Recently, XRP, the digital asset associated with Ripple, skyrocketed to its highest level in seven years, hitting $3.39 for the first time since January 2018. This surge has reignited interest among investors and sparked a significant uptick in activity.
Over a span of just eight hours, there were 2,365 whale transactions involving amounts exceeding $100K, marking the most substantial increase in activity observed since late December. In addition, more than 511,430 new non-empty wallets have been created in the last two months, indicating strong accumulation of XRP. Presently, XRP is trading at $3.27, reflecting a 5.83% increase over the last 24 hours, which solidifies its upward trend.
XRP Hits and Surpasses $3.00 Milestone
Previously, a breakout from a descending channel had been identified as a key bullish signal for XRP, with a target projection of $3.00. The recent rally perfectly matched this scenario, not only reaching but surpassing the milestone, with $3.00 now established as a robust support level.
The ongoing rally of the token confirms the validity of the earlier analysis and underscores the strength of its breakout. Consequently, XRP’s capacity to build upon this technical pattern signals the potential for attaining higher levels.
Breaking Out of Symmetrical Triangle: XRP Overcomes Resistance
The breakout from the symmetrical triangle has marked a significant turning point, indicating a strong continuation of the bullish trend. Following the breakout, XRP retraced to the $2.00 support area and established $3.00 as a new base.
The price surged past this level with notable momentum, backed by substantial trading volumes. Given these developments, the cryptocurrency is now eyeing $4.00 as its next resistance level, maintaining a clear upward trajectory.
Buyers vs. Sellers: Assessing the Tussle
The taker buy-sell ratio, which gauges the balance between buying and selling activities, currently stands at 0.967, showing a 0.98% increase over the past day. While this suggests slightly higher selling pressure, the prevailing bullish momentum remains dominant.
Hence, buyers continue to dictate the price movement, driving XRP’s upward trajectory. This equilibrium signals the increasing confidence among market participants.
Increased On-Chain Activity
Active addresses have grown by 1.14% in the last 24 hours, indicating heightened engagement on the XRP Ledger. Moreover, the total transaction count has risen by 0.97% to 2.58 million, underscoring the escalating on-chain activity.
These upticks reflect a rise in investor involvement and reinforce the ongoing bullish momentum of XRP, further validating its price upsurge.
Whale Movements: Decoding the Implications
Transactions from whales to exchanges have increased by 0.87% in the last 24 hours, totaling 11.126K. This surge suggests that whales are actively transferring XRP to exchanges, potentially for profit-taking purposes.
Nevertheless, the overall market response demonstrates resilience, as robust buying interest continues to counteract any selling pressure. As a result, the bullish trend of XRP remains intact, upheld by sustained demand.
The breakout from the symmetrical triangle and robust on-chain metrics unequivocally indicate the bullish path ahead for XRP. With sturdy support levels and escalating investor engagement, the cryptocurrency is poised to set its sights on higher objectives.
Hence, reaching a target price of $15 seems well within reach if the current momentum endures.