Ripple XRP Sees Market Correction, Experts React

XRP faces a healthy correction, viewed positively by prominent supporters. Whale activity suggests long-term storage of significant XRP amounts. Following a remarkable performance in recent days, the price of Ripple’s XRP token has encountered seller resistance. As of this writing, XRP’s price has fallen by 7.17% over the last 24 hours to $0.5726, with a [...]

CryptoFortress

Jul 18, 2024 - 10:32

Ripple XRP Sees Market Correction, Experts React

XRP faces a healthy correction, viewed positively by prominent supporters.
Whale activity suggests long-term storage of significant XRP amounts.

Following a remarkable performance in recent days, the price of Ripple’s XRP token has encountered seller resistance. As of this writing, XRP’s price has fallen by 7.17% over the last 24 hours to $0.5726, with a daily trading volume of $3.92 billion.

Recent XRP Decline Seen as Healthy Corrective Move

In response to this bearish swing, Jack The Rippler, a prominent XRP enthusiast, sees it as a healthy corrective. Selling pressure during a price rally is frequent as some short-term traders or investors liquidate their long positions.

We see a healthy correction here.
Just leave a like if you are ready for the next #XRP pump! pic.twitter.com/aRat6HM9Gn

— JackTheRippler © (@RippleXrpie) July 18, 2024

This recent decline came after the token’s price broke out of a triangle pattern, which supports Jack The Rippler’s opinion, according to CNF. This implies that the price corrected after breaking a bullish continuation pattern, such as the triangle, which might be considered a healthy correction.

Dark Defender, another XRP enthusiast, also stated that XRP has surged by 67.56%, from $0.3814 to $0.6378. This shift resulted in a four-hour time frame structural modification.

According to the chart he gave, the ABC Wave, which may be considered a corrective pattern, might take two days to complete and extend to $0.499, with slight resistance around $0.87, before hitting $1.03.

Whale transactions received attention both before and after today’s corrective movement. Previously, CNF reported that whales had accumulated 300 million XRP tokens in the 48 hours preceding the correction.

Following the correction, Whale Alert stated that 19 million XRP tokens were transferred from the Upbit exchange to an unknown wallet. A day before, the Upbit wallet transferred 26 million XRP tokens to other unknown wallet. If the receiving wallet is private wallet, this could be interpreted as an effort to hodl tokens in long-term.