Even wide cryptocurrency market bearish sentiment has prevailed XRP imagesthe indicator is showing the first signs of a rebound.
After failing to hold above the $1.50 mark, XRP’s on-chain activity and technical indicators are starting to converge in favor of business growth.
In particular, whales have acquired almost 40 million XRP in the last week, a move that shows increasing confidence among the deep-pocketed community. moneyAccording to data from Saint shared by Ali Martinez on March 22.
The supply of whales has been on the rise today, rising from 3.72 billion XRP to around 3.80 billion. The constant increase in the number of large bags shows how well they are doing, since whales tend to be exposed during periods of price weakness in anticipation of a recovery.
Light XRP buy token
At the same time, analysis and Martinez on March 22 shows that the 12-hour chart of XRP is still falling, with prices falling from above $1.50 to close to $1.40.
However, this decline is consistent with a strong indicator from the TD Sequential, which identifies fatigue and potential reversals in sequential price movements. With the process now complete, it suggests that the sale may be over.
The indicator has highlighted a buy signal after the recent pullback, pointing to a possible downside. Combined with the number of whales, this reinforces the problem of possible changes in the market.
Overall, XRP has continued to decline in recent sessions. This pullback follows a period of consolidation in the $1.38 to $1.45 range, after briefly showing signs of recovery from the initial low near $1.28.
Analysts note that the stock has struggled to move above major resistance levels such as $1.39, which is contributing to the current bias.
The price of XRP
As of press time, XRP was trading at $1.37, down about 1.3% in the past 24 hours and up more than 6% for the week.
The current price of XRP is below both keys move approxshowing constant pressure. The 50-day SMA at $1.44 indicates that short-term momentum remains, and the price may face any resistance.
Additionally, the 200-day SMA at $2.13 is above the current price, confirming a long-term bearish trend and indicating that XRP remains below its main support.
On the upside, the 14-day RSI stands at 45.27, placing it in neutral territory. This shows that although the selling pressure has been strong, the stock has not yet been bought. Theoretically, this means that there is no strong sign of exhaustion from now on, and the price may continue to consolidate or decline gradually before a reversal is seen.
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