Ripple (XRP) has exhibited eye-catching intraday price movements. Despite this, the altcoin risks falling further in the coming weeks, according to crypto analyst Yashu Gola. The altcoin price saw a massive spike on August 26. The analyst points to a possible influence from some major traders. We have prepared Yashu Gola’s XRP assessment and analysis for our readers.
Huge XRP transfers and Ripple Swell Global event
Notably, the price of Ripple (XRP) gained 6% in the early London hours. Thus, the altcoin hit a two-week high of $0.37. Meanwhile, whale watching platform Whale Alert has detected mysterious whale movements. Whale Alert has reported three major $51 million transfers involving crypto exchanges Bitso and FTX. The token’s upward movement also took place hours after these whale transactions.
XRP hourly price chart / Source: TradingViewAs you follow on Kriptokoin.com, Ripple has announced its flagship event, ‘Ripple Swell Global’, which will be held in London in November 2022. XRP’s gains came as part of a broader upward move that began on August 25, a day after this announcement. Meanwhile, the market had reacted similarly to the Ripple Swell Global event in the past.
Bearish trend setup for altcoin in game
Ripple (XRP)’s intraday rally has outstripped a bearish ‘Graveyard Doji’ with close open, closed and low prices with a long upper wick. This candlestick shows that the price rally seen at the beginning of the session was crushed by the bears at the end.
XRP four-hour price chart / Source: TradingViewMeanwhile, XRP is currently trading around 4% below its intraday high. Thus, testing a support merge. The confluence includes the upper trendline (at $0.35) of XRP’s previous ‘ascending triangle’ and the 50-4H exponential moving average (50-4H EMA; red wave on chart above) around $0.343.
From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup with a profit target of around $0.33. In other words, a 7% price reduction is possible by September when measured from the August 26 price. Conversely, a rebound after testing the support confluence is likely to enable XRP to hold a recovery rally towards the $0.36-$0.38 range. It is marked in red in the chart above. Also, this area has served as a consolidation range for XRP in recent months.
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