VOT Research Desk
After the cryptocurrency market lost money once more as a result of the fallout from the FTX crisis, the price of XRP is now printing its first green 12-hour rising candle. The traded volume for the seventh-largest cryptocurrency increased dramatically during the past day, rising to little over $2 billion.
However, the majority of this volume drove the price of XRP lower due to worries about the hacker who stole $600 million from FTX, primarily in the form of Ethereum.
The “FTX drainer” has been switching and shifting currency from one blockchain to another since Saturday. The amount that is currently bridged to renBTC is about $72.9 million.
Despite the price dip, the whales in the XRP ecosystem have not changed. They maintain the XRP price, like the support at $0.3500, by creating purchasing pressure.
The price of XRP is currently $0.3570 and has produced a 12-hour bullish candlestick. Despite all odds, bulls were able to protect the $0.3500 support level and stop the breakout of a bearish pennant pattern, as shown in the chart below.
After a big, sharp price downturn and a brief period of consolidation, bearish pennant formations develop. Before lowering the price, sellers take a moment to collect themselves. As a result, if confirmed, the price of XRP might retest support at $0.3000 before making another attempt at recovery.
The Moving Average Convergence Divergence (MACD) indicator is about to flash a sell signal, thus the XRP price is still not out of the woods.
Before executing their trades, traders intending to short XRP must wait for the 12-day Exponential Moving Average (EMA) to pass below the 26-day EMA (in brown). In order to change the prognosis for XRP from bearish to positive, the uptrend must be maintained above $0.3500. XRP won’t be secure, though, until it breaks above the pennant pattern and then breaks and holds above $0.4000.
