XRPthe first day of the new month was drawn to around 2.75 dollars. With this retreat, Altcoin was based on a critical support point between the $ 2,75-2,70. Analysts evaluate the possibilities for the fifth wave rise that may start from these levels. However, purchases in South Korean exchanges, positive Blockchain data and upcoming events give investors hope for XRP.
Scenarios highlighted by analysts
XRP price On the way back to the beginning of August, he sat on the support line of $ 2,70–2.75. This region corresponds to the 0.618 Fibonacci correction level of the latest rally. Crypto currency analyst Charting guythe price has been traded on the lower band of the rising channel that has been preserved for a long time. According to the analyst, the current price movement can be considered as the fourth wave according to Elliott Wave Theory. The targets for the fifth wave rise stand out as 4,16, 4.63 and $ 5.39.
Charting Guy also drew attention to the possibility of a bear trap in the short term. In this scenario Crypto Money MarketIt is envisaged to temporarily retreat in the first part of the month as a whole and then recover quickly.
Cryptowzrd Another analyst named asserting, the price of XRP fluctuated below 2.83 dollars and followed a wavy course, he said. According to him, $ 2.64 stands out as support, while closing above $ 2.94 can be opened to the upward movement.
Experienced analyst Ali Martinez announced that the XRP should remain above $ 2.77, otherwise there is a possibility of withdrawal to $ 2.40.
South Korean purchases and Blockchain Data
Blockchain Data in the market decline South Korea It shows that the stock markets collect 16 million XRP (about 45.5 million dollars). South Korea is known for the effect of the “Kimchi premium olan that accelerates Altcoin movements. For this reason, it is considered that the latest purchases for XRP can bring the bottom formation at the current levels.
On the other hand Xrp ledger The increase in activity on it is remarkable. The active wallet addresses increased by 20 percent in three days before the Decentralized Media event, which will be held on September 12th. Moreover, Chinese -based technology company has announced the integration of Linklogis XRPL. The company’s shares increased by 23 percent after this development. According to Messar data, XRPL closed the second quarter of the year with a record value of $ 131.6 million.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
