Ripple starts 2024 with ritual unlocking of 1 billion: what about the price of XRP?

With the start of the new year, Ripple is gaining fame by unlocking 1 billion XRP tokens. These regular unlocks affect the price stability of XRP. What does this mean for investors and how will the market react to this strategic move by Ripple? Let’s take a deeper look at the recent events surrounding Ripple and XRP.

XRP stable despite unlocking

Ripple performed its usual monthly unlock in early 2024, releasing 1 billion XRP tokens in two separate transactions. Unlike other projects, Ripple is locked these tokens back to the escrow account to regulate the circulation and stabilize the price of XRP.

XRP Price Analysis and Outlook

Despite the unlock, the value of the total number of tokens remained stable at $611.42 million. XRP remained stable around $0.61, indicating low volatility. Technical indicators such as the Relative Strength Index (RSI) point to possible near-term consolidation.

Bulls await capital deployment

Currently, the RSI stands at 44.93 and XRP has the potential to reach $0.65 if the RSI rises above the average of 50.00. The accumulation/distribution (A/D) is stabilizing, indicating that bulls are not yet actively buying XRP. The Cumulative Liquidation Levels Delta (CLLD) suggests that traders shorting XRP have moderate leverage.

Settlement levels and future developments

The Liquidation Levels chart indicates that traders whose target prices are below $0.60 may be liquidated. As XRP consolidates until Ripple’s next unlock in February, the question remains whether it can break $0.65 depending on its accumulation.

Ripple’s recent release of 1 billion XRP has investors thinking. The stability of XRP and possible price movements in the coming period will be closely monitored. Bulls are waiting for the right time to mobilize capital as the market prepares for the next phase of Ripple’s strategic move.

Source: BTC Direct

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