Why XRP Holders Who Are Taking Profit Should Check These Data In The Coming Days
30 October 2022 - 12:05AM
NEWSBTC
XRP has struggled to break out of a narrow range over the last few
weeks and has failed to make any significant progress in terms of
price pump. XRP struggles to surpass he crucial $0.53 resistance
marker The altcoin is swinging between narrow ranges in terms of
price movement Whales continue to accommodate despite previous
selloff The asset’s trading data chart reveals it is trapped within
a Fibonacci support and resistance region where it encounters
strong challenge surpassing the $0.53 marker. Related Reading:
Cardano (ADA) Market Cap Grows By Over $1 Billion In 24 Hours
Source: TradingView Every time XRP tries to move past this certain
price point, it ends up testing the $0.43 support level. This cycle
has been ongoing for the altcoin since the month of September.
Despite the recent rally of the crypto market, the virtual coin
declined by 1.3% over the last 24 hours and is still down by 4.4%
for the past two weeks. At press time, according to tracking from
Coingecko, the digital currency is trading at $0.47. A bit of good
news for investors is that its Relative Strength Index is within an
ascending support line which denotes a bullish signal for the asset
that is the subject of an ongoing court battle between Ripple Labs
and the U.S. Securities and Exchange Commission. Ripple Focusing On
Development To Help XRP Despite being in a long-standing legal
tussle, Ripple is turning its focus to network development
activities that will help XRP recover from its losses. The company
recently announced the launching of its third wave of $250 million
creator fund which is open for all creators of both digital and
physical non-fungible tokens (NFTs). Ripple said the application is
open until December 30, 2022 and all interested applicants are
welcome to try their luck for the millions worth of creator fund.
This is still in line with the company’s goal of increasing network
activity of Ripple users and also underscores their interest to
grow their NFT market. Should Investors Buy XRP Today? As the
crypto is not moving much in terms of price range, investors might
opt to buy right now and hold their tokens while waiting for the
next bullish market rally. XRP whales are doing the same,
accumulating as much as they can even during the mini surge that
helped the crypto space push its overall valuation back to over $1
trillion. It is, however, important to note that addresses holding
more than 10 million tokens have sold their XRP and trimmed their
balances. This would mean that while some big investors are buying,
the others are selling, ensuring balance to the asset’s
distribution. Some analysts believe it is wise to hold the asset
for now as the Ripple Labs is on the verge of finally winning its
legal battle against SEC. They are looking at this development as a
catalyst to trigger an XRP rally that will finally break its
bearish cycle. Related Reading: Stellar (XLM) Could Grow Dim This
Week, But Buyers Don’t Need To Back Down XRP market cap at $23.6
billion on the daily chart | Featured image from The Daily Hodl,
Chart: TradingView.com Disclaimer: The analysis represents the
author's personal views and should not be construed as investment
advice.
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