More than 120 Million XRP Moved! Here are the levels Ripple can see in 2 days
Ripple’s XRP token goes through a stagnation phase without giving a clear indication of how to move in the next stage. According to popular analyst Ali Martinez, the cross-border wire transfer token has been in a narrow trading range since May 11. This area is defined by the $ 0.19 support and the $ 0.206 resistance level, according to the analyst. Despite low volatility levels, according to the analyst, on-chain metrics show that a significant price move continues.
Ali Martinez: The difference between price and volume in Ripple is a negative sign
Since the April 30 summit, where XRP rose to $ 0.236, its volume on the chain seems to have been balanced based on data from Santiment. Since then, even though the price of this altcoin continues to solidify, this indicator is constantly falling. According to Ali Martinez, the difference between price and volume can be seen as a negative sign. It may indicate that momentum is slowly increasing for a lowering movement. However, according to the analyst, it is necessary to wait for the support or resistance to break before jumping on any side of the trend.
Santiment’s token age chart reveals that a high period of volatility will come soon, according to the analyst. This basic indicator shows the ratio between the number of tokens that changed addresses on a given date and the time since their last move. The movement of old cryptocurrencies does not mean that XRP will leave the ongoing consolidation phase, according to the analyst. However, this is likely to happen based on the price history of the past three months, according to the analyst.
More than 120 million XRP tokens moved to different addresses in a few days
After the 50% collapse between March 12-13, more than 110 million tokens were moved to different addresses. Later, this cryptocurrency rose above 40%. Then on April 7, roughly 45 million old tokens changed hands, causing a 15% withdrawal. A similar event took place twice between April 21 and May 1, which adds confidence to this metric’s predictive power over XRP’s wild price movements. Now over 120 million XRP tokens have been moved to different addresses in the past few days, and according to the analyst, history may be about to repeat itself.
The area between the previously mentioned support and resistance levels is a reasonable non-trading zone, as it is almost impossible to predict the direction of the next major price move, according to the analyst. However, considering the Fibonacci retracement indicator, the non-commercial zone is defined by 61.8% and 78.6% Fib, according to the analyst. A daily candlestick near or below this area will be critical to determine where the XRP will move.
Here are the levels that Ripple can test in a few days
According to the downstream analyst, the next major support levels to note after passing $ 0.19 are $ 0.17 and $ 0.16. Conversely, a bullish impulse that allowed XRP to rise above the $ 0.206 resistance could target $ 0.27 at the end of April. According to the analyst, the cryptocurrency market may be at the peak of the next bull cycle. Therefore, it is important to remain cautious and wait for confirmation before doing any trade, according to the analyst.