Despite a slight decline in the past 24 hours, the cryptocurrency market saw significant gains over the weekend. XRP is currently trading in the green, with a strong bullish trend emerging from the lower levels. The price of XRP increased in value from 96 cents to $1 on Friday. It is currently trading at $1.03.
XRP Price Action:
Ripple XRP dropped to an intraday low of $1.02 this morning before rallying, tracking the market as a whole. The altcoin surged to an intraday high of $1.09 after staying off the first major support level around $1.0074.
The XRP/USD trading pair crossed the $1.05 level, but failed to breach the $1.08 resistance and the price is now correcting lower.
There was a break below the $1.05 level. On the downside, initial support is near $1.020 followed by $0.9800.
The second largest cryptocurrency may hit resistance at $1.15 before any reversal if the coin continues to climb. The $1.1224 level is the second important resistance level.
In the event that XRP price rebounds and breaks the initial hurdle near the $1.05 level, the next major resistance is near the $1.08 level. A close above $1.08 may set the pace for further gains.
However, XRP/USD should avoid falling below $0.95 unless there is an extended sell-off. The downside should be limited by the second major support level at $0.9889.
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XRP Network Activity:
There is a huge spike in XRP network activity due to massive whale transfers. On October 2, XRP accounts began transferring the world’s seventh most valuable digital asset from crypto wallets to exchanges. Whale Alert, a well-known blockchain tracking service, has revealed a $41 million transaction involving the transfer of 40 million XRP coins.
In a different transaction, 15 million XRP was transferred from an unknown wallet to Binance.
On October 3, 2021, the XRP Millionaire Wallet completed a $20.9 million deal in a separate transaction. Crypto whale sent 20 million coins from an undisclosed wallet to Coinsph.