Rally

Momentum

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XRP Price Prediction: Amid the post-halving recovery in <a href="https://coingape.com/bitcoin-consensus-rules-questioned-by-ripple-cto/" rel="noopener noreferrer nofollow">Bitcoin</a>, a majority of major altcoins including XRP witnessed a notable upswing since last Friday. The renewed buying pressure uplifted the XRP coin from $0.46 to $0.54, registering a 17.34% jump. This bullish trend is further underscored by the increased number of wallets accumulating substantial quantities of XRP. Is the correction trend on this asset over?
Also Read: <a href="https://coingape.com/xrp-whales-move-70-mln-xrp-amid-ripples-decision-to-file-opposition-whats-next/" rel="noopener noreferrer nofollow">XRP Whales Move 70 Mln Coin Amid Ripple’s Response To SEC, What’s Next?</a>
<h2 id="b-xrp-gains-momentum-amid-wallets-surge-and-bitcoin-halving-fuels-optimism-b">XRP Gains Momentum Amid Wallets Surge and Bitcoin Halving Fuels Optimism</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/t/TCQ1rYjg.png" alt="BINANCE:XRPUSDT Chart Image by sahilmahadik07" width="1815" height="792">
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 XRP Price Analysis| Tradingview
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The near-term trend in <a href="https://coingape.com/price/xrp/" rel="noopener noreferrer nofollow">XRP price</a>&nbsp;is bearish evidenced by the downsloping resistance trendline in the daily chart. This dynamic resistance assisted sellers in a correction from $0.744 to $0.41 low, registering a 43.7% loss.
However, with Bitcoin Halving last week, the XRP price managed to hold above $0.466 and rebound sharply along with the BTC price to $37k.
<blockquote>
 XRP is currently trading at $0.54, maintaining its stance as the seventh-largest cryptocurrency by market capitalization, which stands at $30.11 billion, according to data from CoinMarketCap.
</blockquote>
According to analytics firm Santiment, the recent surge correlates with the growing number of <a href="https://coingape.com/markets/xrp-price-prediction-is-1-imminent-as-market-recovers-sec-hurdles-remain/" rel="noopener noreferrer nofollow">XRP</a> wallets holding over 1 million coins, which has been on the rise for the past six weeks, marking a 3.1% increase.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> The price of <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> has jumped ahead of the <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoin</a> pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AllTimeHigh</a>. <a href="https://t.co/2ZfC9v79x9" rel="noopener noreferrer nofollow">https://t.co/2ZfC9v79x9</a> <a href="https://t.co/rqKgcOYJJx" rel="noopener noreferrer nofollow">pic.twitter.com/rqKgcOYJJx</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1782524613987320181?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
As of April 22, 2024, the count of such wallets reached 2,013, just one wallet shy of setting a new all-time high. This metric is an essential indicator of substantial holding interest amongst investors and could be a precursor to future price movements for XRP.
However, for buyers to regain control over this asset they must breach the aforementioned trendline. A successful breakout would accelerate the bullish momentum and bolster buyers to retest $0.7 high.
Also Read: <a href="https://coingape.com/xrp-news-lawyers-reveal-appeal-settlement-fine-in-ripple-vs-sec/" rel="noopener noreferrer nofollow">Ripple v SEC News: Lawyers Reveal Appeal, Settlement, Fine Aspects in XRP Lawsuit</a>
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a>(20, 50, 100, and 200) accumulated at $0.57 create a strong resistance zone for XRP</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope rebounded from the oversold region to a neutral area— 50% indicates improving market sentiment.</li>
</ul>
The post <a href="https://coingape.com/markets/xrp-price-analysis-surge-in-million-coin-wallet-rally-0-7/" rel="noopener noreferrer nofollow">XRP Price Prediction: Surge in Million-Coin Wallets Hints a Rally to $0.7</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price Prediction: Surge in Million-Coin Wallets Hints a Rally to $0.7

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