Wed, December 18

XRP Faces Severe Selling Pressure After Recent Surge to $0.65 Level

XRP Faces Market Headwinds Despite Bitwise ETF Filing Editors News
  • At the time of writing, XRP is trading at $0.6218, down 3.85% in the last 24 hours.
  • If price manages to go below $0.61 then it will likely fall further to test $0.60 support level.

XRP is now witnessing a surge in market activity due to large-scale whale transactions. 20 million XRP tokens, worth $12.6 million, were sent to Bybit by an unidentified sender.

But that wasn’t the end of this whale’s play. Two further substantial transactions took place within a 12-hour timeframe.  In the first, a large amount of 24.9 million XRP tokens, valued at $15.3 million, were transferred from an anonymous wallet to Bitstamp.

This was followed by another significant transaction involving the transfer of 25.2 million XRP from an anonymous wallet to Bitso, worth around $15.54 million.

The price of XRP has been witnessing a severe sell off recently. Despite this tendency, a number of crypto experts continue to predict that Ripple’s native cryptocurrency would rise in the near future.

Bears in Control

At the time of writing, XRP is trading at $0.6218, down 3.85% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 2.11%. The price spiked all the way to $0.65 level recently, but failed to clear above and faced severe selling pressure.

Source: CoinMarketCap

If the price manages to go past $0.63 level, then it will likely surge to test $0.65 resistance level. Breaking above this level, will likely see price starting a fresh rally all the way till $0.67 level.

On the other hand, if price manages to go below $0.61 then it will likely fall further to test $0.60 support level. Further decline will likely result in price testing $0.59 level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.