XRP Struggles to Climb Amidst Strong Bear Domination

• At the time of writing, XRP is trading at $0.621, up 0.21% in the last 24 hours.
• If the price manages to go above $0.63 level then it will likely test $0.64.

Since its 2017 high, XRP has suffered a succession of losses, despite being a former front-runner in the competition for digital currency dominance. Prominent members of the XRP community have seen a decline in the token’s trading volume after a brief but noticeable spike in its value, even if investors’ trust in the market has picked up.

The crypto market is abuzz with anticipation as investors wait for the XRP price to reach $0.63. The community has recently taken notice of a recent 70 million XRP transactions by whales.

Three major XRP transactions have occurred in the last 24 hours, according to a post by Whale Alert. An unknown wallet sent 24.9 million XRP tokens to Bitstamp, worth $15.3 million.

In addition, another whale with 25.2 million XRP tokens ($15.54M) transferred them to Bitso from an unknown wallet. Another noteworthy transaction was the transfer of 20 million XRP tokens from an anonymous wallet to Bybit, worth $12 million. This enormous movement of XRP tokens to exchanges indicates a potential selloff by large whales.

Bulls Striving Hard

At the time of writing, XRP is trading at $0.621, up 0.21% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 6.74%. The price found support at $0.58 level on December 18, after witnessing strong selling pressure.

Source: CoinMarketCap

If the price manages to break the shackles and go above $0.63 level then it will likely test $0.64 resistance level. On the other hand, if the price manages to go below $0.60 level, then it will likely decline further in order to test $0.58 support level.