Ripple’s native token, XRP, maintained stability over the past month within a narrow price range. Despite a brief dip below its horizontal channel on August 5, it recovered and resumed its sideways movement.
Most daily XRP transactions have been profitable, with the ratio of profitable to loss transactions standing at 1.2. This indicates resilience in XRP's trading behavior.
Santiment data shows a surge in XRP whale addresses holding between 1,000,000 and 10,000,000 tokens, rising by 2% since August 9. This increase in whale activity signifies strong demand and a potential price rally.
Currently, XRP trades at $0.57, fluctuating within a horizontal channel with resistance at $0.63 and support at $0.54. The declining Chaikin Money Flow (CMF) at -0.08 suggests a bearish bias and high selling pressure.
If the bearish trend continues, XRP might head towards the support line of its channel, potentially hitting $0.50. However, if bullish forces prevail, XRP could break resistance and reach $0.66.
