The controversial token XRP has been able to maintain its rank in the cryptocurrency top 10 group for the better part of the year. New evidence from the technical indicator claims that the altcoin is all set for a major break out in the near term. Several technical indicators point towards a possible spike in the volatility of the altcoin.
Towards the closing of the trading period for the next week, the XRP token is susceptible to accepting the impact of increased price fluctuation in the crypto marketplace. Throughout August, the price of the XRP token remained intact for the most part. Furthermore, the technical indicators indicate that the XRP token is bound to undergo a major price displacement in the next month.
Data projections shared by TradingView indicate that the price movement for XRP during August has created a symmetrical triangle. This means that the token is about to reach its peak price mark. In most cases, the perfect symmetrical climb is followed by a parallel transient line opposing the highest point.
Staking the height of the y-axis against the breakout point creates a 31.7% price correction in one of the two possible directions. If the altcoin fails to stay in the $1.17 to $1.10 range, it is going to set back to the nearest support level that falls at $0.75. However, in case it can keep rallying, it can get to another resistance level of $1.55 in September.
Whales have Started to Liquidate their XRP Holdings
Santiment is a market sentiment and fundamentals analysis service that is focused on cryptocurrencies. The firm recently pointed out that whale activity has increased in the XRP market lately. The firm issued a report claiming that more than five whales have opted out of the market by redistributing their tokens or liquidating recently.
Due to the decreasing number of whale investors, the chances of the XRP price value remaining intact for the long term are very slim. It is estimated that whales own $11 million worth of XRP tokens. For the time being, the remaining stakeholders are waiting for the XRP token to make a move to get out of the $1.17-$1.10 price range to determine its direction.