XRP defies gravity with surprise momentum: $1 billion inflation move gets lost amid returning buy power.
Ripple’s entrance into Wall Street has borne fruit in a quick rebound. The San Francisco-based digital asset giant just unlocked 500,000,000 Ripple coins (XRP) as a part of their monthly schedule, but no negative price impact was witnessed – on the contrary.
XRP coin briefly reclaimed $2.33, before stabilizing around the $2.20 fundamental support level on Wednesday. To be exact, the $1,081,208,757 transfer wasn’t a sell-off. The scheduled XRP coin unlock from Ripple’s Treasury signifies a rising demand for the OG altcoin, counting over $5 billion in daily transaction volume on an average day the past two months.
XRP Unfazed By $1B Unlock, Price Reclaims Ground
With Wednesday’s rebound, XRP’s $1 billion unlock is overshadowed by buying power on both retail & institutional markets. According to Santiment, the shark & whale crypto wallets on XRP’s Ledger had shrunk significantly, but the catch is that the ones who remained have significantly added to their stashes, signaling a belief in the long-term value of XRP.
However, this doesn’t stop popular crypto connoisseurs from painting a dimmer picture if XRP’s restored Fed rate-cut rally doesn’t hold again. According to Ali Martinez, the next major support level for Ripple coin (XRP) lies at $1.20, signaling a 50% dip from the current XRP price range.
Now, XRP’s short-term momentum heavily relies on the $2.26 level, portrayed in a red line that’s known as the highest-tier Bollinger Band (BOLL). Pushing beyond this would mean that Ripple bulls have reclaimed territory for a push towards $3, but the current whale sentiment is still in the red zone.
With the Chaikin Money Flow (CMF) not reaching positive territory during the rebound rally, it hints at big-time crypto player uncertainty. That fearful sentiment is also reflected in Crypto’s Fear & Greed Index, still holding on ‘ fear’ levels despite today’s crypto market bounce.
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