Ripple’s digital asset XRP has reached a level not seen in seven years, surging to $3.39, a price last witnessed in January 2018, sparking fresh excitement among traders and investors.
In a span of just eight hours, XRP recorded 2,365 large transactions worth over $100,000 each, marking a remarkable spike in activity compared to late December.
Moreover, more than 511,430 new wallets with holdings were created in the last two months, indicating significant accumulation. At present, XRP is trading at $3.27, showing a 5.83% increase in the past 24 hours and cementing its upward trend.
Breaking the $3.00 Barrier
Previously, CryptoCrypto identified a breakout from a descending channel as a bullish signal for XRP, setting a target of $3.00. The recent rally not only met but surpassed this target, establishing $3.00 as a robust support level.
The ongoing upward momentum confirms the accuracy of the earlier projection and emphasizes the strength of the breakout pattern. Therefore, XRP’s ability to capitalize on this technical development suggests the potential for higher price goals.
Surpassing Resistance with a Triangle Breakout
A breakout from a symmetrical triangle has been pivotal in sustaining XRP’s bullish trend. Following the breakout, XRP successfully tested the $2.00 support area, making $3.00 its new foundation.
The price surged past this threshold with strong momentum, backed by noteworthy trading volumes. As a result, the altcoin now aims for $4.00 as its next resistance level, maintaining a clear bullish trajectory.
Market Dynamics: Buyer vs. Seller
The buy-sell ratio currently sits at 0.967, reflecting the equilibrium between buying and selling activities, with a 0.98% increase in the last 24 hours. Despite a slightly higher selling pressure, the prevailing bullish trend remains dominant.
Hence, buyers retain control, driving price action and supporting XRP’s upward movement. This balance underscores the rising confidence among participants in the market.
Increasing On-Chain Engagement
In the past 24 hours, active addresses rose by 1.14%, indicating heightened activity on the XRP Ledger. Additionally, the total transaction count climbed by 0.97% to 2.58 million, highlighting increased on-chain engagement.
These upticks signify growing investor involvement and bolster the continuing bullish momentum of the altcoin, further justifying its price surge.
Whales in Action: Analyzing the Moves
Whale-to-exchange transactions increased by 0.87% in the past day, totaling 11.126K. This upsurge suggests that whales are actively transferring XRP to exchanges, possibly for profit-taking.
Nevertheless, the market response demonstrates resilience as robust buying interest offsets any selling pressure. Consequently, XRP’s bullish trend remains steady, upheld by sustained demand.
XRP’s breakout from the symmetrical triangle and strong on-chain metrics confirm its bullish trajectory. With solid support levels and growing investor activity, the altcoin is poised to reach higher price targets.
Hence, a $15 price projection seems plausible if the current momentum endures.