Bulls are struggling to keep bears in check as they seek consolidation above Monday's gains

The XRP / USD remains lethargic, despite the bulls' attempts to maintain some momentum in Tuesday morning's trades. After opening the last session at $ 0.203, buyers reached an intraday high of $ 0.2043. Negotiations on Asian markets, however, threatened to allow bears to return to the scene.

A close of $ 0.204 looked great for XRP before the bears cut the price by one percentage point to about $ 0.2029. This small setback means that the pair is perched on a key inflection point near its SMA 50 curve. In a positive sense, traders will watch the MACD, which is currently printing bullish.

At the moment, Ripple is in a consolidation phase over $ 0.2000, the main support area that buyers have been advocating for a while. Looking at the 4-hour charts, the price of XRP against the US dollar is likely to rise to $ 0.222100 if bulls maintain control over 100 SMA.

There is unlikely to be an impulse to clear the bullish moment if those levels are not cleared and the XRP market faces strong resistance at $ 0.244 and $ 0.283.

A bearish turn makes support on the SMA 50 and SMA 20 more critical, as they bring in sight $ 0.192 and $ 0.181.

800 million XRP moved

In the past few hours, @Whale_Alert noted that transactions involving 800 million XRP were "transferred from the Ripple OTC distribution to an unknown portfolio". According to the analysis service, the major transactions took place in four lots of 200 million XRP, each worth about US $ 40.5 million, totaling about US $ 162 million.

With the price action likely to print more, the Ripple community was quick to speculate that it could be an institutional investor preparing for an XRP liquidation. Or it could be Ripple moving the funds to another collateral account.

The big deal comes even when Ripple has revealed that it continues to work with leading global banks and payment companies through its On-Demand Liquidity (ODL) offering.

In a recent discussion of the platform, Asheesh Birla, senior vice president of products at Ripple, noted that the company worked on pilot projects for XRP with the Monetary Authority of Saudi Arabia (SAMA), as well as with the Bank of England . He added that the company started these pilots five years ago.

Meanwhile, the adoption of XRP may receive a boost due to the move by Swiss bank Maerki Baumann & Co AG to add the Ripple token to its portfolio. This makes buying XRP easier for investors in Switzerland. Other digital assets added include Bitcoin, Ethereum and Bitcoin Cash.

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