XRP Recovers After Crash: Bullish Signs or Short-Term Bump?

A major investor has scooped up 30 million XRP tokens, fueling speculation of a price surge for the cryptocurrency.

Man amazed with XRP coins rising up.
Created by Kornelija Poderskytė from DailyCoin
  • A major investor has scooped up Millions in XRP.
  • XRP has rebounded from a major drop and has set its sights on $0.50.
  • Prominent figures have been buying heavily into XRP.

In the cryptocurrency ocean, a giant stirs. A colossal whale, wielding Millions in XRP tokens, has made a splash, stirring excitement in the XRP community. This move coincides with XRP’s rollercoaster ride, plunging in recent market turmoil but clawing its way back. Will this spark a surge, or is it just a blip in the crypto landscape?

The news whipped the XRP community into a frenzy. A whale, a major investor with a taste for big bets, had just scooped up 30 Million XRP tokens, sending ripples of excitement through the market. On-chain data has revealed the details.

XRP Eyes $0.50 After Rebound from $0.39 Low

A whale address transferred nearly 30 Million XRP coins, valued at roughly $12.7 Million, from Binance to an unknown wallet. This large-scale accumulation coincided with XRP’s recent price rise, breaking through the $0.42 resistance level.

Sponsored

The timing has fueled speculation about the token’s future trajectory, with some analysts eyeing a potential climb towards $0.50. The positive sentiment surrounding XRP comes after a rough patch in early July. The broader crypto market crash dragged XRP down to its lowest point since March 2023, with a 12% drop reaching a daily low of $0.38. 

However, the token exhibited resilience, recovering some lost ground and continuing its upward trend into July 6. Market analysts are now weighing two possibilities. If the bullish momentum persists, XRP could aim for the $0.45 resistance level before tackling the much-anticipated $0.50 target. 

Conversely, if selling pressure mounts, the token might revisit support levels around $0.407 and potentially drop further. These potential price movements have created cautious optimism among XRP investors, who are keeping a close eye on key support and resistance zones.

XRP Price Soars 8% in 24 Hours

Adding to the optimistic outlook, prominent XRP advocate Bill Morgan recently seized the buying opportunity, purchasing additional XRP at over $0.40. Morgan hinted at further acquisitions if the price dips to $0.375, a move that instilled confidence within the XRP community.

Sponsored

Technically, the Relative Strength Index (RSI) for XRP currently sits in overbought territory on the daily charts, suggesting a potential continuation of the bullish trend. As of this writing, XRP is trading at $0.4336, reflecting a 7.79% increase in the last 24 hours. However, the token remains down 8.72% over the past week.

With a circulating supply of 56 Billion XRP, the token boasts a market capitalization of $24.1 Billion. The active trading interest is further highlighted by the 24-hour trading volume of $1.1 Billion. These metrics paint a picture of XRP’s current market position, where investors are carefully evaluating the token’s short-term prospects amidst mixed signals.

On the Flipside

  • The ongoing SEC lawsuit against Ripple Labs is a major hurdle for XRP’s widespread adoption, potentially limiting its growth.
  • XRP’s historical price movements don’t guarantee a future climb to $0.50. Market conditions can change rapidly, and unforeseen events can trigger price drops.

Why This Matters

This whale activity, coupled with an optimistic analyst outlook and renewed buying by a prominent figure, could signal a turning point for XRP. It could potentially lead to a significant price surge and renewed investor confidence that extends beyond the XRP community.

If you found this article insightful, you’ll probably like this piece on XRP’s recent price dip following Ripple’s setback in leveraging the Binance ruling:
XRP Price Dips as Ripple Loses Bid to Leverage Binance Ruling

For more on analysts’ expectations of a potential price surge for XRP, drawing comparisons to the 2017 rally, check out this article:
XRP Primed for Price Surge? Analysts See Echoes of 2017 Rally

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.