In a notable market move, XRP‘s value soared by approximately 11.50% within 24 hours, with its peak price hitting $0.68. This level marks the cryptocurrency’s strongest performance since November of the previous year. The surge happened alongside significant large-scale transfers of capital from crypto exchange platforms.
Whale Movements Propel XRP Uptrend
Whale Alert, a data analytics service, reported that an anonymous entity transferred 300 million XRP, worth over $187.13 million, from the Binance exchange. This event, along with subsequent hefty transfers, suggests that XRP’s top holders are opting to retain their holdings rather than trading them. The accumulation trend is corroborated by blockchain analytics from Messari, which shows an increase in addresses holding upwards of 1 million XRP during the price uptick.
Technical Insights into XRP’s Market Performance
The price lift is also visible in its rebound against Bitcoin, with the XRP/BTC pair climbing over 12% after a significant decline. This indicates a potential investor pivot from Bitcoin to alternative digital currencies like XRP in search of higher short-term gains. Moreover, XRP is considered to have more potential for growth than Bitcoin, as its daily Relative Strength Index (RSI) stands at a neutral level, suggesting balanced investor sentiment.
The technical analysis highlights a support confluence area contributing to XRP’s price rise, including the asset’s ascending trend line, the 50-day exponential moving average, and the 0.382 Fibonacci retracement line. This support region resembles previous patterns that have led to significant price rallies, hinting at further growth potential for XRP.
If XRP can close above the long-term descending trend line resistance, it may continue its ascent towards the $1 mark. However, a typical pullback could result in a 20% drop, bringing prices close to the rising trend line support around $0.50.