Today, the main cryptocurrencies have been hit by buying and selling pressure that has caused the price of cryptocurrencies to move to and fro. Hence Bitcoin, which was struggling hard to get hold of the $40,000 level earlier, now has reimagined the $41,800 level. On the other hand, Ethereum and a few others are still under bear control.
This has resulted in the global cryptocurrency market plunging by 0.11% over the last 24hrs
XRP Price Struggles For A Bull Run!
Since February 8, Ripple’s XRP price has been hovering between the low range of $0.54 and the high range of $0.91. Recently, Ripple made an entry into the buy zone that extended the price from $0.62 to $0.68 resulting in a 17% rally suggesting a bullish stance.
However, this moment couldn’t last for long as buyers failed to hold the position for a long time and the outcome was the retracement to the $0.76 level. At the time of writing, XRP is trading at $0.753 with a drop of 1.91% over the last 24hrs.
If the XRP regains the bullish trend and a daily candlestick closes above $0.76 then this will signal a breakout leading the price north and that could result in the price reaching up to $0.91. The $0.91 is the first barrier and once XRP surpasses this resistance, the currency should get into the support zone for further gains.
If the bulls successfully manage to do so, the bull run might even extend to $1 and this move will account for a 35% surge from the current level of $0.75.
Among the factors that will fuel the bullish trend for XRP price is the supply distribution chart. The Supply distribution chart is the metric that keeps track of the whale wallet’s accumulation. If this metric indicates a spike, then it is indicating that investors are accumulating and are most likely to move Ripple’s market value to a higher range.
At the time, investors who hold more than 10million XRP tokens have increased from 317 to 340 since mid-February.