Fri, November 22

Is XRP on the Verge of a Major Breakout?

Janani Published on Jul 31, 2024 at 2:09 PM

Bitwise Officially Files Form S-1 for Spot XRP ETF with US SEC

XRP surged 9% amidst the overall crypto market decline.
Significant whale activity raises questions about future XRP moves.

The cryptocurrency market is currently experiencing mixed movements, with some coins reaching new highs while others face significant declines. The global market cap has decreased by 0.51% in the past 24 hours, accompanied by an 18% drop in overall trading volume. Bitcoin, the leading cryptocurrency, has seen a 0.78% decline, while it has surged by 9%, continuing its upward trend with a 180% increase over the same period- hitting a four-month high of $0.6579.

This surge in XRP coincides with substantial whale activity in the past 24 hours. A transfer of 38,000,000 XRP (worth $24 million) from Upbit to an unknown wallet and 23,500,000 XRP ($14,679,736) from an unknown wallet to Bitstamp was recorded. Additionally, 70 million XRP tokens, valued at $42.48 million, were moved from Binance yesterday, raising questions among traders about the whales’ intentions.

Moreover, Santiment reported a significant increase in wallets holding at least 10,000 XRP over the past five weeks, reaching 279,400 shark and whale addresses—a six-month high. Throughout 2024, the correlation between these wallets and it’s market value has been undeniable.

Meanwhile, Prominent crypto analyst Ali noted that XRP has been consolidating within a symmetrical triangle for six years. A bullish breakout could occur if it surpasses $0.90. Other predictions suggest that if its daily candle closes strongly above the $0.618 level, it could reach $0.73 and $0.85 in the coming days.

XRP to Hit More New Heights?

XRP’s recent price action reflects a strong bullish trend, with recent highs breaching the $0.6498 resistance level and the potential to test $0.6841 soon. However, the daily Relative Strength Index (RSI) indicates potential buying pressure.