XRP’s price has seen a sharp uptick to $1.51 as Ripple whales scoop up 50M tokens in a bold accumulation move. The increased whale activity highlights strong market confidence and has energized traders, creating excitement for what could be next for the token.
As of now, XRP is at $1.51 up by 1.86% within the last 24 hours. Currently, it holds a $83 billion market cap. The trading volume of this token has been over $11.84 billion in the last 24 hours, demonstrating huge attention and work going on by investors.
XRP, which is 6th on the CoinMarketCap, continues to remain one of the leading cryptocurrencies. Increasingly, the market direction for XRP continues with a bullish trend in the wake of early-year consolidation phases.
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Ripple Whales Scoop Up 50M XRP Over Weekend, Driving Price Surge
A notable price rise was triggered by Ripple Whales purchasing over 50 million XRP tokens over the weekend. The accumulation shown here is but one example of the strategic behavior of large investors, often called whales, who ratchet perks when the market suits their liking to bolster their positions.
The purchase comes as wider optimism in the market around the legal clarity of XRP after Ripple’s partial victory in a case against the SEC early this year had brought initial hopes among major holders.
Besides being the main factor behind the recent price surge of XRP, this large-scale buying activity is also the catalyst for the bullish sentiment around XRP. XRP’s price action has historically been partially driven by whale activity.
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Last July, during the rally, there were similar large purchases, resulting in a 70% price jump within a week. Again, following that pattern, this recent accumulation means whales foresee more price appreciation in the near term.
What Analysts Say
According to crypto analysts, XRP is poised to cross $2 within the next week. Recently we made an important break through the resistance levels, leaving the way clear for an extended rally.
Most analysts suggest this is connected to rising buying momentum as well as larger participation from both retail and institutional investors.
Technical indicators reinforce the bullish momentum in XRP. We’re in overbought territory, as the Relative Strength Index (RSI) generally operates here when there’s a strong breakout trend.
XRP is currently on the move thanks to its positive market sentiment and strong trading volume that analysts have pointed out. That is, alongside institutional adoption popping up as well, like Ripple’s rapid growth of partnerships with financial institutions across the globe, analysts expect XRP to continue its rally.
Furthermore, the token’s use case has been expanded following the recent adoption of Ripple’s On Demand Liquidity (ODL) solution by a number of the world’s leading banks. This heightened utility also contributes to market confidence, which creates a feedback loop out of purchasing interest and reinforces XRP’s bullish road.
Ripple Market Sentiment Says We Are Bullish
XRP sentiment analysis is showing bullish movement across both retail and institutional investors. Retail traders have overwhelming faith in the crowd sentiment indicator, which is registered at 0.85.
Smart money sentiment on the institutional side is at 0.21, suggesting larger investors are still fairly optimistic.
This sentiment converges around a growing demand for XRP and is a sign that Ripple is now expanding their services globally. During a surge in market interest, occasionally this may mean increased liquidity, which in turn supports price growth.
When retail enthusiasm lines up with institutional confidence, you have a base for sustainable uplift.
Technical Analysis of XRP/USD on 4-Hour Chart
XRP has strong support on the Ichimoku Cloud at $1.4072 and a potential upside target of $1.80. Bullish hurdles will persist until the current rally peaks above 0.6350, and in that case, a breach of this key resistance could confirm the uptrend and deliver a 19.46% increase.
The 2.51 billion units accumulated/distribution data show a significant degree of buying activity, and it’s good news for market confidence.
Awesome Oscillator bars are expanding green, meaning the bullish crossover is present and momentum is on its way.
If XRP fails to pierce above the $1.80 resistance. Long-term investors could take advantage of a pullback to support levels at $1.4072 and $1.3840.
