Summary:
- XRP is in bear territory, trading below the 200-week and 50-day moving average.
- The remittance coin could lose the $0.30 support level as a result.
- Last week XRP saw an increase in whale activity, but it might not be enough to reignite buying interest.
- If Bitcoin loses its $20k support, XRP could drop to $0.25 or even $0.17.
The crypto markets are again in bear territory after Bitcoin closed the week below the crucial 200-week moving average. At the time of writing, Bitcoin is trading at $21,100 and battling to fend off selling pressure that could push it down to the $20k psychological support.
The fear and anxiety surrounding the markets is further confirmed by the crypto fear and greed index, which is currently at a value of 29.
XRP Risks Losing its $0.30 Support Level.
The weakness surrounding Bitcoin has had a ripple effect on the rest of the crypto market spectrum. The remittance coin of XRP is currently trading in bear territory below the 200-week moving average (red), as highlighted in the one-day XRP/USDT chart below.
Also, from the chart, it can be observed that XRP is trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving average. Its bearish environment is further confirmed by the daily MFI, MACD, and RSI, all pointing towards an ongoing pullback that could see XRP drop to the $0.30 support line.
However, $0.30 holding might not be guaranteed, particularly in the scenario Bitcoin drops below the $20k support zone between now and the monthly close next week. In such a scenario, XRP will most likely dip towards the $0.25 support, after which $0.17 is the next level to watch.
XRP is Experiencing Significant Whale Activity.
XRP’s weakness in the crypto markets contrasts with its whale activity. According to a recent analysis by the team at Santiment, XRP has seen an increase in whale activity which hints at high optimism amongst traders. Last Friday, there was a significant spike in XRP transactions above $100k+ that has not been witnessed since May this year. In addition, Trader sentiment is at its highest since April.
The team at Santiment shared their analysis of XRP through the chart below.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.🐳 #XRP is seeing notable whale activity, as well as high optimism, in Friday's closing trading hours. We've picked up a spike of $100k+ $XRP transactions that hasn't been equaled since May 13th. Additionally, sentiment is at its highest since April. https://t.co/lXz1LfyrCR pic.twitter.com/DuEhLrtWfs
— Santiment (@santimentfeed) August 19, 2022