Lorenzo Stroe
Independent Analyst
- XRP price had a significant spike but plummeted within the next few hours.
- Coinbase has announced it will suspend XRP trading on January 19.
XRP was hit hard when the SEC decided to sue Ripple. Since then, the digital asset has crashed and lost close to 60% of its value. Several prominent exchanges announced they would halt XRP trading on their platforms including Coinbase. On January 19, one of the biggest cryptocurrency exchanges in the world, Coinbase, suspended XRP trading.
XRP price could be poised for another leg down
In the past two weeks, the trading volume of XRP plummeted and the digital asset has been trading sideways. Surprisingly, XRP price saw a significant spike from $0.289 to $0.33 but crashed shortly after.
XRP/USD 4-hour chart
The digital asset is currently trading at $0.30 and the TD Sequential indicator presented a sell signal on the 4-hour chart which seems to be getting some bearish continuation. The next price target would be $0.28 where the 100-SMA and the 50-SMA converge.
%20[21.33.58,%2019%20Jan,%202021]-637466852695881608.png)
XRP Holders Distribution chart
Additionally, the number of whales holding at least 10,000,000 XRP has declined even further from a high of 356 holders on December 25, 2020, to 300 currently. This metric shows that large investors are getting out of their XRP positions.
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
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.