Ripple’s XRP token appears to be on the road to recovery following a notable price drop on January 13, 2025, and is now gearing up for a substantial uptrend.
The positive outlook for XRP can be attributed to an upcoming political event, a recent breakout in its price action, and a rebound in the overall market sentiment post a recent downturn.
Major XRP Purchase by Crypto Whale
This optimistic forecast has garnered attention from investors and traders, resulting in a considerable accumulation of XRP tokens.
On January 14, 2024, during a market shift, Whale Alert reported a significant transaction: a crypto whale moved 30 million XRP tokens valued at $76.15 million from the Upbit exchange.
However, the specific wallet address remains undisclosed.
Encouraging On-Chain Metrics
In the realm of cryptocurrencies, a shift in sentiment, particularly when whales transfer assets from exchanges to wallets, is viewed as a bullish indicator. Moreover, there has been a noticeable rise in interest and confidence in XRP among traders, noted by the on-chain analytics firm CoinGlass.
Currently, the XRP Long/Short Ratio sits at 1.10, signifying a strong bullish sentiment among traders. Notably, 52.50% of top traders are holding long positions in XRP, while 47.50% are in short positions.
Analyzing XRP Price Movements
A scrutiny of the XRP daily chart reveals the recent accumulation and increased long positions coinciding with a key resistance level.
While the XRP price has historically faltered at this level due to market uncertainties and fluctuations, the current sentiment appears different, largely propelled by the anticipation surrounding President-elect Donald Trump’s inauguration slated for January 20, 2025.
XRP Price Forecast
As per CryptoCrypto’s technical analysis, XRP displays a bullish trend, having retested the breakout level of a bullish flag and pole pattern on January 11, 2025. XRP currently faces a horizontal resistance at $2.60.
Based on recent price movements, a breakthrough above this resistance, with a daily candle closing beyond $2.62, could potentially drive XRP up by 70%, aiming for the $4.50 mark in the foreseeable future.
Furthermore, XRP’s Relative Strength Index (RSI) sits below the overbought zone currently, suggesting ample room for the asset to rally towards the projected level.
As of the time of writing, XRP was trading around $2.60, witnessing a price surge of more than 7.15% over the last 24 hours.
During the same timeframe, its trading volume surged by 50%, indicating increased engagement from traders and investors compared to the previous day.