XRP rebounded from the $0.2215 support level and managed to carry on three consecutive bullish days, going up to $0.2445. In the process, the coin’s price went up above the SMA 20 curve.
XRP/USD Daily Chart
[Image Source: TradingView]
The price now has to break above the $0.252 resistance level, which has long frustrated the buyers. The MACD has moved from bearish to bullish, which is another positive sign for the price.
XRP/USD 4-hour Chart
[Image Source: TradingView]
XRP has registered five straight bullish sessions as the price moves in a flag formation. The coin’s value now faces immediate resistance at $0.2452 and will need to break above the SMA 50.
The Relative Strength Index (RSI) is staying around 52.85, providing the bulls with sufficient space to do their thing before the asset heads towards the overbought zone; therefore, overtaking the SMA 50 curve shouldn’t be a problem.
XRP/USD Hourly Chart
[Image Source: TradingView]
The hourly chart is also heading in an upward trend in a flag formation. Throughout this movement, the RSI has shifted from the oversold territory and is currently trending around 63.75, close to the overbought zone.
Still, while every other signal so far has been positive, there is an augury that could initiate a short-term bearish correction. The hourly XRP chart has shown the sell signal in the TD sequential, and even though the bearish formation has yet to be affirmed, a short-term correction may be impeding.
The social volume chart for Ripple depicts a surge this Friday and Saturday. During this period, the price has engaged positively with the increases. However, more attention is not always a good sign for the continuation of the uptrend; when prices rise, and the users start paying attention, the drop usually follows almost immediately.
XRP Daily Confluence Detector
According to the daily confluence detector, XRP is prone to face immediate moderate-to-strong resistance at $0.245. On the other hand, there are two great support levels on the downside at $0.2425 and $0.24.
Ripple Moves 191.1 Million XRP
In the meantime, data published by Whale Alert and XRPL Monitor shows that in the last 20 hours, the DLT giant Ripple has transferred 191.1 million worth of XRP. About half of the amount went to its OTC (over-the-counter) distribution wallet.
In a few tweets, XRPL Monitor shared the fact that Ripple has wired a remarkable amount of 191.9 million XRP between its wallets, which is $46,187,036 in regular fiat. It took the company four transactions – three of them were made immediately one after the other – to move lumps of $74 million XRP (two wires), 25.4 million XRP, and 16.5 million XRP.
[Image Source: Whale Alert]
Whale Alert and Bithomp data have confirmed that two of these transfers were made to Ripple’s OTC Distribution Wallet.
[Image Source: Bithomp]
Keeping XRP Liquidity High
The blockchain giant Ripple uses its OTC wallets to cash out sections of its XRP amounts. This keeps the liquidity of the asset high and helps the company obtain fiat cash for its operational expenses.
Ripple owns more than half of the total XRP supply, which is why many opponents criticize the company. On Friday, Ripple also transferred 25 million XRP to its OTC distribution wallet, while moving 74.6 million XRP in total.
