XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; Key Supports In Focus

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,743,554,854,735	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,743,554,854,735

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2,079.17	-2.30%	88,485.35	88,484.72	88,485.35

Price Change

Price Change %

Current Price

Bid Price

Offer

-2,079.17

-2.30%

88,485.35

88,484.72

88,485.35

High Price	Low Price	Open Price	Prev. Close	52 Week Range
91,831.25	87,538.51	90,323.81	90,564.52	34,758.64 - 93,495.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

91,831.25

87,538.51

90,323.81

90,564.52

34,758.64 - 93,495.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:21:26	0.000151	88,485.35	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:21:26

0.000151

88,485.35

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,046,548,676.78	22,804.67	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,046,548,676.78

22,804.67

XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; Key Supports In Focus

02/08/2024 5:00am

NEWSBTC

The XRP price has seen significant volatility on Thursday, mirroring the broader market downturn. After a strong performance in July, which saw XRP outperform even Bitcoin with a gain of over 35%, the token has now dropped nearly 10% in the last 24 hours. Analysts Bullish On Long-Term Price Targets Market intelligence platform Santiment, has highlighted the performance of XRP’s blockchain ecosystem, the XRP Ledger (XRPL), despite this recent price drop. The platform attributes this success to heightened on-chain activity, major whale transactions, and significant network growth that propelled XRP’s 35% monthly surge during July. This comes as Ripple, the payment network associated with XRP, announced on Thursday a substantial allocation of $10 million towards a tokenized version of US Treasury bills (T-bills) on the XRP Ledger, contributing to the bullish sentiment surrounding the token. Related Reading: Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm In light of this latest announcement, analysts remain divided on the short-term and long-term outlook for the XRP price. However, there is enough bullishness for the token to resume the uptrend it has been on for the past month. Some, such as crypto analyst “XRP Captain,” believe the token could eventually reach as high as $482.48 based on the $27 trillion US Treasury bill market that Ripple is aiming to participate in. This would represent a significant 790x increase from current levels. Similarly, analyst Mikybull has outlined both short and long-term price targets for the XRP price. In the immediate future, targets range from $2.5 to $3.5, while the long-term outlook suggests figures starting from $25 and potentially soaring higher, based on his analysis. Mikybull noted in his latest social media post on X (formerly Twitter) that the 2-month XRP/USD chart is “looking crazily primed to rip upward.” XRP Price At Crossroads Despite these optimistic projections, the XRP price faces a critical juncture. Key support levels must withstand pressure to facilitate a resumption of the positive momentum witnessed in July. Currently priced at $0.5739, XRP’s first major support rests at $0.5650 on the daily chart. A breach of this level could lead to a sharper downturn towards $0.5657 and potentially down to $0.5400, a crucial support level in the near term. Related Reading: New Memecoin Sensation Neiro Hits $200 Million Market Cap In Four Days Of particular importance is the $0.5400 level, which aligns with the 200-day exponential moving average (EMA). XRP traded below this for the past four months before successfully breaking through, leading to the 35% gains recorded in July. Ultimately, XRP’s ability to hold above these critical levels will be key in determining the coin’s near-term trajectory, especially as the current downtrend continues at the time of writing. Featured image from DALL-E, chart from TradingView.com

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