If bulls want to maintain XRP price above the $0.75 value area and push for the $1.00 value area, then a breakout above the Ichimoku Cloud before Sunday is more than likely necessary.

  • XRP price confirmed a close above the Ichimoku Cloud during the Tuesday trading session.
  • Bulls continue to buy the dip, treating the Kijun-Sen as support.
  • A clear breakout has yet to occur but could be imminent.

XRP: How It Will Go To $100 In The Next 6 Months!

XRP price action was rejected from completing an Ideal Bullish Ichimoku Breakout on Monday and Tuesday but continued to push higher closes. XRP is now in between a constricted zone of support and resistance: the shared $0.77 price level with the 2022 Volume Point Of Control and daily Kijun-Sen as support, and the top of the Ichimoku Cloud (Senkou Span B) at $0.78 as resistance.

XRP price sees support structure continuing to rise as a significant breakout loom

XRP price has developed a bullish entry opportunity on its $0.02/3-box reversal Point and Figure chart. The theoretical long setup is a buy stop order at $0.82, a stop loss at $0.74, and a profit target at $1.06. The trade represents a 3:1 reward for the risk setup with a projected profit target of 30% from the entry. A trailing stop of two to three boxes would help protect any implied profit after the entry is triggered.

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Ripple locks 800 million XRP in escrow that could flood exchanges

  • Payments giant Ripple has locked 800 million XRP in escrow following the programmed schedule of withdrawals. 
  • 200 million XRP would be used to cover Ripple’s operating expenses, while the rest is moved to exchanges like Bitstamp. 
  • Ripple’s withdrawal has moved markets, pushing XRP prices lower amidst rising selling pressure. 

The market is moved by payments giant Ripple’s recent scheduled withdrawal of XRP for covering operational expenses and distributing it to customers worldwide. XRP price has resumed its downward trend. 

Ripple price plunges in response to XRP flooding exchanges

Ripple Labs moved 100 million XRP after locking 800 million altcoin tokens in escrow.

The payment giant moved $39.3 million worth of XRP tokens in three transactions. Ripple moved the XRP tokens to meet its operating expenses and pay its customers worldwide as part of the schedule. 

The moved XRP tokens hit exchange wallets and escrow accounts, and proponents believe that a spike in the altcoin’s circulating supply could increase selling pressure. 

Payment giant Ripple is the largest public holder of the altcoin; therefore, the rise in XRP balance on exchanges and in the circulating supply could negatively influence the price. 

Gert van Lagen, a crypto analyst and trader, evaluated the Ripple price trend and observed a multi-year bull flag in play on the monthly chart. The analyst argues that Ripple price broke out and tested the bull flag. The next hurdle is the heavy Fibonacci resistance at $0.92. Gert van Lagen has identified bearish divergence in the Ripple price trend. 

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