The recent fall in Bitcoin has led to a decline in the price of Solana, placing the XRP in the spotlight. Facing intense whale activity and a bearish outlook, XRP price is navigating an uncertain market. This analysis uncovers the impact of the selloffs, assesses XRP’s potentially undervalued status, and examines its technical outlook.
Crypto whale movements and XRP market uncertainty
Last week, the XRP cryptocurrency experienced difficult times, with its price falling below $0.54. This decline follows a reversal in the value of the Token from the 20-day EMA, located at $0.56.
However, what really shook the market was the operation carried out by an XRP whale which sold around 29.5 million tokens on Bitstamp, a platform in Luxembourg. This giant sale, worth almost $15 million, took place as the price of XRP fell.
🚨 28,200,000 #XRP (14,469,021 USD) transferred from unknown wallet to #Bitstamphttps://t.co/xipfNIQgkQ
— Whale Alert (@whale_alert) January 24, 2024
At the same time, it is important to clarify that the mood around XRP is not positive currently. Indeed, since January 19, the price of the Token has only been falling.
Even professional traders’ tools, like the relative strength index (RSI) or balanced volume, show that the market is in bad shape. For traders, there may be a small chance to sell if the price rises towards $0.53-0.55, but caution remains in order. The next big critical threshold is towards $0.473.
However, despite all these analytical reports, there are signs that XRP may be undervalued at the moment. According to Santiment’s analysis, the ratio between what XRP is worth on the market and what it should be worth is at its lowest since October 18. This implies that the token could be worth more than what we see at the moment.
Between support and resistance: Where will XRP go next?
Currently, XRP is holding just above the 200-day EMA, which serves as support. But it’s a real battle to keep this position. Lately, XRP has struggled to break through certain resistance levels, notably around $0.63. Even so, the fact that it remains above the 200-day EMA shows that it has some resilience and could still rebound.
However, 2023 has not been kind to XRP, in part due to the lack of concrete uses for the token. But history has shown that XRP can surprise and bounce back quickly after a difficult period. For this to happen, it is crucial that XRP stays above the 200-day EMA. If so, it could serve as a springboard for future increases.
On the other hand, if bears regain control and cause the price to fall below $0.46, then XRP may struggle to recover. The bulls, on the other hand, hope to propel and maintain the price above the downtrend line to target higher levels, like $0.67.
Also, we must not forget that the Bitcoin halving is approaching and that therefore the market risks returning to an upward trend quite logically. Likewise, legal decisions between the SEC and Ripple will impact the direction of XRP soon.
eTukTuk
eTuktuk is an innovative project that really stands out in the world of green cryptos. It aims to change the way we move around cities, especially in developing countries.
The idea is to replace old tuktuks, sources of a lot of pollution, with cleaner electric versions. eTuktuk doesn’t just sell eco-friendly vehicles; it also installs charging stations throughout the city so that everyone can use them easily.
1/ eTukTuk Times is back! 📰🌍
Our weekly round-up of two things we love: #EVs et un #sustainable future 🚀
Explore breakthrough technologies, global initiatives, and the latest developments shaping the future of sustainable transportation and combating climate change.
— eTukTuk (@eTukTukio) January 17, 2024
Operating on the Binance BNB Chain (BSC), the project uses a sharing economy model to ensure its scalability. Also, eTuktuk is also tackling digital transformation by digitizing identities and expanding financial services in regions where TukTuks are a key means of transportation. The platform strives to include the unbanked, leveraging the power of decentralized identities.
Bonus staking
Through the concept of “Power Staking”, holders of TUK tokens can stake them to earn passive income and help the project grow. The project has already started well with more than $550,000 already raised in pre-sale.
By purchasing TUK tokens from current price of $0.026 you not only have the opportunity to have a good return on investment, but also to use them to pay through the eTuktuk ecosystem.
Sources: eTukTuk / CoinMarketCap
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.