{"id":410607,"date":"2023-06-21T14:45:29","date_gmt":"2023-06-21T14:45:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=410607"},"modified":"2023-06-21T15:00:04","modified_gmt":"2023-06-21T15:00:04","slug":"xrp-might-be-gearing-up-to-stage-a-recovery-data-reports","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/xrp-might-be-gearing-up-to-stage-a-recovery-data-reports","title":{"rendered":"XRP Might Be Gearing Up To Stage A Recovery, Data Reports"},"content":{"rendered":"

The native token of the Ripple network, XRP, has been exhibiting a significant performance recently. <\/span>On-chain metrics suggest that the asset might be preparing for a potential recovery from the latest downturn.<\/span><\/p>\n

This development has sparked speculation and curiosity among investors and traders as this might be considered a potential buy signal for Ripple (XRP).<\/span><\/p>\n

Notably, Ripple Network is still facing a lawsuit filed by the US. Securities and Exchange Commission (SEC)<\/a>, alleging that Ripple conducted a $1.3 billion unregistered securities offering.<\/span><\/p>\n

Ripple (XRP) Volatile Movements With Rallies and Dips<\/h2>\n

After experiencing consistent increases for two days, XRP’s price surged to <\/span>$0.5658<\/span><\/a> on June 13, driven by the <\/span>release of the Hinman documents<\/span><\/a>.\u00a0<\/span><\/p>\n

This was the second-highest price XRP reached this year, just below the $0.5850 price on March 29. <\/span>Unfortunately, this positive momentum didn’t last long, as XRP faced opposition that caused its price to drop to a low of $0.5054.\u00a0<\/span><\/p>\n

Although there was a slight recovery, XRP closed on June 13 at $0.5192, representing a 1.12% decline from its initial value earlier in the day. <\/span>The negative sentiment continued, and XRP experienced a significant drop to $0.4819 the next day.\u00a0<\/span><\/p>\n

As a result, XRP closed on June 14 below the $0.50 price threshold, marking the first time it had done so this month. This decline amounted to a loss of 7.53% in value.<\/span><\/p>\n

XRP<\/a> has failed to break the significant point of $0.50 since then. But the asset has been experiencing a positive performance in the past three days.<\/span><\/p>\n

XRP’s Potential Recovery Amidst Drop: Whale Accumulation and Retesting of 200 EMA<\/h2>\n

Despite experiencing a significant decline, there are indications of increased whale accumulation and the potential for recovery in XRP.\u00a0<\/span><\/p>\n

Specifically, on June 16, XRP witnessed a substantial drop, with its price plummeting to $0.4558, leading to a retest of the 200 Exponential Moving Average (EMA).\u00a0<\/span><\/p>\n

This suggests that despite the drop, there are signs of increased buying activity by large investors and the possibility of a price rebound. <\/span>Following the drop, XRP quickly rebounded, initiating a recovery phase observed over the past three days.\u00a0<\/span><\/p>\n

The fact that XRP’s price reached the 200 Exponential Moving Average (EMA) and then started to recover indicates that the moving average served as a significant support level. <\/span>When a price bounces off or finds support at this level, it suggests strong buying interest and a potential area of demand.\u00a0<\/span><\/p>\n

Moreover, the bounce off the 200 EMA suggests that the upward trend will likely continue as buyers actively enter the market to take control.\u00a0<\/span>This positive momentum could drive XRP to recover and reach the $0.50 price level.<\/span><\/p>\n

According to Santiment <\/span>data<\/span><\/a>, addresses holding between 1 million and 1 billion XRP have increased since June 9. <\/span>Santiment added that over 1.1 billion XRP had been gathered by these addresses over the past week.<\/span><\/p>\n

The asset is experiencing a bullish momentum, showing a significant 24-hour increase of 2.34%. <\/span>As of the time of writing, the price mark of Ripple is at $0.493, <\/span>according to data<\/span><\/a> from CoinGecko.<\/span><\/p>\n

\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The native token of the Ripple network, XRP, has been exhibiting a significant performance recently. On-chain metrics suggest that the asset might be preparing for […]<\/a><\/div>","protected":false},"author":1912,"featured_media":410608,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[5257,3943,7591],"class_list":["post-410607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-ripple","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\nXRP Might Be Gearing Up To Stage A Recovery, Data Reports - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"XRP Network is still facing a lawsuit filed by the US. 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