Lorenzo Stroe
Independent Analyst
- XRP is currently trading at $0.233 after a rejection from a significant trendline.
- Several indicators have shifted in favor of the bears in the short-term.
The most important pattern for XRP was formed on the daily chart. The descending parallel channel has been an accurate indicator of the price action.
XRP/USD daily chart
-637372554805999989.png)
The price of XRP managed to climb above the 100-SMA and turn it into a support level. However, after touching the upper boundary of the parallel channel several times, the price finally got rejected. The 100-SMA was lost and bears are seeing a good amount of continuation.
The most likely target price in the short-term is $0.215 where the 200-SMA stands, however, XRP could go as low as $0.19 towards the lower boundary of the parallel channel.
XRP/USD 1-hour chart
-637372554924127381.png)
Although XRP is currently trading inside a downtrend on the 1-hour chart, the MACD just turned bullish. The price established a low at $0.228 followed by a higher low at $0.231. Bulls are close to confirming an uptrend if they set a higher high next.
XRP Holders Distribution Chart
 [19.07.09, 02 Oct, 2020]-637372555016943099.png)
If we look at the holders distribution chart by Santiment, we can observe a notable increase in the number of whales. Investors holding between 1,000,000 and 10,000,000 XRP coins are growing from 1326 on September 26 to 1334 now. Similarly, whales with at least 10,000,000 coins went from 309 to 313 in the same period of time.
A bullish breakout above the upper boundary of the parallel channel will push XRP above $0.25.
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