XRP has been hovering around $0.57, indicating a consolidation phase as traders look for the next direction.
Meanwhile, within the last 24 hours, XRP experienced a slight loss of 0.1%, changing hands between $0.56 and $0.5794.
Despite this slight decline, XRP showed its resilience in the market, demonstrating mixed sentiment among the investors waiting to see how prices will move.
As per Coingecko data, XRP traded at $0.5707 with a trading volume of $1.44 billion within 24 hours by press time. XRP’s market capitalization is around $32.09bn, and its circulation supply is about 56 billion XRP tokens.
Source: Coingecko
XRP has been finding resistance at about $0.5794, a level it has failed to surpass in recent sessions. Conversely, $0.56 is acting as a floor following previous dips.
Additionally, these are important indicators that show XRP might continue trading within this range unless there is a significant breakout, which can pave the way for more definite moves in any direction.
During this time when XRP has been ranging, it can be observed that Bollinger Bands are squeezing around its price – with an upper band of $0.57783 and a lower band of $0.50419. This means that there is only moderate volatility around XRP’s current value while the middle band acts like a 20-day simple moving average (SMA), which now stands at approximately $0.65147; thus, if the coin tries moving upwards, then we should expect some form of pushbacks near the $0.65 area since such levels usually act as resistances.
Technical Indicators Show Mixed Signals
At 51.12, the XRP Relative Strength Index (RSI) depicts a neutral market feeling. At this stage, there are no overbought or oversold RSI levels, suggesting its ability to move in any direction.
This relatively flat RSI means that traders have put their activity on hold while waiting for more solid signals from the market before they can make further and bigger moves.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator leans slightly towards bearishness as the MACD line (-0.00324) crosses below the signal line at 0.00830. That said, a continuation of a downtrend could be indicated by this collision, but with less selling pressure, as shown by the MACD histogram during sessions other than this one.
Alternatively, the Awesome Oscillator (AO) reads 0.00763 positive, showing some bullish sentiment but too weak to confirm trend reversal.
Whale Activity and Market Speculation
According to recent reports by Coinfomania, there has been massive whale activity in the XRP market. Whale Alert, a well-known large transaction tracker, recorded over 127 million XRP changing hands in the past day. The transactions were done in two big transfers; the first saw 100,556,526 XRP worth $57.7 million moved from an anonymous wallet to another external wallet marked as ‘unknown’.
The XRP community had mixed reactions following this move; some think it might be a whale accumulation since similar amounts have been moved recently, while others speculate that it could be linked to Ripple’s ongoing legal settlement with the SEC involving a $125 million civil settlement.
A second transfer was made shortly after, where 27,050,000 XRP valued at $15.4 million got sent from an unknown wallet to a cryptocurrency exchange based out of Luxembourg – Bitstamp; further digging into this revealed that ‘r4wf…4Rzn’ wallet was behind the transfer.
Since the beginning of the year, this wallet has been known for dumping hundreds of millions of XRP on exchanges such as Bitso and Bitstamp.
Looking at current market conditions and technical indicators, XRP is likely to continue trading within its range, with support at $0.56 and resistance at $0.5794.
The post XRP Price Prediction August 13: XRP Struggles at $0.57, Awaiting a Major Breakout? appeared first on Coinfomania.
