XRP is expected to stage a massive recovery in the coming weeks or months as suggested by on-chain metrics and several chart indicators.
Following the release of the much-awaited Hinman Speech Documents, including emails and drafts for public view on June 13, the price of XRP skyrocketed massively in response to the news, printing a long green candle in minutes. This short-lived rally took the value of the sixth-largest cryptocurrency by market cap to $0.5606, as shown on Coinmarketcap.
However, XRP price has been declining since it reached $0.5606 as investors appear to have been taking profits from their holdings. As the selling pressure heightened, the XRP price further plummeted to $0.4689 on June 14. The dip continued until the asset found a support line at the $0.462 price point and rebounded towards the $0.5 level, per data extracted from Coinmarketcap.
This $0.462 support line further depicts a retest of the 200 Exponential Moving Average (EMA), marking it as a potential demand area. The fact that XRP’s price touched the 200 EMA chart indicator and staged a recovery towards the $0.5 price level indicates that the uptrend in XRP price may continue as bulls seem to be stepping in to take control of the crypto market.
This syncs with the recent XRP price projection shared by the pseudonymous crypto analyst Dark Defender. As published, he predicts XRP to reach $3.39 in the coming weeks, representing a surge of over 576% from its current price.
Beyond the 200 exponential moving average acting as a support level for XRP, other on-chain metrics show an uptick in whale accumulation of the Ripple-supported crypto asset.
According to the popular analytics platform Santiment, wallets holding between 1 million and 1 billion XRP have increased their bags since June 9. These addresses have purchased over 1.1 billion XRP tokens over the past week.
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