XRP Price Analysis: With an 11.7% Drop Last Week, the XRP Price Warns of a $0.40 Breakdown

The altcoin shows a weekly triangle breakdown. RSI in the oversold zone teases a comeback.

XRP price showcases a crucial weekly breakdown from the triangle pattern as it approaches the $0.40 support.

A large transfer of 37,390,000 XRP, valued at approximately $16,064,836 USD, was made from an unknown wallet to the Bitstamp exchange. This significant movement of funds raises speculation about potential market impacts.

After a bearish week, the crypto market witnesses a massive dump in the altcoins. Amidst the crashing altcoins, XRP price broke below the $0.50 psychological mark with an 11% fall last week.

Key technical points:

XRP price is currently trading at a loss of 6.58% and is priced at $0.41968.

The 24 hour trading volume of the coin has increased by 57%, which is valued at $1,103,209,905.

The XRP/USD 4-hour chart showcases a crucial breakdown from the triangle pattern.

Amidst the fear of an upcoming bear market, the crypto market showcases a dull weekend. However, the altcoins continue to showcase a poor performance in comparison to Bitcoin(BTC).

The XRP price also showcases a double-digit loss in the past seven days as it approaches a crucial support level.

XRP Price Analysis: Weekly Chart

The XRP price showcases a crucial weekly breakdown from the triangle pattern as it approaches the $0.40 support. The altcoin price, which was earlier trading within the triangle pattern, broke below the rising support trendline.

After the breakdown, the XRP price showcases a Doji candle at the $0.41 mark, hinting at a potential demand zone. However, the bearish powers were strong in XRP as it liquidated over $2M in the long-side positions.

Moreover, the 57% rise in the 24 hour trading volume bolstered the ongoing correction rally. From the technical perspective, the breakdown of the triangle pattern suggests an extended crash in the XRP price.

A drop under the $0.40 mark could test the bullish defense at the $0.32 or $0.29 support levels.

Relative Strength Index(RSI) showcase a value of 29 in the oversold zone, hinting at a potential demand zone.

Significant XRP Transfer Sparks Market Interest

According to the data provided by Whale Alert, a large transfer of 37,390,000 XRP, valued at approximately $16,064,836 USD, was made from an unknown wallet to the Bitstamp exchange.

This significant movement of funds has sparked interest among the crypto community, with some speculating about the potential impact on the XRP price or the market as a whole.

Such large transfers can indicate either incoming selling pressure or strategic repositioning by major holders.

If the funds are being sold on the exchange, it could potentially increase the XRP supply on the market and put downward pressure on the price.

On the other hand, if the XRP is being moved to another exchange or a hardware wallet, it might not have a direct impact on the immediate price action.

However, the overall market dynamics, including the demand and buying pressure, will ultimately determine the direction of the XRP price. 🎜

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