XRP Price Falls Below $3 Even As Whales Scoop Up 30M Tokens Amid Ripple Roadmap Update

The XRP price edged down a fraction of a percent in the past 24 hours to trade at $2.87 as of 1:23 a.m. EST but whales scooped up the crypto amid a new update of the Ripple XRPL roadmap.

According to analyst Ali Martinez, who has more than 157k followers on X, whales have bought more than 30 million XRP tokens in the past 24 hours.

That came as Ripple posted on X the next phase of its roadmap, which explains how the XRP Ledger (XRPL) is being upgraded so banks and regulated firms can safely use decentralized finance (DeFi).

It outlines plans for a native lending protocol, compliance tools, privacy protections, and its US dollar-pegged stablecoin, RLUSD, which will enable institutional payments and lending.

With over $1 billion in stablecoin transactions each month on XRPL, Ripple is positioning itself as a trusted blockchain platform for traditional financial institutions.

XRP Price Attempts Recovery After Golden Cross – Is A Breakout Incoming?

The XRP price shows a mixed but evolving technical landscape. After forming a parabolic curve in June–July, XRP experienced a sharp rally that carried it above the 200-day Simple Moving Average (SMA) and triggered a Golden Cross in late July, where the 50-day SMA (blue line) crossed above the 200-day SMA.

However, since the peak in early August, the Ripple token price has been trading within a downward-sloping channel, marked by lower highs and lower lows. The recent candles indicate that the price of XRP is testing the upper boundary of this descending channel, hinting at a possible breakout attempt.

Currently, XRP is trading around $2.87, just below the 50-day moving average ($2.99). A decisive close above this SMA could signal renewed bullish momentum, especially if XRP sustains above the channel resistance. On the downside, the 200-day SMA near $2.53 serves as a strong support zone.

The Relative Strength Index (RSI) sits at 42.6, placing XRP in neutral-to-weak territory. While not oversold, the RSI indicates that bearish momentum has been fading, leaving room for upside if buyers regain control.

If XRP successfully breaks above the descending channel and reclaims the 50-day SMA, the next resistance levels to watch are around $3.20 and $3.60, where previous supply zones align.

XRP Price

On the flip side, if the price of XRP fails to close above the channel resistance and falls back below $2.80, bearish pressure could drag it toward $2.60 or even retest the 200-day MA at $2.53.

Crypto analyst, Ali Martinez maintains that if the Ripple token can hold the $2.71 level, sellers could become exhausted, and buyers taking control of the asset can push XRP to $3.60.

Related News:

  • Crypto.com Denies Report Of Undisclosed Data Breach, Calls It ‘Misinformation’
  • Crypto Market Rocked By $1.7B In Liquidations As Bitcoin, XRP, And Dogecoin Plunge
  • Arthur Hayes Dumps $5.1M HYPE For A Ferrari Despite 126x Prediction Weeks Earlier

Comments

Post a Comment

Popular posts from this blog

‘September Effect’: Ripple prepares larger dump of up to 350 million XRP

Image
The so-called “September Effect,” popular in the stock market, is apparently affecting the cryptocurrency market, with an already negative price performance. In this context, Ripple is preparing a larger token dump this month, with 350 million XRP in its treasury account. On September 1, Ripple unlocked 1 billion XRP at a nominal value of $570 million and reserved 200 million tokens for this month’s sales in its treasury account labeled as ‘Ripple (1)‘ by XRPScan . Finbold reported both activities as usual, covering Ripple’s monthly dumps. However, on September 6, the company added 150 million more XRP to ‘Ripple (1)’, hinting at a potentially larger sell-off. The same pattern happened in June when Ripple sold 400 million XRP for its largest monthly dump ever. Picks for you Anna Delvey’s net w...
Read more

Casio's G-SHOCK NFTs Soon to Go Live on Polygon Blockchain

Image
Thus, the watchmaker also plans to launch an NFT-based collection of community access passes. Later this month, from September 23 onwards, users will be able to claim one of the 15,000 NFT-based G-SHOCK creator passes. Casio said that users would also get access to the dedicated Discord channel for the project. advertisement Customers who have previously registered for a CASIO ID on the company’s membership site can take part in the pre-distribution phase scheduled for September 23-26. Subsequently, a public distribution phase will commence from September 26-29. Just two weeks ago on August 22, Casio filed for a trademark application U.S. Patent and Trademark Office, for virtual clothing, NFT-backed media, watches, and stores for virtual goods. Casio’s G-SHOCK has been the company’s most popular shock-resistant watch. With the new NFT-based creator passes, Casio seems to tap further into G-SHOCK’s popularity. Casio Plans Community Co-Creati...
Read more

Crypto Lawyer: ADA, MATIC, XRP, ALGO Are Code Sequences in Software

John Deaton argues ADA, MATIC, XRP, and ALGO are not securities. Deaton saying those tokens are software codes. Lawyer Hogan points out that Coinbase has to defend the non-security status of numerous tokens. Classifying crypto tokens as securities remains a hot topic in the crypto community, given the ongoing suits against Binance and Coinbase. John Deaton, a prominent lawyer advocating for XRP, challenged the notion.  Deaton argued that tokens such as ADA, MATIC, XRP, and ALGO should not be labeled as securities. He emphasized that these digital assets are code sequences existing in software and traveling through cyberspace.  The lawyer asserted that the classification of tokens as securities should be determined based on the landmark Howey case, which sets a precedent for evaluating investment contracts.  All I know is that ADA, MATIC, XRP, ALGO, etc are NOT securities. They are digital code sequences, existing in software, traveling through cyb...
Read more