Crypto News- XRP Transfers Raise Eyebrows

Key Insights:

• Two significant XRP transfers this week have raised eyebrows within the XRP community.
• XRP trades within narrow range, support at $0.46; resistance at $0.61.
• Bitcoin has returned to a trading range after failed breakout, support at $25,000; resistance at $28,800.
• Ethereum has staged a fake breakout, support at $1,500; resistance at $1,820.

Bitcoin, Ethereum and XRP Forecast Video for 05.09.23 by Tim Smith

Two sizeable XRP (XRP) transactions reported this week by a leading blockchain tracking service have raised eyebrows within the XRP community and broader crypto market.

Whale Alert flagged the significant transactions Monday involving 29,700,000 and 425,322,309 XRP. Notably, Ripple, the blockchain payments giant behind XRP, moved the first stash with a market value of roughly $15 million to leading European crypto exchange Bitstamp, according to XRP-centric data provider Bithomp. Simultaneously, the second amount with a value of $213,135,940 moved from Bitvavo digital exchange to a wallet labeled “unknown” by Whale Alert. Since the start of August, the tracking service has reported several transactions similar in quantity to the second movement of XRP, with some commentators speculating that they simply involved an internal Bitvavo transfer between wallets.

These transactions come amid a period of heightened volatility for XRP and Ripple. In July, the blockchain payments giant secured a significant legal victory against the U.S. Securities and Exchange Commission (SEC) when a federal judge ruled that the company’s XRP sales on the secondary market were not security sales, a decision that prompted the relisting of XRP on several major exchanges, leading to significant price fluctuations. However, the securities watchdog has responded by filing an appeal on parts of the judgment. Last week, Ripple countered the SEC’s appeal request by submitting an opposition, setting the stage for what promises to be an ongoing legal battle with implications for the broader cryptocurrency industry.

Below, we turn to technical analysis to identify important trading levels in XRP, Bitcoin (BTC), and Ethereum (ETH).

Technical Analysis:  XRP, Bitcoin and Ethereum

XRP

XRP’s price has traded within a narrow trading range on thin volume over the past two weeks. Moreover, the RSI sits in neutral territory, providing little clue on future price direction. A breakout above the range’s upper trendline could see bulls make a run toward the next key level of resistance at $0.61. Conversely, a breakdown below the range could trigger falls to key support around $0.46.

Bitcoin

After a failed breakout attempt, Bitcoin has returned to a sideways range that has been in place since the second half of August. The price now trades towards the lower section of the range and looks susceptible to further sell-side pressure. A breakdown at these levels could see bears initiate a move down to crucial support at $25,000. However, a move back above the trading range could give bulls the confidence to test key overhead resistance around $28,800.

 

Ethereum

Like Bitcoin, Ethereum staged a fake breakout, with price reversing back toward the bottom of a previous trading range. Moreover, the RSI gives a reading near oversold levels, indicating a lack of buying enthusiasm. A breakdown from these levels could give way to further declines to long-term support around $1,500. Alternatively, a convincing rally from the range’s lower trendline could spark a rally up to chart resistance at $1,820.