#2024WithBinance
XRP has made headlines recently with a remarkable 15% surge in just 24 hours, driven by impressive network growth! ๐ But as excitement builds, questions arise: will this rally last? Letโs dive into the details! ๐
๐ XRP's Impressive Rally
In the past day, XRP's price has skyrocketed, pushing its market cap to an impressive $155.69 billion as of December 3, 2024. Active wallet addresses for Ripple have surged to over 116,000, a key factor fueling this bullish momentum. The trading volume has also seen a significant boost, increasing by 93.29% in just one day! ๐ค
This rally comes on the heels of increased investor participation, particularly from retail investors, following the recent U.S. elections. The enthusiasm among smaller investors contrasts with a more cautious approach from larger players, often referred to as "whales."
๐ Caution Among Whales
Despite the positive price action, whale activity has notably declined. The percentage of stablecoin holdings has dropped to 53.993% of the total supply, signaling a more cautious sentiment among large investors. This hesitance could limit the strength of XRP's rally moving forward. ๐๐
๐ Technical Analysis Signals Caution
Technical indicators are also painting a mixed picture. The Moving Average Convergence Divergence (MACD) chart from TradingView shows a bearish crossover, where the signal line has crossed below the MACD line. This shift indicates declining bullish momentum and raises the possibility of a short-term price correction. ๐โ ๏ธ
The MACD histogram has shifted into negative territory, reflecting a cautious stance among traders. This bearish signal, combined with the declining whale activity, could suggest that XRP may struggle to maintain its upward trajectory in the near term.
๐ Profit-to-Loss Ratio Indicates Hesitation
The profit-to-loss metric further highlights the cautious sentiment among investors. Recently, the daily profit-to-loss ratio for XRP hovered around 0.374, indicating that more investors are selling than buying. $XRP