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- XRP remains in a downtrend.
- Indicator signals remain bearish, but everything will depend on the overall market.
- XRP whales have been in a state of accumulation for the past two weeks.
The price of XRP remains in a downtrend both locally on the daily chart and globally on the weekly and monthly charts. However, there is good support in the $0.50-0.55 zone, from where the price has already bounced twice: during the fall in May 2021, and during the fall in Java this year. If there are no clear signals for the continuation of the fall on the monthly chart, one could say that this is a local bottom of the market.
On the chart, the price has also formed a symmetrical triangle, from which a breakthrough should be made soon, which can be in any direction. Indicator signals on the daily, weekly and monthly timeframes remain bearish, but a rebound is possible on the daily and weekly timeframes. Indicator signals on the daily chart are neutral bearish:
Volumes: continue to decline, and they are much less than in April and May last year.
RSI (Relative Strength Index): is at 48, which is fraught with uncertainty in the market, since it indicates about the same number of sellers and buyers.
MACD: the histogram is in the sell zone, but close to the reversal level, the linear MACD is near the zero level (uncertainty).
XRP Forecast: Whales Continue to Accumulate by Kadr on TradingView.com
Network indicators remain optimistic. As Santiment data shows, XRP whales have been in a state of accumulation for the past two weeks. The number of whales holding 10 million or more XRP tokens skyrocketed from 317 to 337 between February 15 and 21. This 6.3% increase serves as an indication of their investment interests, signaling that these investors are interested in XRP at current price levels, supporting a bullish scenario.
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