Anomaly in XRP’s Activity May Suggest an Interesting Weekend
2022.07.16 22:00
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- An anomaly in XRP activity should serve as a clear indication of interesting weekend price activity.
- XRP’s price is currently at $0.3344, according to CoinMarketCap.
- TA suggests that XRP’s price may drop over the next two days as traders take profit.
A recent anomaly in XRP activity should serve as a clear indication of interesting weekend price activity to come for the remittance token.
Recent data released by blockchain analytics firm Santiment shows that there was a rapid surge in XRP’s trading volume in the closing hour of Friday (UTC time).
XRP trading volume chart (Source: Santiment)
As seen on the chart above, XRP’s trading volume in the final hour on Friday surged to 18.7 billion. This may be worth monitoring as the unordinary trading volume may be followed by unordinary price action over the weekend.
At the time of writing, the price of XRP is at $0.3344, according to CoinMarketCap. This is a 1.34% drop in XRP’s price over the past 24 hours. This has added to XRP’s negative price performance over the past seven days as the remittance token’s price is down 2.77%.
4-hour chart for XRP/USDT (Source: CoinMarketCap)
XRP’s price has descended from its peak near $0.35 on the 4-hour chart to its current level. This could be traders taking profit after XRP’s rally that saw its price climb from around $0.31 to almost reach the mentioned $0.35 level.
The price of XRP has dropped to the 9 Exponential Moving Average (EMA) line on the 4-hour chart. Furthermore, the MACD Histogram’s slope is negative, and the MACD is bearishly closing in on the MACD signal line.
If XRP’s price cannot remain above the 9 EMA level, its price may drop to as low as $0.3296. However, the MACD and Histogram favor a bearish thesis.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
