XRP price has been stagnant and underperforming compared to other cryptocurrencies.
Analyst CoinsKid predicts one last nuke ( or a price drop) to $0.4018 before a final bull run.
This price drop is part of a larger technical pattern that shows a bull run is indeed coming
Whale activity is mixed, with some selling XRP and others accumulating.
The expected drop to $0.4, if valid, would take XRP down by around 25%
XRP has been under severe fire so far, from investors and from regulators like the SEC, for its alleged sale of “unregistered securities” as far back as 2020.
With the investors, however, the main issue with XRP is its stagnancy.
XRP has traded underneath the $1 zone and even the $0.5 zone for ages, and according to a recent tweet from an analyst, things might be about to go bad one last time, before an upswing.
According to data from Coingecko, XRP currently trades at around $0.522 and has only gone up by around 16% over the last year—which isn't a lot, compared to other top cryptocurrencies in its standing.
The current price of XRP
However, just as the week draws to a close, a notable crypto analyst has dropped what he thinks might happen with XRP, going forward.
Pseudonymous analyst CoinsKid recently tweeted that he expects XRP holders to handle “one last nuke” before things get better.
The outlook on XRP
According to CoinsKid’s analysis, the cryptocurrency might be on the verge of a strong bullish momentum. However, its price needs to revisit the $0.4018 one last time, as part of a larger five-wave price pattern that typically comes with bullish divergences.
Patterns like these commonly come when the price of an asset makes a new low, but the oscillators responsible for indicating this price movement fail to react accordingly.
This typically signals an incoming reversal from strongly bearish to strongly bullish momentum.
The whales have been behaving strangely indeed, as of late.
According to recent insights from Whale Alerts, this week on Thursday, the XRP whales moved nearly $30 million worth of the cryptocurrency into exchanges (likely to be sold) over two separate transactions.
The first one happened when an unidentified wallet transferred 29,980,000 XRP (worth around 15,533,756 USD at the time) into Bitso.
$15 million XRP moved
Less than an hour after this happened, another unidentified whale transferred an extra 26,030,000 $XRP (worth 13,482,574 USD at the time) to #Bitstamp.
As a rather confusing counter to this selling spree from the whales, renowned analyst, Ali noted in a recent tweet that the XRP whales bought over 110 million $XRP in the past two weeks, all of which amounts to around $55 million.
Whale accumulation is going up
This accumulation from the whales directly overshadows the selling spree, leading to a conclusion that the XRP whales may be interested in the cryptocurrency after all.
However, as with the issue of the drop to $0.4, if CoinsKid’s outlook is valid, investors can expect a relatively severe 25% correction from current price levels, before the final takeoff.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.