🤔👉 XRP has surged 6% as whales have accumulated large amounts of the token. Market sentiment leaned towards greed at the time of reporting.
For much of May, Ripple’s XRP performance was lackluster, struggling to break past key support levels. However, the past 24 hours have shown a different picture, driven by the overall market's bullish sentiment.
Whale Activity Spurs Price Surge
XRP whales are typically very active, yet their transactions rarely cause significant price movements. This changed recently with notable transactions that likely influenced the recent price surge.
One transaction involved a massive transfer of 250 million XRP, worth over $135.7 million, from Coincheck to an unknown wallet. Additionally, 33 million XRP, valued at $17 million, were transferred to Bitstamp, an exchange with ties to Ripple. Another 50 million coins, worth $27 million, were sent from Ripple itself to an unknown wallet. All these significant transactions took place on May 20.
Market Sentiment Shifts
The recent gains in XRP are not solely due to these whale activities. The broader crypto market has seen positive momentum, with Bitcoin climbing past $70,000 and Ethereum crossing $3,500, which has spread bullish sentiment across the market.
At the time of writing, XRP’s Fear and Greed Index was at 63% Greed, indicating strong bullish sentiment.
What’s Next for XRP?
Data from Coinglass shows that XRP trading volume has surged by 113.84%, and open interest is up by 12.64%, standing at $646.30 million. This suggests that traders are preparing for a potential rally, with a particularly positive outlook among top traders on Binance.
The XRP/USDT chart reveals notable volatility over the past month, with prices fluctuating between $0.48 and $0.56. Recently, XRP reached a peak near the upper end of this range at around $0.5436. Strong buying interest has been evident near the lower end of this range, with consistent recoveries after dips below $0.50.
Looking ahead, if XRP can sustain a price above $0.55, it might challenge resistance at $0.60. Successfully breaking above this level could propel the coin to $0.80.
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