XRP price surges eyeing $0.60, leading gains among top 10 cryptocurrencies.
Whale-to-Exchange transactions drop, suggesting reduced selling pressure.
Technical indicators point to potential further gains, with $0.65 as next target.
Ripple’s XRP has staged a remarkable comeback, eyeing the $0.60 threshold for the first time in ten days and emerging as the top gainer among the cryptocurrency elite.
This surge over the past 24 hours not only aligns with a broader market recovery but also raises intriguing questions about XRP’s ability to sustain this newfound momentum.
XRP whale data shows a dramatic decrease
CryptoQuant data reveals a dramatic tenfold decrease in Whale-to-Exchange Transactions since August 18, a metric that typically gauges large-scale movement between whales and exchanges, particularly Binance.
Source: CryptoQuant
This precipitous drop from 664 transactions on Sunday to a mere 60 at present suggests a significant reduction in selling pressure from major XRP holders, potentially underpinning the token’s recent price appreciation.
While centralized exchange (CEX) activity has waned, decentralized exchanges (DEXs) have witnessed a contrasting surge, with transaction volumes jumping 28% in the last day.
This shift indicates a notable increase in on-chain demand for XRP and potentially signals heightened user engagement on the XRP Ledger. The spike in DEX volume, a crucial liquidity indicator, bodes well for XRP’s price stability and could fuel further upward momentum if sustained.
From a technical perspective, the Parabolic Stop And Reverse (SAR) indicator paints an optimistic picture for XRP’s short-term trajectory. With the indicator’s dotted lines positioned below the price, a continuation of the current uptrend appears likely.
Complementing this bullish signal, the coin’s price currently trades above both the 20-day and 50-day Exponential Moving Averages (EMAs), further reinforcing the positive trend.
