As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve witnessed numerous price movements and trends throughout my career. The recent surge in XRP, the sixth-largest cryptocurrency by market capitalization, has piqued my interest once again. With a 40% weekly increase and a 15% jump in the last 24 hours, XRP’s bullish run is impossible to ignore.
The price of XRP, the sixth largest cryptocurrency in terms of market value, has surged by over 40% in the past week. This uptrend began following the digital coin’s touch of a significant support level at $0.381 on July 5th.
XRP has seen significant gains in the past nine days, with eight of those days showing upward trends and notable price surges over the last two days. According to data from analytics firm Santiment, XRP has broken through the $0.58 threshold for the first time since early April, reaching a 15-week peak.
As a researcher, I’ve noticed an intriguing finding from Santiment’s analysis: the XRP market rebound is backed by growing hoards of XRP amassed by whales and sharks. Specifically, there has been an accumulation of approximately 100,000 XRP coins since last August. The turning point in this supply trend became quite evident to me.
Approximately 51.59 billion XRP are now stored in XRP wallets containing over 100,000 tokens, marking a new record high for this group. This significant segment of XRP holders currently manages around 85% of the entire XRP supply – the highest percentage in the last eleven months.
The golden cross formation on XRP‘s four-hour chart serves as a technical confirmation of its bullish trend. This indicator, which occurs when a short-term moving average crosses above a long-term one, is known to suggest further price gains.
The four-hour chart for XRP has experienced a “technical crossover” where the short-term moving average (daily SMA 50) surpasses the long-term moving average (daily SMA 200). This event, referred to as a “golden cross,” is often considered bullish for the asset.
Key XRP levels to watch
The appearance of the “golden cross” formation on XRP‘s four-hour chart holds importance. This technical indicator is widely seen by traders as a potential sign that the asset’s price may experience further growth.
Currently, XRP is surpassing the other leading cryptocurrencies in terms of market value with a 15% increase in the past 24 hours, reaching a price of $0.612 and touching an intraday peak at $0.6234.
During the current market uptrend, investors and traders keep a close eye on crucial support and resistance points to assess whether XRP‘s price surge will endure.
XRP has formed solid foundations of support around $0.381 and $0.403. As long as its value stays above these thresholds, the bullish momentum is expected to continue. Conversely, potential resistance lies at $0.66 and $0.78. Overcoming these barriers could trigger a surge towards $1.
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2024-07-17 16:35