XRP, the third-largest cryptocurrency by market cap has had rough times since the beginning of 2019. While other top cryptocurrencies have experienced significant gains in the past few months, the same cannot be said about XRP. Now, it seems things could turn even gloomier based on signals from technical indicators and Ripple’s massive transfers of XRP tokens in the market.
Hidden in the 12-hour Chart, A Bearish Divergence for XRP
Big Cheds, a crypto analyst, said on August 31, 2019, that there is a hidden bearish divergence in the XRP 12-hour chart.
— Big Cheds (@BigCheds) August 31, 2019
As such, this signals that XRP may see some further dump soon and be priced even lower than its present value of $0.256949.
The crypto community, on the other hand, while commenting on the analyst’s tweet, opined that his forecast isn’t far off. Several of them agreed that XRP could take a further hit, given what the technical indicators are saying and the current sentiments in the market pertaining to the crypto asset.
Ripple Adamant to Community’s Plead, Continues To Transfer Large Amounts of XRP Tokens
One of such sentiments is that Ripple, the blockchain company behind XRP is massively dumping tokens in the market. Whale Alert, for instance, reported on August 30, 2019, that Ripple transferred 522,552,373 XRP (valued at the time at about $132 million) to an unknown wallet. There are speculations that the transfer by Ripple could be in a bid to conduct one of its quarterly token sales.
These transfers have also been pointed out by the XRP army as a significant reason behind the cryptocurrency’s sideways trading. Recently, a petition was started on change.org and has been signed by over 2,900 people pleading with XRP not to dump the crypto asset anymore.
Crypto Bitlord, one of the petition signers, remarked that XRP is a ‘solid coin’ and several banks and financial institutions are adopting it. Nonetheless, the dump of millions worth of XRP has impacted the cryptocurrency’s price negatively.
The Analysis Maybe Wrong, XRP Could Soar Again
In the face of all these, there are still members of the crypto space who believe XRP will surge soon. An instance of this is Pentoshi, who stated on August 29, 2019, that he is no longer bearish about XRP. Instead, he is certain that XRP will skyrocket soon since the asset has revisited its historical support level.