XRP Whales Increase Marker Selloff as Token Signals Further Short-Term Bearish Sentiment
- PHPzOriginal
- 2024-09-06 18:05:23727browse
After struggling to rally beyond the resistance range between 60 and 63 cents since mid-July, Ripple-backed XRP has signaled further short-term bearish sentiment.
Major cryptocurrency XRP signaled further short-term bearish sentiment this week, as the token’s price dropped nearly 4% to trade around 54 cents during the early European session on Friday.
The bearish XRP price movement comes amid a broader market downturn, with apex crypto Bitcoin slipping below the key $24,000 level and several major U.S. stock indices closing in the red on Thursday.
Data showed that XRP price failed to rally substantially following a breakout from the resistance range between 60 and 63 cents, which the token encountered in mid-July.
However, the token’s price recovered from lows of around 40 cents, which XRP hit earlier in July.
Meanwhile, XRP’s total market cap stood at over $54.3 billion, and the token registered daily average trading volume of around $1 billion.
On the other hand, XRP prices against major pairs, including BTC and the U.S. dollar, signaled an end to the bleeding.
Furthermore, crypto industry players are expecting bullish sentiment in Q4, especially if the U.S. Federal Reserve initiates the highly anticipated interest rate cuts.
Latest data showed that XRP whales are increasing their marker selloffs.
For instance, Ripple transferred 100 million XRP, valued at over $54 million, to an unknown address.
Several other top XRP investors also deposited large sums into Bitso and Bitstamp exchanges earlier today.
On the other hand, several crypto community members criticized Ripple for selling XRP monthly to fund its operations.
In its defense, Ripple announced several plans to develop XRPL into a Web3 and smart contract hub in the near future.
Meanwhile, XRP price is seen oscillating within the apex of a macro triangular pattern, signaling an imminent breakout.
The token signaled midterm bearish sentiment, which could lead to a retest of the major support level of around 44 cents.
However, a rebound and consistent close above 65 cents will invalidate the bearish sentiment and pave the way for a fresh macro parabolic bull rally.
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