The digital currency Ripple (XRP) has attracted significant attention in uncertain market conditions due to the transfer of 150 million tokens from an unknown wallet, reported by Whale Alert. Some believe this transfer may signal a significant price change, while others view it as a normal move. Ripple is currently trading around $2.35 with over a 5% price drop in the last 24 hours. Technical analysts suggest that maintaining the support level at $2.30 could push the price up to $2.79. However, if the support fails and the four-hour candle closes below $2.24, a 15% drop to $1.90 is possible. Data also indicates a preference for price drops among traders. Combining on-chain data with technical analysis suggests bears are controlling the market, indicating a continued downward trend for XRP. Additionally, a recent report from J.P. Morgan has dimmed Ripple’s hopes of establishing a strategic crypto reserve in the US. The global market strategist at the bank stated that the likelihood of such a plan coming to fruition is less than 50%. Approval in Congress seems unlikely, and even if it happens, the inclusion of tokens like Ripple alongside Bitcoin and Ethereum is doubtful due to concerns about risk and volatility.
