XRP Capped Below $0.66 Amid Heavy Whale Accumulation

XRP remains at sixth, but prices are mostly stable when writing. Technically, buyers are in control since prices are trading above key support levels. However, the failure of XRP to follow Bitcoin or Ethereum is a concern.

Trackers show that XRP is up roughly 2% on the last day but lower in the weekly chart. At sixth, its gap versus USDC has been shaved as demand for stablecoins expands. The coin now has a market cap of around $34.5 billion.

Even so, trading volume in the last 24 hours is up 3.3% to around $2 billion. How XRP/USD prices are set up remains to be seen, as the coin will evolve in the coming days. Previous resistance and support remain in place. For uptrend continuation, there must be a decisive close above the $0.66 and $0.72 zones.

In the short to medium term, XRP prices will likely be shaped by these fundamental events:

• Early next week, Binance, the world’s largest exchange, will introduce XRP/USDT Options on Binance Options RFQ. Here, clients can directly request quotes for options traded from the exchange’s over-the-counter desk. Through this offer, the exchange is expanding its offering as it seeks to further enhance the user trading experience. 
• As XRP prices stall at spot rates, whales recently moved 411 million XRP from Binance. On-chain trackers reveal that one whale shifted 300 million from the exchange. As accumulation continues at spot rates, the odds of a breakout remain elevated.

XRP Price Analysis

In the daily chart, XRP prices are choppy and moving sideways inside the bear bar of March 5. As long as bulls reject lower prices, the coin has a chance to break above the $0.66 resistance. Support lies at around the $0.53 and $0.60 zones.

In the 1 hour chart, sideways consolidation remains. However, the $0.63 resistance is still valid. A break above this zone opens the coin to $0.66 and $0.72 in the short term. Conversely, with rising volume, losses below $0.60 may see XRP dump to $0.53.