Rally

Momentum

Fine

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">
 <figcaption class="wp-caption-text">
 XRP Price Analysis| Tradingview
 </figcaption>
</figure>
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

Table of Contents

Coingape News Media

Другие статьи, опубликованные 23 апр. 2024 г.

Bitgert Coin Price Rockets Upward on the Back of Exchange Expansion

Terra vs SEC: SEC Imposes $5.2B Penalties on Terraform Labs and CEO Do Kwon for Crypto Misleading

Bitcoin Surge to $60,800! Is all time high Coming?

Analysts of Bitcoin Exchange Bitfinex Predict that the Supply in Bitcoin Will Not Be Enough to Me...

Bitget Wallet's Chief Operating Officer Presents Web3 Wallet Security Strategies at Blockchain Li...

Your monthly update on how Argentina’s economy is doing

Join our free newsletter for daily crypto updates!