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However, if the newly unlocked tokens flood exchanges, a selloff could drop XRP to $0.4783 or lower at $0.4120.
Earlier today, Whale Alert announced in an X post that 400,000,000 Ripple (XRP) had been released from escrow at Ripple. The enabled tokens were valued at approximately $205,914,670.
Numerous commenters on Whale Alert’s post believed that this was an unfavorable omen for the remittance token and that the price of XRP would soon begin to decline.
Due to this unlock, several individuals intend to short the altcoin.
At the time of publication, CoinMarketCap indicated that XRP’s value increased by 0.09% over the previous twenty-four hours, defying the community’s prediction that XRP’s price would fall shortly.
This meant that XRP was exchanging hands at $0.5171, precisely in the middle of its 24-hour high of $0.5196 and low of $0.5149.
Although the price of XRP increased slightly, the token’s 24-hour trading volume decreased by more than 72% on the previous day, falling to approximately $472,013,500.
The price of the alternative cryptocurrency increased by 1.62 percent over the past week. Additionally, XRP was in the green by 1.76 percent every month.
During the previous couple of weeks, a symmetrical triangle formed on the daily chart of XRP.
This particular chart pattern indicates that the price of the remittance token may shortly break out.
During the past three days, however, the altcoin’s price broke above this chart pattern and remained above it as of press time.
Although many investors and traders believe the latest unlock is a bearish indicator, XRP’s price is above the breakout chart pattern, indicating otherwise.
Technically, the altcoin’s price may attempt to convert the $0.5515 level of resistance into support. After that, it may rise to $0.6683 in the subsequent week.
However, if the newly unlocked tokens find their way onto an exchange platform, an XRP selloff is possible. In this scenario, the altcoin price could fall to the $0.4783 support level.
Depending on the magnitude of this potential selloff, the cost of XRP could fall below this level and retest the ensuing support at $0.4120.
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