Ripple (XRP) Price Drops Below $0.50 Support Level as On-Chain Indicators Signal Potential Trend
The price of Ripple’s XRP cryptocurrency fell below the $0.50 support level on Monday, with weekly losses nearing 9%. This decline comes as Binance Exchange announced the delisting of its XRP/BUSD trading pair in a recent blog post. Additionally, XRP recorded its lowest transactional activity for the year.
XRP Price Hits a Wall as Transactions Decline to 2023 Low
Binance’s decision to delist XRP/BUSD liquidity pools and other trading pairs has raised concerns about the future trend of XRP price. Prior to this news, daily transactions for XRP had already dropped to their lowest point in 2023. The decline in transaction count suggests reduced network usage or bearish changes in market dynamics.
Crypto Whales Acquire 50 Million Coins to Fund Rebound Mission
Despite the downtrend in XRP price and transactional activity, a group of crypto whales has been actively buying millions of XRP coins. These whales, with balances ranging from 100,000 to 1 million XRP, have increased their holdings by 50 million coins over the past week. This surge in demand may help slow down the price slump and boost confidence among other traders.
XRP Price Prediction: Likely Consolidation Above $0.45
If the demand from crypto whales remains steady, it is likely that the price of XRP will rebound towards $0.55 in the coming weeks instead of dropping below $0.45. Currently trading at $0.50, XRP is on a downtrend, and the immediate support level to watch is at $0.49. Breaking above the key resistance level at $0.53 could signal a bullish trend reversal towards $0.55.
Hot Take: Crypto Whales May Determine the Fate of XRP
The recent decline in XRP price and transaction count, coupled with Binance’s delisting announcement, has raised concerns about the future of XRP. However, the active buying activity of crypto whales provides a glimmer of hope for XRP’s recovery. If these whales continue to accumulate XRP coins, it could potentially stabilize the price and restore confidence among traders. The next few weeks will be critical in determining whether XRP can consolidate above $0.45 and make a comeback.
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