XRP Price Surge Continues with Eyes Set on New All-Time Highs
XRP's price rally remains unstoppable, gaining nearly 10% within the last 24 hours to set a new record high since mid-January. The cryptocurrency's market cap has risen to an impressive $181 billion, with trading volume surpassing $10 billion.
While there has been a slight decrease in whale activity, the number of major XRP holders remains at remarkably high levels, indicating unwavering interest in the digital asset. Key technical indicators, such as CMF and EMA lines, are pointing towards a potential uptrend, although the critical support levels will play a crucial role in determining XRP's next move.
XRP Whales Showing Resilience Amid Market Trends
The number of XRP whale addresses, encompassing holders of 10 million to 100 million XRP, surged to 305 on January 23 and 24, reaching one of the highest levels ever recorded.
Though the count has slightly dropped to 299 since then, it remains elevated, signifying continuous interest from significant holders despite recent market fluctuations.
Monitoring whale activity is pivotal as these large investors possess the ability to impact price trends through their transactions.
Current data reveals that while some whales may have adjusted their positions, the overall sentiment among major investors remains robust. This heightened activity could bolster XRP's price, as sustained accumulation by whales typically indicates long-term optimism.
XRP Accumulation Trend on the Rise
XRP's Chaikin Money Flow (CMF) has surged from 0.08 to 0.19 in a single day, indicating a surge in capital inflows and stronger buying sentiment. This uptrend suggests a growing confidence among investors, potentially laying the groundwork for a bullish market outlook.
With a CMF reading of 0.19, XRP is witnessing increased buyer participation, which could stabilize its price movements and potentially lead to upward momentum in the near future.
Could XRP Hit New Highs in February?
The XRP EMA lines hint at a possible golden cross formation, which could trigger a fresh uptrend in the market. If this pattern unfolds as anticipated, XRP might challenge the resistance at $3.28.
Breaking through this barrier could propel XRP towards $3.40 and even surpass $3.50, marking an unprecedented milestone for the cryptocurrency.
However, in a bearish scenario, a decline may see XRP test the support level at $3.03. Breaching this support could push the price down to $2.82, with potentials for further corrections to $2.60 or as low as $2.32, representing a 26.5% downturn.