<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ripple-news-xrp-price-might-drop-below-0-35-level-in-coming-months/">Ripple News: XRP Price Might Drop Below $0.35 Level In Coming Months</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Following a notable surge last month fueled by the landmark SEC vs Ripple case ruling, XRP’s price has since retraced nearly 100%, dampening expectations for immediate bullish momentum. Trading around 52 cents during Monday’s early Asian market, XRP has experienced a decline of over 33% in the past four weeks. </p> 
<p>The recent crypto market capitulation, which wiped out more than $1 billion in derivatives, continues to reverberate among traders. Amidst this, most cryptocurrency analysts predict a sustained bearish trend unless there’s an abrupt rebound in Bitcoin.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/XRPNetwork?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPNetwork</a> is starting to see some mild recovery signs, and today's +4% price rise appears to be supported some of the asset's largest whales. There are 221 addresses holding between 10M-1B <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a>. They now hold a combined 16.13B tokens worth $8.71B. <a href="https://t.co/vyy0WwRtFq" rel="noopener noreferrer nofollow">https://t.co/vyy0WwRtFq</a> <a href="https://t.co/4wMLQxMlIA" rel="noopener noreferrer nofollow">pic.twitter.com/4wMLQxMlIA</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1693319181184409963?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p> A detailed on-chain analysis by market intelligence platform Santiment sheds light on the behavior of XRP whales despite the prevailing bearish sentiment. The analysis reveals that 221 addresses within the XRPL network are holding substantial amounts of XRP, ranging between 10 million and 1 billion tokens. These addresses collectively control around 16.13 billion XRP tokens, valued at approximately $8.71 billion.</p> 
<p class="has-text-align-center"><img decoding="async" src="https://lh3.googleusercontent.com/df2NE4woONXIsHosJexD-Uij6WjAHDF_LpL0Cb-vBHhjDD48LV0Yb6Ob1s6iob5kjF8B5heGdRaWVmpKsKjJvEQuPWWvvdLJAtrik7s1Z6yrLdnNAAYv6oGUq_-0LD_2pFZMqWsdAISIJUdo-nqVNMI" width="624" height="351"></p> 
<p><a href="https://youtu.be/rvoF3UP-8-w" rel="noopener noreferrer nofollow">Cheeky Crypto’s analyst</a> Nick weighs in on the XRP price outlook, suggesting that a bullish reversal hinges on breaching the 59-cent mark in the near term. With last week’s closure above a pivotal support/resistance level of around 53 cents, Nick emphasizes the positive stance within the weekly timeframe. </p> 
<p>However, he tempers this optimism when considering shorter intervals such as the hourly and daily timeframes. Employing the three Elliott wave principle, Nick anticipates a downward trajectory toward the supply/demand zone of around 35 cents in the coming months.</p>

Ripple News: XRP Price Might Drop Below $0.35 Level In Coming Months

CoinPedia News

Otros artículos publicados el 21 ago 2023

FBI Seized Nearly $2M Worth In Crypto In 3 Months

Will Bitcoin Price Take Bounce-Back After Recent Bearish Trend?

Decred Journal – July 2023

Shiba Inu Sellers Reach Crucial Support Level – Will This Metric Plunge SHIB Price Further?

ETH Could Face Huge Price Correction, Predicts Analyst

Beosin Invited to Conduct Blockchain Security and Regulatory Training for the Monetary Authority ...

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!