Ripple's (XRP) Rally: Whale Activity Sparks Hope
Ripple (XRP) has surprised everyone with a strong comeback, hitting $0.52 in the last 24 hours. Big investors, known as whales, have bought $55 million worth of XRP, driving this price surge. Santiment data reveals these whales have accumulated 110 million XRP in the past two weeks.
Over the past day, XRP has settled above $0.51, according to CoinMarketCap. It’s now closing in on its monthly high of $0.56 from early May. Despite this rally, XRP has only gained 5% over the past month, showing cautious optimism among investors.
XRP Price Ready to Break Out? Technical Analysis Hints at Potential Surge
XRP's recent price action suggests it might be gearing up for a bigger breakout. Technical analysis indicates positive signs above the $0.51 resistance level. If XRP clears the $0.52 and $0.5220 resistance levels, it could gain momentum and potentially rise higher.
Currently, XRP is trading above $0.51 and the 100-hour Simple Moving Average (SMA). A short-term declining channel is forming on the hourly XRP/USD chart, with resistance at $0.52. Breaking this level could trigger another price increase.
If bulls push the price above $0.5220, the next target is $0.5350. Further gains could see XRP reaching the $0.55 resistance zone.
However, if XRP fails to clear $0.52, it might move downward. Initial support is near $0.5150, with major support at $0.5120. A break below $0.51 could lead to a decline, possibly testing $0.4980.
Increasing Trading Volume and Post-SEC Lawsuit Optimism
XRP’s trading volume has surged over 7% in the last 24 hours, reflecting its recent price increase. This renewed interest is giving XRP some much-needed positive momentum.
Although XRP hasn't regained its early May highs, the recent price action, whale accumulation, and technical indicators suggest a shift in sentiment. As the market awaits the outcome of Ripple's legal battle with the SEC, investors are closely watching XRP's price and the impact of whale activity.
Ripple's surprising comeback, fueled by significant whale activity, has captured the cryptocurrency community's attention. Despite struggles this year, the recent rally and technical analysis suggest a potential shift in sentiment.
