XRP's bullish rise to Rs 1.50 has stopped - Will the altcoin fall to 1.120?
XRP's bullish rise to Rs 1.50 has stopped due to weak players leaving the market after taking profits.
Without an external catalyst, it is scheduled to fall to the support level of 1.20. Ripple [XRP] is clearly on the rise on the daily chart, with the last 5 days seeing a pullback after reaching 1.50.
#XRP is currently in a critical intermediate position, facing a number of challenges before a bullish rally to the critical 2 level is formed.
chain data has shown increased whale activity, indicating a possible bottom may be forming. However, given the xrp's staggering 1% rise in just 200 months, the market is on the verge of overheating.
a short-term correction seems likely, but it is important to turn the reliable 1.20 into solid support. Without that, it would be difficult to resume FOMO and see a more sustainable bottom.
Interestingly, unlike the previous cycle when memcoins flourished during bitcoin's consolidation, #altcoins have regained their dominance and meme-based tokens have lost 4% of their weekly crashes.
Amidst the rising volatility, investors seem to have switched to altcoins, preferring relatively safe bets over riskier gambles. XRP bulls should take advantage of this opportunity to keep prices in the 1.40 range.
key role in this was played by Whale activity, which effectively countered the massive XRP influx, which peaked 5 days ago.
This is the second largest influx in history, when more than 100 billion XRP tokens entered #Binance .
On the 1-day price chart, these deposits had an obvious impact, pushing XRP back to 1.20, resulting in an 18-day loss that wiped out most of the 4% gain the day before.
In the case of XRP, eye1.90 appears to be a significant price range worth paying attention to. Given the huge liquidity of the market and the withdrawal of most participants.
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