XRP exhibits strong indications of regained bullish energy in the cryptocurrency market. After experiencing a substantial 11% decrease on April 12th that dropped the token to its lowest price point for the year, priced at $0.4230.
Despite a 12% price increase over the past week, XRP demonstrated stronger performance among the leading ten cryptocurrencies, surpassed only by Solana (SOL) and Binance Coin (BNB).
Signs Of A Strong Bullish Trend Ahead For XRP?
On Tuesday, the price of XRP reached a peak of $0.5571, showing its strength and surpassing its competitors. This uptrend was accompanied by an increase in wallet transactions, indicating optimism among XRP holders.
Based on data from the network analysis tool Santiment, there’s been a steady rise in the number of XRP wallets containing over 1 million tokens during the past six weeks. This figure has grown by approximately 3.1%. The current count is only one wallet short of hitting an all-time record (ATH) for this metric.
Furthermore, according to crypto expert Ali Martinez, there was a significant purchase of XRP by large investors, or whales, totalling over 31 million tokens within the last week. This buying activity has played a role in the cryptocurrency’s price rebound, highlighting renewed optimism about its potential for further growth.
According to market analyst Egrag Crypto, XRP‘s price action shows a double bottom formation, which is a bullish sign. This pattern, along with the shift of the consolidation area into a supply zone and the wicking region into a demand and accumulation area, suggests a positive perspective for the token, as per the analyst.
According to Egrag Crypto’s analysis, there’s a strong possibility that XRP‘s price will experience a substantial increase or surge, reaching an estimated value of $1.4.
Critical Resistance Levels To Watch
Although expectations for XRP‘s price were optimistic at first, the token is now priced at $0.5474 and has experienced a 14% reduction in market value during the last month.
Additionally, XRP‘s upward progress might be obstructed by certain obstacles as it strives to advance further. The chart of XRP/USD displayed below highlights an immediate resistance at $0.5644, which has thwarted any attempts to break above the current price range for the past week.
Following that, the last challenge before attempting to revisit the $0.600 mark is located at $0.5884. This level was formerly a supportive foundation for the token, causing a bounce back during the upward trend in March and propelling XRP to its peak price of $0.745 for the year.
In contrast, keeping an eye on the critical support zones at $0.52910, $0.5184, and $0.5044 is essential. Should a bearish trend emerge in the near future, these levels could halt XRP‘s descent beneath $0.500.
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2024-04-24 00:04