- Currently, the XRP long/short ratio stands at 1.10, indicating strong bullish sentiment.
- XRP could soar by 70% to reach the $4.50 level if it closes a daily candle above the $2.62 level.
On January 13, 2025, Ripple (XRP) suffered a substantial drop in price, but it appears to be bouncing back and gearing up for a potential major surge.
Some factors contributing to this optimistic perspective are an approaching political development, a recent surge in positive trends, and the market’s bounce back following a recent downturn.
Crypto whale buys $76 million of XRP
It seems this optimistic view is drawing in both investors and traders, resulting in a substantial buildup of these digital tokens.
As an analyst on the 14th of January 2024, I observed a notable change in the market dynamics when Whale Alert flagged a substantial transaction. Specifically, a crypto whale transferred 30 million XRP tokens valued at approximately $76.15 million from the Upbit exchange.
However, the wallet address remains unknown.
Bullish on-chain metrics
In the world of digital currencies, when there’s a change in public opinion and large investors (referred to as ‘whales’) transfer their assets from exchange platforms to personal wallets, it is often seen as a positive signal, or a sign that the market may be rising. Furthermore, traders have recently shown more curiosity and conviction towards this asset, according to data from on-chain analysis firm CoinGlass.
Currently, the balance between long and short positions for XRP is tipped towards buying (long positions), with a ratio of 1.10. This suggests that many traders are optimistic about the price increase of XRP. Specifically, at this moment, approximately 52.50% of prominent traders have taken long positions in XRP, while around 47.50% have opted for short positions.
XRP price action with technical analysis
Looking at the XRP daily chart, it appears that there has been an accumulation of the asset along with more long-term investments, which seems to be happening close to a significant resistance point.
On multiple occasions throughout history, I’ve observed that the XRP price has touched these levels, but often, it has then undergone a correction or reverse due to market volatility and uncertainties.
During this period, there seems to be a shift in public mood, likely due to the impending inauguration of President-elect Donald Trump, which is set for the 20th of January 2025.
XRP price prediction
Based on AMBCrypto’s technical assessment, XRP seems optimistic and has recently tested the breakout point of a bullish flag and pole price pattern. This significant breakout occurred on January 11th, 2025. At present, XRP is encountering horizontal resistance at approximately $2.60.
According to current market trends, if XRP manages to break through the current resistance at approximately $2.62 and concludes a daily trading period above that point, it has potential to surge by an estimated 70%, potentially reaching around $4.50 in the coming days.
On a favorable note, at present, XRP’s Relative Strength Index (RSI) falls short of the overbought territory. This suggests there’s potential for the asset to rise and possibly reach the forecasted level without overextending.
– Realistic or not, here’s XRP market cap in BTC’s terms
As I compose this, I find that XRP is hovering around $2.60, marking an impressive increase of more than 7.15% within the last 24 hours.
Over that time frame, the trading volume significantly increased by 50%, suggesting a higher level of involvement from both traders and investors as compared to the preceding day.
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2025-01-14 19:03