Ripple Price Analysis: XRP On The Verge Of Flashing Buy Signal
Daily Ripple XRP Technical Analysis
- Ripple price has flashed multiple buy signals in the 4-hour chart.
- The MACD in the daily chart still shows negative momentum.
The Ripple price dropped from $1.05 to $0.54 between June 4 to June 22 after encountering strong resistance at the 20-day SMA. During this crash, XRP managed to flip the 200-day SMA from support to resistance.
Ripple Price About To Flash Buy Signal In TD Detector
The Ripple price bounced up from the $0.54 support wall and is currently priced around $0.64. Do note that XRP can potentially drop for one more session before flashing the buy signal in the form of a red-nine candlestick. On the upside, immediate resistance lies at the 200-day SMA.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price has flashed two major buy signals:
- XRP has flipped the 20-bar SMA from resistance to support.
- The parabolic SAR has reversed from negative to positive.
The recent jump has pushed the relative strength index (RSI) from the oversold are into the neutral zone.
Image: XRP/USD 4-hour
Jed McCaleb Sells 214.6 Million XRP In Last Three Weeks
XRPScan data has indicated that over the past couple of weeks, ex-CTO of Ripple, Jed McCaleb, has released a whopping 214.5 million XRP tokens to be sold after he received 408 million coins from Ripple. Notably, McCaleb is one of the co-founders of Ripple.
As per XRPScan, since June 3, McCaleb has conducted over 19 transactions, pushing large amounts of XRP from his “tacostand” wallet to crypto exchanges. Three consecutive transfers carried 16,353,884 XRP, seven transfers were worth 12,915,667 XRP each, seven carried 8,221,608 XRP and three last moved 6,036,204 XRP each.
Jed received 408 million XRP from Ripple on the same day he started selling - June 3. The total amount of XRP in fiat shifted by Jed since that day is equal to $124,354,817. 408 million XRP sent by Ripple to its former high-ranking executive amounts to $235,984,954.
According to previous reports, McCaleb had sold 453 million XRP in May. jed.tequ.dev website shows a chart of McCaleb releasing his XRP holdings to sell. Currently, there are three forecasts as to when the former Ripple CTO is likely to run out of his XRP riches. This depends on how much he will be selling per week from now. If it’s 7,597,207 XRP on average, then McCaleb might run out of XRP by November 12 (142 days).
Ripple Price Is Expected To Reach These Levels
As things stand, the Ripple price should attempt to break above the 200-day SMA to reverse the bearish narrative.