The recent surge in crypto prices has brought with it a bullish sentiment. Many people now hold the opinion that a crypto bull run is about to happen. This is especially supported by the bullish predilection fueled by the upcoming halving of the Bitcoin network reward. On its part, XRP has been dealing with a rather unique situation.
Since the crypto downtrend of January 2018, XRP has been struggling to swing back up. However, that has proven hard as the market plunged into a long crypto winter not long after the beginning of 2018.
However, things looked better after the crypto winter ended in April 2019. Still, XRP hasn’t surged strongly enough to recover. However, the recent market events seem to have emboldened XRP’s stand as it broke through the long time resistance level and went on to surge from $0.226 to $0.263 within days – although the price has since gone down a bit.
Resistance Turns Into Support
The good news is that XRP has finally managed to turn the previously strong resistance level into a support level of sorts, something that hasn’t happened since 2018. This new development has added to the growing positive sentiment among the fans – especially after a long lull.
Also, there are a few strong technical indicators in support of this. Among these indicators is the optimism that a Golden Cross could form soon. This outlook is a positive trend in the crypto’s moving averages (in this case both the 50-week and 100-week averages). A positive trend in the moving averages is a good sign for an eventual bull run.
However, there are still those who feel that the XRP market is still in a bad place. A lot of these fans argue that XRP’s price stagnation is a result of Ripple’s continued monthly release of XRP into the market. Just recently, about 4,000 fans tried to petition Ripple to stop the releases. However, Ripple is yet to halt this practice. At the moment, the company has already released 500 million XRP as part of this month’s release.
Whale Waves
Apparently, Ripple’s isn’t the only entity moving huge stashes of XRP. Of late, there has been a notable increase in whale activity, the most recent of which involved the transfer of 68.5 million XRP from an unknown wallet to a wallet hosted on the little-known crypto exchange Bybit.
This occurrence has led many to anticipate a possible huge sell-off of XRP. The overall sentiment following the transfer looks bullish, but it’s not clear if the event will actually affect the crypto’s price.
