- XRP is currently trading at $2.08 with a volume of $4.62 billion, maintaining major 2021 levels.
- A bull flag formation appears in technicals; targets such as $20 are purely speculative.
- Whales sold 510 million token, this action triggered caution among traders despite strong support.
XRP has inched higher again, trading at $2.08 with a 24-hour volume of $4.62 billion and a market cap of $125.24 billion. The token has managed a 0.22% gain in the last day to retrieve a psychologically important level that most within the market had been closely following.
XRP Holds Firmly Above Key Levels
A crypto analyst pointed out that XRP is currently making a strong move above $2.00 and remains in line with its “Line 1” trend channel. As indicated in his update, token appears to be creating a bull flag pattern. This particular formation does seem to be a possible precursor for a strong price surge.
While ranges such as $20, $35, or even $200 are purely speculative targets for now, current levels seem to indicate a potential for future expansion depending on continued buying pressure. A most important level of support remains $1.00, a level Skipper indicates must be maintained to keep potential gains in sight.
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Whales Offload 510 Million XRP in a Week
Ali Marteniz shares a major move for XRP as a huge sale of 510 million tokens has been witnessed this week. This huge sale might be a cause for potential downward pressure being added to the price of XRP.
Despite this decline, analysts recommend being cautious with support levels because XRP has always maintained a stable level around previous critical levels.
XRP Holds 2021 Highs Supporting Bullish Sentiment
XRP’s resilience at its 2021 highs is emerging as a key stabilizing factor, according to a recent market update shared by the analyst. The fact that this major support level has been retained has effectively minimized any adverse effects triggered by adverse price movements witnessed in the market.
As token tries to establish a foothold above $2 and as a potential bullish formation emerges among the indicators, whether this asset starts to move towards other levels or retest support levels will be determined in the forthcoming days.
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