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- The XRP price gained 10% this week, and rising Open Interest signified bullish momentum.
- Whale addresses have added 390 million XRP, now holding 19.9 billion tokens.
Ripple (XRP) price noted a surge of over 10% this week amid broader market bullish cues. Donald Trump’s victory in the US Presidential Election 2024 has sparked bullish optimism among the market participants.
It crossed the 200-day EMA barrier and revealed an upsurge of over 3% intraday. Additionally, speculations for XRP ETF approval also grew in the market.
The number of active accounts on the XRP Ledger crossed 24,000 by November 2024. That indicated a rising investor interest. Over the last 30 days, XRP crypto was capped in a sideways range and eyed a breakout.
However, the XRP price failed to close above the resistance mark of $0.5600. Investors were still awaiting a bullish breakout.
390 Million XRP Bought by Whales: Is a Major Move Coming?
In addition to the growth in the active accounts, the whales remain involved among the investors. Whales have added 390 million XRP, or about $198.9 Billion, in the last two weeks.
Data showed that whales increased their holdings from 19.6 billion to 19.9 billion tokens by early November. This reflected growing investor trust in XRP crypto as a long-term asset. Typically, whale accumulation is bullish as big investors see significant growth opportunities ahead.
XRP Price Action Analysis: Is a Breakout Emerging?
The daily timeframe analysis of Ripple (XRP) implied a mixed outlook. A recent price upsurge of over 10% this week replicated anticipation toward the upcoming bullish trend reversal.
The XRP price was edging closer to a range breakout and climbed above the key EMAs. It highlighted that buyers have gained traction. They are eyeing a significant upsurge in the coming sessions.
The Relative Strength Index (RSI) curve stayed above the midline region. This conveyed a slightly positive outlook. Moreover, the MACD indicator plotted bullish histogram readings. It represented a positive crossover on the charts.
Additionally, the Money Flow Index (MFI) reading revealed the increasing inflows into the market. This implied a bullish outlook.
The XRP price was trading at $0.5501 at press time. It noted an intraday rise of over 2.30%. The token boasted a market cap of $31.29 Billion and has a total supply of 99.99 Billion.
In a recent tweet, Brett Crypto said that XRP crypto rode the most exciting phase. Also, It was poised to make some noise in the coming sessions.
Notably, the price action highlighted that a declining trend line was placed around $0.5800. It must be broken for a bullish trend reversal ahead.
The short-term trend still represented indecision among traders, as uncertainty was present. However, XRP made a strong base, around $0.5000.
However, the breakout confirmation was due as the XRP price failed to close above the $0.5800 hurdle. Moreover, an inverted hammer candlestick was formed during the intraday session.
The immediate support zones for XRP were $0.5430 and $0.5380. On the other hand, the upside hurdles were $0.5620 and $0.5780.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
