Why XRP Holders Who Are Taking Profit Should Check These Data In The Coming Days

Christian Encila

2 years ago

3 mins read

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XRP has struggled to break out of a narrow range over the last few weeks and has failed to make any significant progress in terms of price pump.

XRP struggles to surpass he crucial $0.53 resistance marker
The altcoin is swinging between narrow ranges in terms of price movement
Whales continue to accommodate despite previous selloff

The asset’s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker.

Source: TradingView

Every time XRP tries to move past this certain price point, it ends up testing the $0.43 support level. This cycle has been ongoing for the altcoin since the month of September.

Despite the recent rally of the crypto market, the virtual coin declined by 1.3% over the last 24 hours and is still down by 4.4% for the past two weeks. At press time, according to tracking from Coingecko, the digital currency is trading at $0.47.

A bit of good news for investors is that its Relative Strength Index is within an ascending support line which denotes a bullish signal for the asset that is the subject of an ongoing court battle between Ripple Labs and the U.S. Securities and Exchange Commission.

Ripple Focusing On Development To Help XRP

Despite being in a long-standing legal tussle, Ripple is turning its focus to network development activities that will help XRP recover from its losses.

The company recently announced the launching of its third wave of $250 million creator fund which is open for all creators of both digital and physical non-fungible tokens (NFTs).

Ripple said the application is open until December 30, 2022 and all interested applicants are welcome to try their luck for the millions worth of creator fund.

This is still in line with the company’s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market.

Should Investors Buy XRP Today?

As the crypto is not moving much in terms of price range, investors might opt to buy right now and hold their tokens while waiting for the next bullish market rally.

XRP whales are doing the same, accumulating as much as they can even during the mini surge that helped the crypto space push its overall valuation back to over $1 trillion.

It is, however, important to note that addresses holding more than 10 million tokens have sold their XRP and trimmed their balances.

This would mean that while some big investors are buying, the others are selling, ensuring balance to the asset’s distribution.

Some analysts believe it is wise to hold the asset for now as the Ripple Labs is on the verge of finally winning its legal battle against SEC.

They are looking at this development as a catalyst to trigger an XRP rally that will finally break its bearish cycle.

XRP market cap at $23.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.