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Ochain data show that more than $ 40 billion in XRP have moved during the last week, which puts Altcoin on the limit. Specifically, these currencies were transferred to exchanges, indicating that XRP is at risk of a massive sale.
More than $ 40 billion XRP moved to exchanges
Cryptocantes It shows that more than $ 40 billion moved to Binance last week, with the reserves of the exchange arising during this period. This development is usually bassist, since it indicates that investors seek to download their coins. This comes as The XRP price It increased to $ 2.6, which explains this wave of profits.
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In addition, cryptographic analyst Ali Martínez revealed that Bitcoin whales have obtained profits, selling more than 30,000 BTC this week. Such as, XRP whales It can simply be reflecting this movement. Meanwhile, Bitcoinist reported that XRP is reaching over -vended levels as net flows become negative, with the liquidation wave.
This sales pressure is produced in the midst of the decision of Judge Analisa Torres in the Demand for secretionwhich provides a setback for XRP. The judge denied the motion of the parties of an indicative decision because the presentation was procedurally incorrect. The ruling also caused a massive sale, with XRP falling more than 4%.
XRP runs the risk of losing its upward configuration since Martínez revealed that the key support zone is $ 2.38, which means that a fall below this level could lead to deeper correction. However, a retention above this level could establish the Altcoin for a demonstration to new maximums, since the analyst revealed that there are no important resistance groups ahead. Casitrades cryptographic analyst He had warned that XRP failure to keep over the $ 2.69 resistance could send its price at $ 2.30 for a restart.
Altcoin has formed a double background formation
In an X publication, Crypto Analyst Egrag Crypto He revealed that XRP has formed a double fund after the fall at $ 2,3126. He affirmed that the Altcoin is still bouncing in the line of red downward trend, showing resilience. The analyst added that Altcoin is experiencing a micro noise within the range between Fibonacci levels 0.888 to $ 2.30 and $ 2.62.
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Its accompanying table showed that the key is that the XRP price is maintained above the trend line to $ 2.3. A rebound of this level could send to Altcoin up to $ 3.8, near its current Most High (ATH) of $ 3.84. Based on its historical performance, Egrag Crypto still expects the price of Altcoin to join between $ 27 and $ 33 in this market cycle.
At the time of writing this article, the XRP price is quoted at around $ 2.37, almost 2% in the last 24 hours, according to data of coinmarketcap.
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