XRP Price Analysis: Following Bitcoin‘s post-halving rebound, XRP and other significant cryptocurrencies experienced a notable surge since last Friday. The price of XRP rose from $0.46 to $0.54, representing a 17.34% increase. This bullish momentum is reinforced by the growing number of wallets holding large amounts of XRP. Could this upward trend in XRP be here to stay?
XRP Gains Momentum Amid Wallets Surge and Bitcoin Halving Fuels Optimism
The current outlook for XRP prices indicates a bearish pattern, as suggested by the descending trendline of resistance in the daily chart. This downward-sloping line helped sellers push the price down from $0.744 to a low of $0.41, resulting in a significant loss of approximately 43.7%.
Despite Bitcoin undergoing halving recently, XRP‘s price stayed above $0.466 and bounced back vigorously, parallel to Bitcoin reaching $37k again.
At present, XRP is priced around $0.54. It continues to hold the position of being the seventh largest cryptocurrency in terms of market value, currently evaluated at approximately $30.11 billion, based on information from CoinMarketCap.
Based on data from analytics company Santiment, the recent upward trend can be attributed to the growing number of XRP wallets containing more than one million coins. This figure has been gradually increasing over the past six weeks, resulting in a 3.1% rise.
The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh.
— Santiment (@santimentfeed) April 22, 2024
Starting from April 22, 2024, there were 2,012 XRP wallets identified, with only one more needed to establish a new record high. This figure is a significant marker of investor enthusiasm for holding XRP and may serve as an early sign of potential price fluctuations for the cryptocurrency.
Instead of breaking the trendline mentioned earlier, buyers aim to gain back control of their asset by doing so. If they manage to achieve this, the bullish trend will pick up speed and encourage buyers to attempt reaching the $0.7 peak once more.
Technical Indicator:
- Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) accumulated at $0.57 create a strong resistance zone for XRP
Relative Strength Index: The daily RSI slope rebounded from the oversold region to a neutral area— 50% indicates improving market sentiment.
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2024-04-24 00:21