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In the previous few hours, various exchanges have transacted XRP valued at around $177 million, according to Whale Alert. Ripple has, without a doubt, been trading in a range for a very long time. While the present bearish trend on the global cryptocurrency market might be somewhat attributed to this consolidation, it can also be attributed to the whales’ current XRP accumulation.
The bearish season has caused a lot of negative sentiments, which are not typically good for the crypto market. However, this bearish season seems to be coming to an end, as the whales could be seen increasing their activities on XRP, as reported by multiple sources. At this rate, XRP might be among the first coins to experience the out-of-bearish-season move when the bearish season ends.
Key XRP Levels To Watch – February 8
Since the emergence of the diagonal resistance, the market’s overall trend has been bearish. According to the Relative Strength Index (RSI), XRPUSD seems to be heading into the discount, probably to execute buy orders for a retracement or total reversal to an uptrend.
For a successful change in the market’s environment to the upside, the diagonal resistance must be successfully invalidated. Should the previous low at the $0.3700 price level get broken, the price might tap into the bullish order block that will cause a massive expansion sufficient enough to break the diagonal resistance.
XRP Key Levels
Resistance Levels: $0.5600, $0.5100, $0.4200
Support Levels: $0.3000, $0.2400, $0.1700
Total Market Capitalization: $1.02T
XRP Market Capitalization: $19.43B
XRP Volume: $1.49B
Market Rank: #6
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