Millions of Ripple (XRP) tokens have been moved to the Bitstamp exchange. According to crypto analyst Tony M, the altcoin price has dropped below a critical Fibonacci Retracement tool. The analyst says XRP investors should prepare for a devastating blow. We have prepared Tony M’s technical analysis along with his XRP assessments for our readers.
Whales carry XRP to exchanges, what does it mean?
The bears are confidently emerging to put the XRP price under pressure. Therefore, Ripple’s XRP price seems to end the last day of June with a blow. On June 30, 2022, the bears produced impulsive bearish candlesticks in an almost free fall fashion. The sale comes after the optimistic agreement by Ripple that promised to hire 100 new employees in the near future. Unfortunately, the news short-lived the buyers’ frenzy to $0.3871.
“There is a big sell possibility for altcoin”
XRP price is currently trading at $0.31. Because traders are coming out to join the downtrend for profit. On-chain metrics this week show millions of XRP tokens dumped on the popular Bitstamp exchange over the past few days. According to blockchain auditor Whale Alert, around 600 million XRP tokens have been sent to an anonymous Bitstamp wallet. This anonymous user now has the power to sell millions of tokens at the click of a button. This massive movement of capital warrants the idea of a big sell to a target of $0.20 relative to the previous bearish outlook.
A Fib is surrounding the June 18 low of $0.2872 and the newly formed $0.3871. The Retracement tool is confidently on the bears 3-hour chart at $0.32, 61.8% Fib. indicates that it has already exceeded its level. Main Fib. A bearish candle that pierces the level strongly confuses the idea that there will be more selling.
XRP price 3-hour chart“The deterioration of the downtrend depends on this”
The invalidation of the downtrend is due to a breach. This marks a close above $0.35. If the bulls break this barrier, it is possible for them to recapture the trend. Afterwards, XRP price is likely to rally to $0.42. This means a 30% increase from the current XRP price.
As you can follow from Kriptokoin.com, the crypto money market has returned to a downward trajectory again. At press time, the leading crypto Bitcoin was trading at $18,866, losing 6.38% on a daily basis. Ripple (XRP), on the other hand, has lost 3.59% in the last 24 hours, falling to $0.3195. Meanwhile, Ripple’s litigation with the SEC continues and is having a serious impact on the price.
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