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This substantial movement, worth millions of dollars, raises questions about the intentions behind the transfer and its implications for the market. TheThe transaction was detected by blockchain data trackers and immediately sparked interest due to its size and timing. According to crypto data trackerThe XRP transfer comes at a time when the market is on edge, with investors closely watching price moves for signs of what will happen next.
At the time of writing, XRP was up 0.46% in the last 24 hours to $0.504 as the market continued to struggle. After reaching a low of $0.423 on April 13, XRP has generally stabilized in a price range of $0.464 to $0.57. The formation of a death cross, which has historically served as major or interim price bottoms for XRP, adds to price expectations.That being said, a break over the daily moving averages of 50 and 200 might be the first sign of strength for the XRP price, triggering a new bullish rise toward $0.668 and eventually $0.744.
On the other hand, support is envisaged around $0.46, a level that has halted XRP price declines twice since mid-April. If declines persist, XRP price might aim for the $0.42 level next as support.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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Source: FXStreetNews - 🏆 14. / 72 Read more »