XRP Price Prediction: Surge in Million-Coin Wallets Hints a Rally to $0.7
Highlights
- A confluence of resistance at $0.57 creates a high supply region for the rising XRP price.
- Under the influence of a downsloping trendline, the XRP price has been witnessing selling pressure on bullish bounces indicating an active correction.
- The intraday trading volume in the XRP is $1.7 Billion, indicating a 52% gain.
XRP Price Prediction: Amid the post-halving recovery in Bitcoin, a majority of major altcoins including XRP witnessed a notable upswing since last Friday. The renewed buying pressure uplifted the XRP coin from $0.46 to $0.54, registering a 17.34% jump. This bullish trend is further underscored by the increased number of wallets accumulating substantial quantities of XRP. Is the correction trend on this asset over?
Also Read: XRP Whales Move 70 Mln Coin Amid Ripple’s Response To SEC, What’s Next?
XRP Gains Momentum Amid Wallets Surge and Bitcoin Halving Fuels Optimism
The near-term trend in XRP price is bearish evidenced by the downsloping resistance trendline in the daily chart. This dynamic resistance assisted sellers in a correction from $0.744 to $0.41 low, registering a 43.7% loss.
However, with Bitcoin Halving last week, the XRP price managed to hold above $0.466 and rebound sharply along with the BTC price to $37k.
XRP is currently trading at $0.54, maintaining its stance as the seventh-largest cryptocurrency by market capitalization, which stands at $30.11 billion, according to data from CoinMarketCap.
According to analytics firm Santiment, the recent surge correlates with the growing number of XRP wallets holding over 1 million coins, which has been on the rise for the past six weeks, marking a 3.1% increase.
As of April 22, 2024, the count of such wallets reached 2,013, just one wallet shy of setting a new all-time high. This metric is an essential indicator of substantial holding interest amongst investors and could be a precursor to future price movements for XRP.
However, for buyers to regain control over this asset they must breach the aforementioned trendline. A successful breakout would accelerate the bullish momentum and bolster buyers to retest $0.7 high.
Also Read: Ripple v SEC News: Lawyers Reveal Appeal, Settlement, Fine Aspects in XRP Lawsuit
Technical Indicator:
- Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) accumulated at $0.57 create a strong resistance zone for XRP
- Relative Strength Index: The daily RSI slope rebounded from the oversold region to a neutral area— 50% indicates improving market sentiment.
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