In recent news, Ripple has sold 150 million XRP tokens worth $78 million at an average price of $0.52 per token. This sale follows the company’s reservation of 400 million XRP tokens worth $208 million for a future sell-off. This move has sparked concerns about a potential price impact, as Ripple’s escrow activities have been known to influence the XRP price.
Despite the concerns, the current price of XRP remains relatively unaffected at $0.51, losing 1.26% in the last 24 hours in line with the broader market trend. The XRP market is currently trading with a bullish bias on the one-day timeframe, but this outlook is under threat as the price hovers above an ascending trendline. A breakdown of this support level could lead to panic selling, with bears potentially taking over the market.
The Relative Strength Index (RSI) and Parabolic Stop and Reverse (SAR) indicators suggest that the XRP market may continue to decline in the near future. If the bears manage to push the price below the ascending trendline, XRP could see a significant drop to $0.4784, and potentially even lower to $0.4500 levels. However, if the ascending trendline holds as support, the Ripple price could push higher, with a potential target of $0.5432 and beyond to $0.6500.
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