Why XRP needs to flip $3.20 as U.S. waives tax for some cryptos
The post Why XRP needs to flip $3.20 as U.S. waives tax for some cryptos appeared on BitcoinEthereumNews.com.
XRP saw larger aggressive sell orders paired with a higher number of aggressive buy orders, signaling activity. Volatility an 18-day low, but flipping the $3.20 zone is key for a bullish breakout as $2.90 remains as support. Since December, Ripple [XRP] has seen a distinct pattern in trading behavior, marked by larger aggressive sell orders alongside a higher number of aggressive buy orders. The significant size of these sell orders likely indicated whale activity, suggesting that major holders could be reducing their positions due to the profitability from a $0.300 price level. In contrast, the increased count of buy orders suggested that retail investors were stepping in to purchase the U.S.-based crypto. This dynamic could lead to heightened volatility in XRP’s price as large sell orders could push prices down, while simultaneous buying by retail investors might provide some upward pressure. Source: Hyblock Capital Over time, if whales continue to sell and retail interest remains strong, XRP could see a more distributed holding pattern, potentially stabilizing the price. However, the continued dominance of whale transactions can lead to significant price swings, impacting short-term market sentiment and possibly deterring new retail investment due to increased risk. XRP price action and prediction Analysis of the XRP/USD pair showed a pattern of constrained volatility, which culminated in an 18-day low. This compression was indicative of potential impending volatility, mirrored by recent moves in Bitcoin that suggested momentum could be building. The critical resistance was $3.20 aligning with the ATH Volume Weighted Average Price (VWAP) and the weekly relative VWAP. A decisive close above this level could trigger a bullish outbreak, potentially driving prices to explore higher resistances. Conversely, if XRP fails to surpass the $3.20 threshold, it could reinforce the $2.90 area as a support zone. The level has consistently underpinned the asset during…
Filed under: News - @ January 27, 2025 1:03 am