Ripple and Crypto.com Move Over $350M in XRP, Eyeing $2.83 Breakout

Ripple and Crypto.com move over $350M in XRP, fueling speculation of OTC deals or liquidity provisioning amid rising whale activity.

Ripple and Crypto.com recently moved over $350M in XRP, fueling speculation of OTC deals or liquidity provisioning amid rising whale activity. Meanwhile, XRP’s technicals are mixed, with bullish signals emerging but also risks to consider.

Key Takeaways:

XRP price faced rejection from a crucial resistance zone, which could trigger a steep bearish pullback.

The technicals are not completely in favor of the bulls, which hints towards a potential downturn.

However, the market sentiments remain somewhat bullish, keeping the hopes of an upswing alive.

The XRP price is required to sustain above a certain support zone, as a failure could invalidate the bullish thesis.

In the past few days, XRP witnessed huge transfers of over $350 million. Among the key movers are Ripple and Crypto.com, who have reportedly moved nearly 50M and 94.3M XRP respectively. The receiving wallets remain anonymous.

However, the previous patterns suggest these funds may be destined for OTC deals or liquidity provisioning. On the other hand, Ripple offloads XRP to cover operations and stabilize markets.

Along with this, Ripple also burned 4M RLUSD following a minting pause, which hints at ongoing adjustments in Ripple’s stablecoin strategy as it tests market dynamics.

Notably, no new RLUSD has been minted in the past couple of weeks, and all eyes are on the XRP’s next move as it prepares for a potential price action amid rising whale activity.

XRP Technicals: Key Resistance Test

The XRP price seems to have remained stuck within a crucial phase, as a small bearish divergence could validate a strong bearish move. The 50/200-day MA has converged, displaying the possibility of a potential bearish crossover.

Besides, the Gaussian channel has just turned bullish, hinting towards a rise in the bullish dominance that may push the price back to the resistance zone.

Meanwhile, the RSI has plunged and is approaching the average range along with CMF, which suggests a drop in the buying volume and volatility.

Therefore, the XRP price is believed to maintain a horizontal consolidation between $2.5 and $2.6 for a while, and with an increase in the bullish pressure, a breakout to $2.83 seems to be imminent.

With this, the path to $3 could become pretty clear, which may push the levels towards a new ATH.