The price of Ripple (XRP) decreased to $ 2.60 on Sunday 2 February, a decrease of 17 % in 3 consecutive losers, the data on the series indicates the accumulation of whales and a long -term approach of retail merchants. Will XRP PRICE early recovery phase with the glow of the United States Canada to the war.
The price of the XRP is proven more
Ripple (XRP) has been in the direction of a decline during the past three days, with multiple downsides, including the escalating trade tensions between the United States and Canada. On February 2, XRP decreased to $ 2.60, which represents a 17 % decrease from the opening price of $ 3.10 on January 29.
The recent turmoil in the market arose due to the announcement of the new definitions, as former President Donald Trump accused Canada of unfair commercial practices and imposed new restrictions on major exports. In response, Canadian Prime Minister Justin Trudeau has announced revenge measures, considering fears of a long economic confrontation.
Send geopolitical uncertainty shock waves through global markets. The main American stock indicators decreased, while the encryption market, with Bitcoin, declined to $ 96,000. Meanwhile, gold gained power as investors fled to safe armed assets, highlighting the classic feelings that are seen during times of geopolitical instability.
Despite the losses, the procedures of the ripple price showed relative flexibility compared to other huge altcoins. While XRP recorded a daily decrease by 10 %, some of the best winners in the past week, such as SUI and Polkadot, have even more severe decreases, exceeding 15 % in the same period. This performance indicates that XRP may attract strategic buyers who are looking to enter the market with a discount amid uncertainty.
490 million XRP was transferred from Binance, hinting to a long -term long -term look at the traded investment boxes
While the price of XRP was under pressure, the data on the chain indicates a possibly essential trend. A large scale for evaluating investor morale is the total XRP reserves on Binance. Cryptoquant data reveals that XRP deposits on Binance decreased to its lowest level for 40 days, as it decreased from 3.04 billion XRP on January 16 to 2.55 billion XRP as of February 2.
This decrease in the exchange reserves indicates that long -term investors and whales accumulate XRP and move their property to cold storage. Binance It performs more than 40 % of the Crypto global retail market, making this scale especially related to measuring investor morale.
Another explanation for this trend is that institutional players may accumulate proactive XRP in anticipation of the organizational clarity surrounding the money circulating on the stock exchange (ETFS). Bloomberg analysts recently hinted that Etf Litecoin may be approved first, raising expectations that other altcoins, such as XRP, can follow. Founding investors often acquire assets before the main organizational developments, indicating that recent external flows can be linked to possible property related to the European Union.
At the value of the current price, 490 million XRP translates from Binance to about $ 1.3 billion. This supply reduction can be a buffer for other declining price procedures, which may settle at $ 2.60 while other cryptocurrencies suffer from more extreme losses.
In conclusion, although the last XRP decreased, the original appears to stand better than some of its peers. The accumulation of the whale, the decrease in the stock exchange reserves, and the ETF novel, may provide strong background winds to make the price of XRP once the wider market conditions are stable.
XRP price expectations: Reflect on $ 3 in support, which depends on support 2.60 dollars
Price PRICE XRP plans show that the coin -backed by stable ripples are higher than the critical support level of $ 2.60, and despite recent sales, the broader technical structure indicates a possible recovery of about $ 3.00 if the main indicators are aligned.
Elliott wave structure indicates the daily chart that XRP recently completed the fifth wave up, followed by a sharp corrective step, the behavior of the typical market cycle. Fibonacci’s re -imitation levels highlight a major support zone of about $ 2.5990, corresponding to the recovery level 0.618, which works historically as a strong reflective point for the bullish recovery.
If XRP keeps this level, buyers can restore confidence, which leads to a potential movement of about 0.382 ($ 2.8439) or even $ 3.0562 resistance.
However, the MACD is a more cautious look, with the signal line crossing the lower MACD line, confirming the weak bullish momentum. If the pressure pressure continues and XRP loses the support of $ 2.60, there is still a deeper decline of about $ 2.50. However, if buyers absorb the current supply and the MacD chart begins to show the decreasing red bars, the bottom may confirm, and the location of XRP to mobilize relief may
Related questions (common questions)
Yes, a decrease in exchange reserves indicates that investors carry XRP in the long run, which reduces the pressure pressure and is likely to support price stability.
XRP decreased due to a shrinkage in the broader market, resulting from the United States and Canada’s trade war, and the morale that floats on the risk, and made profits after its latter gathering.
Yes, a decrease in the exchange reserves indicates that investors keep XRP in the long run, which reduces the pressure pressure and may support the stability of prices.
Ibrahim
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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