XRP Price: Volatility Strikes After Massive Whale Transfer – Sell Or Buy The Dip?
After Bitcoin’s recent rally, the US CPI data triggered volatility in the crypto market. XRP price experienced a slight drop from its weekly peak, while BTC price tried to stabilize. However, the market may face more downward pressure due to high inflation in the US.
What’s XRP Price Future Like
With the Federal Reserve showing no signs of speeding up rate cuts, the first interest rate cut may be postponed. To boost confidence in the uptrend, XRP price needs to reclaim resistance at the 50-day EMA. The RSI has fallen from overbought conditions, suggesting a possible slide.
Opportunities to buy the dip are available, but traders should look for confirmation signals to avoid bull traps. A four-hour candle close above the 50-day EMA S/R could be an initial signal, followed by a break above the 50% Fibonacci level. However, it’s important to consider possible pullbacks from key resistance levels.
Are Whales Selling XRP?
Prior to the drop in XRP price, a massive transfer of XRP was reported to Binance by a whale. This suggests an intention to sell, as investors often transfer crypto to exchanges when considering selling. Traders should watch for a possible trend reversal or a dive to sweep liquidity before a larger breakout.
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