XRP/USD settles above $0.2000 amid growing liquidity transactions activity

XRPL Monitor registered huge transactions on XRP ledger.
XRP liquidity spiked in the Philippines and Australia even as XRP/USD stays under pressure.

Tanya Abrosimova Independent Analyst

According to XRPL Monitor, several huge transactions have been registered on XRP ledger during the recent days. Thus, 20 million XRP has been transferred between Japanese Bitbank accounts. Other large transactions include corporate wallets and several popular crypto exchanges such as Coincheck, MXC, Bithumb and gate.io.

Also, the XRP liquidity index jumped to new highs in the Philippines and Australia, which means this digital coin has become more popular in those countries.

While these developments may be regarded as positive they did little to support XRP price amid the recent market crash. XRP/USD dripped from $0.2450 on Friday, March 6 to $0.1885 on March 9. While the coin has recovered above $0.2000 by the time of writing, the near-term picture remains bearish as there are no clear signals of the upcoming reversal as of yet.

XRP/USD: Technical picture

On the intraday level. XRP/USD has entered a range limited by $0.2000 on the downside and $0.2100 on the upside. The channel resistance is reinforced by SMA50 1-hour and the upper line of 1-hour Bollinger Band located above this area. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2260 (SMA100 1-hour) and psychological $0.2300. The next strong barrier is created by SMA100 daily on approach to $0.2350.

On the downside, a sustainable move below $0.2000 will bring more sellers to the market. This development will worsen the technical picture and create a pre-condition to a sell-off towards January 2020 low of $1846 and the lower line of the weekly Bollinger Band on approach to $0.1700.