August September The coin's relative strength index (mor) has risen to 50 after largely struggling around 30 throughout August and September, a sign that buyers are starting to take advantage of selling the cryptocurrency at an affordable price.
At the same time, #XRP 's 30-day moving average (yellow) is below its 200-day average (blue), which indicates that the cryptocurrency is ready to make a strong comeback.
The increase in the support level of XRP in recent days indicates that the cryptocurrency is in the process of consolidation and may enter a new upward trend.
However, according to the data of the last 24 hours, we are seeing that some big investors have sent their XRPs to the stock exchanges. This may mean that investors think that the price will rise soon and plan to sell by taking advantage of the price increase.
🚨 29,400,000 XRP (14,963,442 USD) transferred from unknown wallet to Bitstamp
— Whale Alert (@whale_alert) September 28, 2023
In fact, XRP's performance since the beginning of the year is quite balanced compared to the overall market trend. Ripple gained a big advantage in July when Judge Analisa Torres ruled that cryptocurrency is not a security. Following this decision, major US exchanges have listed the token again.
Ripple has continued to expand its business in the process with some new partnerships and trials, including a stablecoin trial in the Republic of Palau.
As a result, XRP will continue to rise even higher when market sentiment becomes more definitely positive, the token is likely to reach $ 0.60 in the next few weeks. From there, it can easily return to $0.70 or higher in the last month of the year.
Hello! My name is Felipe, and I have been a cryptocurrency enthusiast since 2013 when I first discovered Bitcoin. My focus is to spread knowledge about cryptos.
