According to analysts' statements, the latest anomaly seen in XRP activity may indicate that the 7th largest cryptocurrency in terms of market capitalization will make interesting moves at the weekend.
The latest data released by blockchain analytics firm Santiment shows a rapid increase in the trading volume of XRP at the close of Friday.
As seen in the chart above, XRP's trading volume in the last hour of Friday rose to $18.7 billion. This data may be giving important signals for the weekend, according to analysts, and shows that unusual moves may come.
In addition, XRP is trading at $ 0.34 at the time of writing and seems to have pulled back a bit with the decline in the general market. In addition, although XRP has decreased by 1.8%, it continues to change hands, approximately 6% above its price a month ago.
On the other hand, the price of XRP declined to its current level from its peak around $0.35 on the 4-hour chart. It is thought that this pullback may have come from investors who made sales to take profits after the rise. Also, XRP price dropped to the 9 Exponential Moving Average (EMA) line on the 4-hour chart, according to analysts. Stating that the slope of the MACD indicator is also negative, analysts say that this may be a bearish signal. If the price of XRP fails to stay above the 9 EMA, it is thought that the price could drop as low as $0.3296.
In fact, analysts state that with the conclusion of the lawsuit filed by the SEC in December 2020, an upward move may come in the price of XRP, and it is thought that XRP, which has not yet broken its record in 2018, can make a move for a new ATH. However, before that, analysts state that there should be a general recovery in the market.