On April 19, XRP’s price declined to a crucial support level of $0.473 amid a broader decline in cryptocurrencies. After reaching this important mark, XRP quickly recovered and reversed course to trade at $0.49 at the time of publication.
After reaching a high of $0.584 on March 29, XRP has declined to enter a range. It had spent most of April in this trading range, with the exception of a brief excursion beneath the range’s support at $0.482 on April 19.
Millions of XRP were moved about in the previous day, according to cryptocurrency data tracker WhaleAlert, as XRP manoeuvred to reclaim a crucial price support at $0.482.
By WhaleAlert, two significant trades were recorded. The first involves the transfer of 30,700,000 XRP tokens, valued at $15,116,999, from the Bitso cryptocurrency exchange to an unidentified wallet.
The second transaction was the transfer of 22,000,000 XRP, valued at $10,906,129, from an unidentified wallet to Bitstamp’s cryptocurrency exchange.
In order to sell their tokens, whales or significant holders generally shift them to exchanges, and vice versa. The change might just be a reorganisation of the wallet.
XRP battles key support
XRP was down 1.11% as of the time of writing during the previous 24 hours, along with most other cryptocurrencies, as a result of a market-wide sell-off brought on by the high inflation rates in the UK and regulatory uncertainties in the US.
On the downside, XRP might drop below the daily MA 50 at $0.45 if it breaks below yesterday’s low of $0.47. At this level, the bulls are probably going to aggressively buy the dips.
The support at $0.41, which coincides with the daily MA 200, may be the next area of drop.
But, in order to break out of its current range and move higher, XRP has to successfully retest the $0.58 level and overcome resistance at $0.557. In this case, XRP may reach a high of $0.91 before encountering substantial roadblocks.
