18.21.43, 24 Oct, 2020]-637391520697658326.png)
Source: Santiment
Also, according to XRP scan data, someone continues moving XRP from the cryptocurrency exchange accounts. Thus, over 15 million XRP worth over $3.7 million has been transferred from Binance to the institutional custodian BitGo. This transaction followed a series of large XRP movements between the internal digital wallets of the exchange.
XRP transaction data
Source: XRPScan
XRP/USD: The technical picture
XRP.USD topped at $0.264 on October 22 and moved back inside the consolidation range with the upper boundary at $0.258. A sustainable move above this area is needed for the upside to gain traction. Once it happens, the bullish momentum will start snowballing and take the price to the next resistance of $0.278, followed by the pivotal long-term resistance of $0.31.
XRP/USD 12-hour chart
On the other hand, a failure to break above the said resistance of $0.258 will increase the bearish correction risks to the lower line of the recent consolidation channel $0.24. Once it is out of the way, the sell-off will likely gain traction with the next focus on $0.227.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.