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    Ripple XRP Sees Market Correction, Experts React

    Muhammad Syofri ArdiyantoBy 02 Mins Read
    Ripple XRP
    • XRP faces a healthy correction, viewed positively by prominent supporters.
    • Whale activity suggests long-term storage of significant XRP amounts.

    Following a remarkable performance in recent days, the price of Ripple’s XRP token has encountered seller resistance. As of this writing, XRP’s price has fallen by 7.17% over the last 24 hours to $0.5726, with a daily trading volume of $3.92 billion.

    Recent XRP Decline Seen as Healthy Corrective Move 

    In response to this bearish swing, Jack The Rippler, a prominent XRP enthusiast, sees it as a healthy corrective. Selling pressure during a price rally is frequent as some short-term traders or investors liquidate their long positions.

    This recent decline came after the token’s price broke out of a triangle pattern, which supports Jack The Rippler’s opinion, according to CNF. This implies that the price corrected after breaking a bullish continuation pattern, such as the triangle, which might be considered a healthy correction.

    Dark Defender, another XRP enthusiast, also stated that XRP has surged by 67.56%, from $0.3814 to $0.6378. This shift resulted in a four-hour time frame structural modification.

    ripple XRP
    Source: Dark Defender on X

    According to the chart he gave, the ABC Wave, which may be considered a corrective pattern, might take two days to complete and extend to $0.499, with slight resistance around $0.87, before hitting $1.03.

    Whale transactions received attention both before and after today’s corrective movement. Previously, CNF reported that whales had accumulated 300 million XRP tokens in the 48 hours preceding the correction.

    Following the correction, Whale Alert stated that 19 million XRP tokens were transferred from the Upbit exchange to an unknown wallet. A day before, the Upbit wallet transferred 26 million XRP tokens to other unknown wallet. If the receiving wallet is private wallet, this could be interpreted as an effort to hodl tokens in long-term.

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    This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

    Muhammad Syofri Ardiyanto is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves.Business Email: [email protected] Phone: +49 160 92211628

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