The post Triangle Fails To HODL XRP Price Within, Warns $0.40 Crackdown appeared first on Coinpedia Fintech News
Following the bearish week, the crypto market witnesses a massive dump in the altcoins. Amidst the crashing altcoins, XRP price broke below the $0.50 psychological mark with an 11% fall last week.
As the XRP price loses the crucial mark of $0.50, the supply pressure is expected to increase this week. Currently, the altcoin hangs at the next support of $0.40 and warns of a new 52W low.
XRP price Performance
With a market cap of $23.47B, XRP stands as the 7th biggest crypto in the market. In the five weeks, the XRP price has dropped by 20% and lost the $0.50 mark. Currently, the altcoin trades at $0.41968 after the 6.58% drop on Sunday.
Tradingview
In the weekly chart, the XRP price fails to sustain within the triangle pattern as it breaks under the rising support trendline. With a Doji candle at play, the altcoin hangs at the $0.41 mark.
With $2M worth of long-side liquidations, the bearish powers are strong in XRP. Further, the 57% rise in the 24 hour trading volume bolster the ongoing correction rally.
Further, the breakdown of the triangle pattern warns of an extended crash in the XRP price. A drop under the $0.40 mark could test the bullish dominance at the $0.32 or $0.29 support levels.
Significant XRP Transfer Sparks Market Interest
A large transfer of 37,390,000 XRP, valued at approximately $16,064,836 USD, was made from an unknown wallet to the Bitstamp exchange. This significant movement of funds, tracked by Whale Alert, raises speculation about potential market impacts.
37,390,000 #XRP (16,064,836 USD) transferred from unknown wallet to #Bitstamphttps://t.co/qfCegLxPKI
— Whale Alert (@whale_alert) July 7, 2024
Such large transfers can indicate either incoming selling pressure or strategic repositioning by major holders.
Will XRP Price Float Above $0.40?
With the bearish breakdown and the rising supply pressure from the whales, the XRP price is under intense pressure. However, the demand stands strong at the $0.40 level, which is evident with the lower price rejection in the daily candle.
As it stands at a crossroads, a broader market recovery could pump the XRP price back above the trendline. A bullish reversal reclaiming the $0.50 psychological mark can reach the $0.68 peak. On the flip side, a drop under $0.40 will plunge to $0.32 or $0.29.