Ripple [XRP] Price Analysis: Whales are piling up, but will main support of $ 0.17 remain?
With Ripple, banks and individuals can send / receive money cheaply and instantly. There are established brokers to which funds can be sent thanks to the increasingly important role of liquidity on demand.
The fact that most people are blocked and movements restricted due to COVID-19, makes the use of XRP through ODL more, since not only people avoid money, but also governments advocate for digital currency.
Digital currencies are inevitable, ODL will be implemented by more banks
That the coins will finally be digitized is a matter of time.
The World Bank and the International Monetary Fund (IMF) are urging central banks not to delay. In their opinion, they must keep up with the rapidly changing financial landscape so that, when the time is right, they can introduce appropriate solutions.
XRP and ODL have been a success, especially in Southeast Asia, where SBI Ripple Asia this year will plan to go into production, implementing XRP in its operations. Brad Garlinghouse, the CEO of Ripple, hopes that more companies and banks will implement ODL and XRP in the future:
"I hope ODL is likely to move to widespread production this year and next, and I hope that remittance companies whose growth has been constrained by pre-financing requirements are much more flexible."
Whales are piling up
Meanwhile, Ledger.Exposed, a service created by Ripple and xPring innovator Wietse Wind, indicates that big Networth XRP headlines are increasing their purchase of XRP by hinting at a possible build-up.
According to Wind, in recent months, the whales have bought over 1.5 million XRP, a positive indicator that there is a high probability that XRP will correct further in the coming days. In the first quarter of 2020, XRP was ranked as the worst performing digital asset.
Ripple price analysis
Ripple price is under pressure. It is down five percent in the past week against the dollar and losing to both BTC and ETH.
On the daily chart, the candlestick position suggests that the currency is under selling pressure. XRP sellers have retested the main support level at 17 cents, but the bulls' failure to reverse last week's stiff losses could embolden the bears with the 2020 low target of $ 0.111.
Technically, there will be hope for traders if prices reverse and close above $ 0.200. This will print a double bar bear pattern, especially if the accompanying volumes are above average. A close above the June 11, 2020 high may cause XRP to rise to $ 0.25.
On the other hand, the fact that the bear's chandeliers are coming together tightly along BB's lower tracks from a strong bear boost. This development could be an alert, creating a strong argument for a likely bear continuation unless there is a strong reversal from the main support level.
Disclaimer: This is not investment advice. The opinions expressed here are those of the author.
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