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After experiencing a few days of volatility in the market, XRP It faces crucial resistance that will determine its future price path. Market participants are anticipating the next big move for XRP.
XRP key resistance
The price of XRP is currently It was pegged at $2.20, down 4.9% over the past 24 hours. During this time frame, XRP reached a high price of $2.31, confirming the extent of the resistance wall at the $2.30 level.
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The daily chart shows that XRP has not yet entered the consolidation channel that will later become the basis for the recovery. Instead, bears have been consistently pushing ADA lower, as seen in the daily decline.
Also, traders are slowly abandoning support for cryptocurrencies, as the volume profile indicates. Over the past 24 hours, trading volume fell by 14.16% to $4.6 billion, indicating a decline in investor interest.
XRP remained above the $2 threshold despite its intense downward pressure. If the bulls can come back, a move to reverse the $2.30 level could be successful in the short term.
However, traders are unlikely to see a sharp rise or fall in the near future.
Huge outflows of XRP
Meanwhile, U.Today I mentioned A mysterious, large-scale transfer of XRP coins to the leading US cryptocurrency exchange, Coinbase. Notably, more than 30.17 million XRP, worth approximately $69.24 million, were transferred from an unknown wallet address to Coinbase.
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Many market participants have expressed concern that the large conversion of XRP indicates a potential sell-off in the market. In contrast, others saw the whale as likely to buy and withdraw assets from the central exchange into personal custody.
Although not directly linked to the transfer, such a move could nonetheless lead to disruptions to the token. XRP is still finding its balance, and a significant recovery in the cryptocurrency market may help boost the price, supported by the major currency XRP Ledger Guru.
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