The post XRP Price Faces Potential Correction Post-Ripple Swell Event Despite Bullish Hopes appeared first on Coinpedia Fintech News
The recent Ripple Swell event in Dubai, which sparked expectations of a significant market breakthrough, has left Ripple’s XRP facing a possible correction. The situation remains uncertain as investors look to the weekend for potential bullish activity to counteract recent downturns.
XRP, a leading digital asset by market capitalization and one of the oldest altcoins, is not yet clear of potential decline. During the mid-London session on Friday, the cryptocurrency was trading at approximately 61 cents, marking a 4.2% drop in the last 24 hours and adding to its recent downward trend.
Whale Movements and Their Impact
Recent on-chain data from Bithomp highlights significant activity from XRP whales:
A notable XRP holder has transferred large quantities to various exchanges.
Since the Ripple Swell event, which introduced changes to RippleNet, this investor has received and moved about 250 million XRP in batches of 50 million units to exchanges like Bitstamp, Bitso, and independentreserve.com.
XRP Price Analysis and Predictions
#XRP Update: Following the Dotted Green LineI'll be regularly updating this chart every three days to track how the price action correlates with the Dotted Green Line.Refer back to the November 14th post to gauge the alignment of the price action with this line. https://t.co/BOfY5zHG3I pic.twitter.com/8vCkRuQ7C3
— EGRAG CRYPTO (@egragcrypto) November 17, 2023
The ongoing correction in XRP’s value will persist until it reaches a support/resistance zone between 54 and 56 cents.
This forecast is based on the auto Fibonacci Retracement tool, which analyzes historical price data.
According to cryptocurrency analyst Egrag Crypto, a rebound is possible around the 0.618 Fib Retracement level, potentially leading to a new year-high.
As the cryptocurrency market evolves rapidly, XRP investors remain cautiously optimistic, closely monitoring market trends and whale activities. With potential corrections and rebounds, the coming days will be crucial in determining XRP’s market trajectory.
