- Whales purchased 120 million XRP, signaling strong long-term accumulation.
- XRP’s bullish trend remains strong above the 21 EMA on the 4-hour chart.
- Key support at $2.82, with resistance at $3.10, signals potential further gains.
XRP has seen a surge in its price recently, drawing attention from both retail and institutional investors. Whales bought a massive 120 million XRP during the recent price dip, suggesting a deep interest in this asset at lower price points. This accumulation is setting a solid foundation for future price growth.
Furthermore, technical analysis from EGRAG CRYPTO highlights that XRP’s short-term trend is bullish, as the price stays above the 21 EMA (Exponential Moving Average) on the 4-hour chart. This signals continued buying pressure and supports the idea of a bullish trend moving forward.
XRP’s Price Surge and Market Dynamics
XRP’s recent 24-hour price increase of 10.19%, bringing the price to $3.10, reflects the growing optimism in the market. The price surge has been accompanied by strong market activity, with a 5.31% increase in trading volume, now at $11.02 billion.
This uptick in volume confirms the broader interest in XRP, potentially driven by both retail and institutional investors. With XRP’s market cap standing at $178.95 billion, it is clear that investor confidence is on the rise.
Support and Resistance Levels Indicate Key Price Points
When analyzing XRP’s price action, key support and resistance levels play a crucial role in understanding potential price movements. Support levels are found near $2.82 and $2.90, where price consolidation occurred before upward movement. These levels could act as safety zones in case of price pullbacks.
However, the immediate resistance at $3.10 is a critical threshold. If broken, XRP could potentially surge further, with the next resistance point around $3.20. Investors should closely monitor these levels for signs of continued bullish momentum.
Key Indicators Point to Continued Upward Potential
Technical indicators, such as RSI and MACD, offer additional insights into XRP’s price prospects. Currently, XRP’s RSI is at 62.50, indicating that the asset has room for further upward movement before entering overbought territory (typically above 70). This suggests that there is potential for additional gains in the short term.
Furthermore, the MACD line is positioned above the signal line, showing bullish momentum. The positive histogram bars reinforce the idea of continued upward movement, though a slight convergence suggests the possibility of a near-term slowdown.
