
XRP, a digital currency that has had a rollercoaster ride in the market, is exhibiting promising signs of resurgence, showing the digital bull’s determination to fight back. After taking a tumble with a significant 11% drop in price on April 12th, leaving the token at a yearly low of $0.4230, XRP hasn’t just dusted itself off, but has sprinted back onto the track with remarkable haste.
Over the course of the last week, XRP has recovered from the price debacle with sheer vim, rising up by a robust 12%. Such robust recovery not only indicates XRP’s bullish underpinning but puts it in an enviable position among the top 10 altcoins currently trading, trailing only Solana (SOL) and Binance Coin (BNB).
With the bullish momentum in charge, XRP on Tuesday, hit a season’s high of $0.5571, staging a masterclass of market resilience to its altcoin contemporaries. Pairing with this upward rally in price, there has been a notable increase in wallet activity around XRP, signaling a bullish market sentiment on the horizon.
Fascinating data from the network intelligence platform Santiment highlights that the number of XRP wallets holding a minimum of 1 million tokens has been on an upward trajectory for six weeks, a rise of 3.1%. The figure is now tantalizingly close to a record number, falling short by just one wallet.
Moreover, crypto analyst Ali Martinez unveiled an intriguing trend amongst XRP big players known as ‘whales’. Over the past seven days, these wealthy investors have been in a buying frenzy, snapping up a staggering 31 million XRP tokens. There’s been a discernible uptake in market confidence feeding into XRP’s price recovery and holding the digital token’s uptrend prospects in good stead.
Providing insightful observations, market analyst Egrag Crypto points out that XRP’s double-bottom pattern hints at a strong bullish signal. This, augmented with the consolidation zone transitioning into a supply zone and the wicking area turning into a demand cum accumulation zone, bodes well for the future outlook of token, according to the analyst’s perspective. Egrag Crypto is wagering on a significant price upswing and has, therefore, upgraded his price prediction for XRP to $1.4.
However, the bullish sentiment surrounding XRP hit a speed bump, with the token’s price slowing down to $0.5474 at the time of writing, paired with a 14% decrease in market capitalization over the month. As XRP endeavors to mount a hike towards higher price levels, it may find resistance barriers that could hamper its upward ascend.
An analysis of the XRP/USD chart reveals an immediate resistance at $0.5644, which has braced XRP’s recovery for the past week. Beyond this, the final hurdle before retesting the $0.600 zone is stationed at $0.5884. This particular level successfully acted as support during the uptrend in March, catapulting XRP to a yearly high of $0.745.
Consequently, keeping a watchful eye on the support levels at $0.52910, $0.5184, and $0.5044 is critical. Should a bearish scenario unfold in the coming days, these price each points could act as bullish bastions preventing XRP from plummeting below $0.500. As we advance into the digital future, the only certainty in the dynamic world of cryptocurrencies is, indeed, uncertainty. The battle between the bulls and the bears continues.