Ripple’s XRP is the sixth largest crypto token in the world by market cap and is up 7% as technical analysis suggests major price volatility in the coming days.
XRP breaks above $ 1.17
Although XRP is moving towards a significant number at the moment, the picture looked rather bleak until the last few hours. The daily charts showed XRP trading between price levels of $ 1.10 and $ 1.17, which meant that there would be a significant price change if the token collapsed or was above either price level. It could have gone either way, but for now, XRP is on its way to new highs.
If the token holds the current price level and continues to be supported by a price mark of $ 1.15, it could potentially exceed $ 1.50. Another deciding factor is XRP’s market capitalization, which has grown by over 50% in the past 24 hours, showing a reasonable level of investor interest in the token.
While the price action pictured above is very likely, there is still a chance that XRP could drop below $ 1.10. Which could lead to a further drop to $ 0.75.
Whales, booking profits
Though the data on the whales, despite adequate technical assistance, does offer some worrying prospects.
According to data from cryptanalysis Sentiment, whales have made gains lately. As in the last 3 days, the number of addresses with more than 10 million XRPs has decreased by 1.5%.
Which is a big disadvantage for the upward price behavior of the token, since five of the large XRP holders have either redistributed the token or left the network. This could push XRP below $ 1.10, resulting in a 30% retracement.
Analysis aside, SEC Lawsuit is a critical factor to watch out for, as any major development in this case would certainly affect XRP’s price behavior.