After Rippleโs ground-breaking victory in the 6-year old legal battle against the U.S. Securities and Exchange Commission (SEC), the companyโs native crypto XRP skyrocketed to $3.31 on January 18, 2025.
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However, macroeconomic and geopolitical tensions have taken its toll on XRP price movement since this milestone, as Ripple (XRP) now clings on to the $2 support zone in order to produce a comeback effort.
Why Bulls Are Emptying Out XRP Exchange Reserves
Meanwhile, both centralized and decentralized crypto exchanges are seeing their Ripple (XRP) crypto reserves tumbling to 2.8 billion coins. Normally, this implies that largest crypto investors, popularly known as crypto whales, are moving away from exchanges and loading up their on-chain wallets instead.
Paired with other favorable on-chain metrics like an oversold condition, this could serve as a catalyst for Rippleโs rebound rally in the coming days. Upon further research by DailyCoin, it was found out that the Relative Strength Index (RSI) certainly points to an oversold condition on the altcoinโs 4-hour price charts, dwelling between 44 to 39 as of publication time.
A substantial boost in trading volume on Spot took place on Wednesday, as Rippleโs XRP Ledger chain registered over $3 billion in 24-hour volume, similarly to the competing Solana (SOL) Layer-1 blockchain. Notably, the competition among major-cap altcoins has increased since both Ripple (XRP) and Solana (SOL) are plausible candidates for an altcoin ETF.
As of press time, the #4 ranked altcoin is trading at $2.11, attempting to break through the middle-tier Bollinger Band (BOLL), but only a daily close above the red label would allow XRP bulls, or believers in simpler terms, to dream about the $3 price restoration anytime soon.
The broader crypto market downturn this month has crunched 20.5% of Ripple coin’s market value, even though $3 price was within reach on March 3. Rejected at $2.94 then, now XRP bulls are gathering their strength for another round, basing on Ripple coinโs currently oversold position and the positive Chaikin Money Flow (CMF) on both daily and 4-hour charts.
On The Flipside
- Aside from technical revelations, the upcoming price movement depends on key legal developments, including Ripple coinโs potential status as an official United States Strategic Reserve asset.
Why This Matters
Ripple coin remains one of the most high-profile altcoins, hosting an expansive network of traditional banks and payment providers making use of XRP in cross-border transactions.
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