As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price surges and dips. The recent 6% increase in XRP‘s price has piqued my interest, especially given the significant whale activities that preceded it.
XRP surged 6% as whales accumulated.
Market sentiment was pointed towards greed at press time.
As a researcher studying the cryptocurrency market, I observed that during the majority of May, Ripple‘s XRP failed to impress, consistently falling short of breaking through essential resistance points.
Yet, the past 24 hours have painted a different picture, thanks to the overall market’s sentiment.
XRP experienced a significant 6% increase, indicating a potential resurgence. However, the most notable price movements originated from XRP‘s large investors, or “whales.”
Whale trigger the price surge?
As a market analyst, I’ve observed that XRP whales are quite active players in the cryptocurrency market. However, it’s intriguing that the price of XRP seldom changes significantly despite their frequent transactions.
A notable transfer of 250 million XRP, worth more than 135.7 million dollars, moved from Coincheck to an unidentified wallet.
Approximately 33 million XRP, equivalent to around $17 million, were moved from an undisclosed source to Bitstamp, a cryptocurrency exchange with reported links to Ripple. Subsequently, Ripple transferred approximately 50 million XRP, or roughly $27 million, to an unidentified digital wallet.
All these transactions happened on the 20th of May.
The timing of these whale activities isn’t what triggered XRP’s gain, though.
As a cryptocurrency analyst, I’ve observed an uptick in market confidence following Bitcoin‘s surpassing the $70,000 threshold and Ethereum hitting the $3,500 milestone.
In the realm of cryptocurrencies, Bitcoin and Ethereum’s price movements frequently set the trend. The intriguing query at hand revolves around whether XRP‘s recent surge in value signifies a fleeting fluctuation or the commencement of a prolonged upward trend.
XRP’s Fear and Greed Index was at 63% Greed at press time, which is a strong bullish sentiment.
What to expect from XRP
The trading activity for XRP has significantly increased by 113.84% based on data from Coinglass. Moreover, open interest has grown by 12.64% to reach a level of $646.30 million, signaling that traders are positioning themselves for an anticipated price rise.
Based on the available data, it appears that traders, with a notable number being top traders on Binance, exhibit a optimistic attitude towards XRP. This bullish sentiment might be an indicator of a favorable price trend for XRP in the upcoming short term.
Over the past month, the XRP-USDT price graph indicates significant price fluctuations for XRP. The value has primarily moved between approximately $0.48 and $0.56.
Lately, XRP experienced a significant surge, approaching the higher boundary of its price range at approximately $0.5436.
The price exhibited robust purchasing activity close to the lower limit of this range, bouncing back steadily after dipping beneath the $0.50 mark.
Moving forward, should XRP manage to hold its ground above the $0.55 mark, it may encounter resistance at $0.60. Overcoming this hurdle might propel the coin upwards towards $0.80.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- ADS PREDICTION. ADS cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
2024-05-22 02:15