Ripple’s XRP has broken its correlation with Bitcoin, surging 10% while the leading crypto slips. The decoupling comes amid increased whale accumulation and positive developments for XRP.
Analysts point to a breakout pattern, suggesting further gains ahead. This move highlights XRP’s growing independence in the crypto market.
XRP’s Shifting Path from BTC
XRP trades at $0.6403, according to CoinGecko data at press time. The asset has had a 7.01% and a 6.38% price rise over the past day and week. Its daily trading volume stands at $3,470,606,669, indicating strong market activity.
Meanwhile, Bitcoin has seen a slight pullback. CoinGecko reports that BTC trades at $65,615.72, dipping over last day and week. This bifurcation shows XRP’s decoupling from Bitcoin’s price action, marking a shift in market dynamics. Will this fuel an altcoin rally?
XRP Whale Activity Reaches Six-Month High
Crypto behavior analytics firm Santiment has reported an increase in XRP whale activity. The number of wallets holding at least 10,000 XRP has soared over the past five weeks.
Currently, 279,400 such addresses exist on the XRP ledger, marking a return to a six-month high.
The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
Santiment’s data reveals a strong correlation between these large holders and XRP’s market value throughout 2024. This surge in whale activity suggests growing confidence among major investors, potentially contributing to the recent price rally.
XRP’s Technical Analysis Signals Bullish Momentum
Technical analysts are also optimistic about XRP’s price trajectory. ZAYK Charts, a top crypto analyst, identified an ascending channel formation in the 4-hour timeframe. The analyst predicted a potential breakout, setting a target of $0.75 for XRP.
In a subsequent tweet, ZAYK Charts confirmed that the anticipated breakout has occurred. This technical development has further fueled expectations of continued upward momentum for XRP.
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Institutional Recognition Boosts XRP’s Profile
Adding to the positive sentiment, XRP recently gained recognition from a major institutional player. Crypto enthusiast @_Crypto_Barbie reported that CME Group, the world’s leading derivatives marketplace, has listed XRP.
Moreover, CME Group has classified XRP for payments and as a store of value.
This institutional acknowledgment could potentially attract more investors and increase XRP’s legitimacy in the broader financial markets.
It also aligns with Ripple’s long-standing goal of positioning XRP as a bridge currency for payments across boarder.
BREAKING: Yesterday #XRP got listed by @CMEGroup – the worlds leading derivatives marketplace and they classified XRP for payments & store of value! pic.twitter.com/eBMe1JBsrr
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 30, 2024
Market Sentiment and Future Outlook
The recent breakout has been eagerly anticipated by the XRP community for several weeks. Analysts have described it as a milestone for XRP’s price growth. The fear of missing out among investors could further propel the price upward.
Besides, XRP seems to be charting its course from Bitcoin and there’s a possibility for other altcoins following suit.
With XRP gaining momentum, market participants should monitor key resistance levels and whale activity. The coming days will be crucial in determining whether XRP can sustain its bullish trend and reach the projected $0.75 target.
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