- XRP gains momentum as whales purchase 30 million tokens, boosting investor and enthusiast confidence.
- Technical patterns indicate potential short-term gains, with XRP/BTC forming a dragonfly doji on charts.
- Weak bearish pressure is seen in MACD signals, fading momentum, hinting at a possible bullish breakout.
XRP is showing renewed momentum in the crypto community, attracting investors and enthusiasts. Large purchases by major holders recently sparked renewed hope for future XRP price increases. Technical signals suggest short-term potential, which maintains the focus of investors fixed on the spot movement of the cryptocurrency.
At press time, XRP is trading at $2.86. The token has seen a 24-hour trading volume of $10.04 billion and holds a market capitalization of $171.69 billion. In the past 24 hours, XRP’s price rose by 1.6%, signaling growing market interest and renewed optimism among investors.
XRP Gains Strength From Whale Activity
Significant whale movement has been one of the key propellers for this upswing. Ali Martinez, a prominent crypto analyst, highlighted that whales bought 30 million XRP during the previous 24-hour time frame, which denotes the bullish sentiment of large holders and indicates likely bullish action for the shorter time frame.
XRP Technical Patterns Suggest Potential Gains
Technical analysis also offers a view into XRP’s current price movement. A well-known crypto analyst, CRYPTOWZRD, pointed out that XRP closed bearish, and XRP/BTC made a dragonfly doji, which is a notable occurrence when viewing charts.
In his view, bullishness for the XRP/BTC pair could help XRP avert losses when Bitcoin goes into decline. He also mentioned that looking at lower-time frame charts might provide ideal short-term trading setups.
A combination of strong whale accumulation and strong technological trends has XRP taking center stage for the crypto community. Investors these days are eagerly awaiting whether these factors will catapult XRP into the next breakout, one of the biggest narratives in the crypto space these days.
Also Read | XRP Trading Volume Jumps 218% as Bulls Target $3.60 Recovery
XRP Holds Above Key Support Levels
The weekly XRP chart oscillates around $2.86, and the support line of the MA ribbon at $2.70 provides a stable cushion. The level of the RSI stands at 54.62, less than the level of 58.85, which shows balanced movement during the price correction. If the market holds up over the ribbon, buyers can target a rebound.
The MACD, the blue line stands at 0.2155, while the signal line is slightly higher at 0.2348, and the histogram is at -0.0193. This indicates weak bearish pressure as momentum fades. A bullish crossover back up through the signal line could give new upside impetus.
Also Read | Axelar and Midas Launch mXRP With Up to 10% Yield for XRP Holders
