Ripple: XRP Still in Butcher’s Shop
The remittance token is trying to recover after experiencing a drop of more than 5% over the past day. The token is starting to bounce back amid changing macroeconomic headlines, having reached extremely oversold RSI levels earlier today.
XRP is trading around $1.9 after hitting a low of $1.60, showing signs of an intraday rebound following an aggressive selloff.
The market is attempting to recover but faces significant technical challenges and mixed signals.
The 1-hour timeframe shows a slight momentum recovery, with the RSI moving from oversold territory to neutral. However, it has not yet entered bullish territory, indicating a need for caution.
The volume of trades in XRP derivatives surged by 587% during this period, reflecting increased activity amid severe volatility.
Additionally, Whale Alert data reported the transfer of 200 million XRP, valued at $355.6 million, from an unidentified wallet to Binance. This raises concerns that large holders (whales) may possess insider information that the general public does not.
The digital asset transited from bullish to bearish territory amid a break below the $2 support line. However, XRP displayed room for more upsides and increasing downward volatility. The overall outlook for XRP remains unclear.
Previously, XRP had experienced bullish momentum due to legal clarity in the Ripple-SEC case, but the general market sentiment has since cooled.
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