XRP Gains 11% Following ETF Approval Amid Whale Transfer Concerns
XRP is currently trading at $1.86, an 11% recovery from a low of $1.65 earlier this week. This increase follows the NYSE Arca's approval of Teucrium’s 2X Long Daily XRP ETF.
- The ETF aims to provide amplified exposure to XRP, indicating growing institutional interest.
- A whale transferred 200 million XRP, worth over $355 million, to Binance, raising concerns about a potential selloff.
- Crypto commentator Dark Defender suggests that the $1.88 level remains stable, indicating possible support before a significant move.
Chart Analysis
- Analysts note a bearish head-and-shoulders pattern forming since December 2024, suggesting a potential drop to the $1.30 support if the trend continues.
- In contrast, some analysts see the recent dip as part of a triangle consolidation pattern that could lead to a bullish breakout.
XRP Price Outlook
- The RSI is at 33, indicating possible undervaluation but requiring a rise above 50 for confirmed bullish momentum.
- Key resistance is at $2.00, a level previously held for over three months.
- Bollinger Bands indicate increased volatility; failure to close within the bands may lead to further declines.
- The MACD shows negative trends, suggesting potential further declines unless buying volume increases.
Source: TradingView
Source: TradingView