- XRP’s price stands at $0.6454, just above the 50% Fibonacci retracement level, suggesting key support at $0.6048.
- In five weeks, XRP wallets holding at least 10K coins surged to 279,400, marking a six-month high and hinting at bullish sentiment.
- XRP’s 24-hour price surged by 7.98%, reaching $0.65, with trading volume spiking 155.88% to $2.95 billion, indicating strong market activity.
XRP has been consolidating within a symmetrical triangle for six years, according to crypto analyst @ali_charts. This prolonged consolidation hints at a possible breakout, with a bullish surge likely if XRP surpasses $0.90.
Symmetrical Triangle Pattern and Fibonacci Levels
The symmetrical triangle, characterized by converging trend lines, indicates a period of consolidation that often precedes a significant breakout. The chart includes key Fibonacci retracement levels at 23.6% (1.4856), 38.2% (0.9038), 50% (0.6048), 61.8% (0.4048), 78.6% (0.2285), and 100% (0.1103). These levels help identify potential support and resistance points.
Source: Ali Martinez on X
Currently, XRP’s price stands at $0.6454, just above the 50% Fibonacci retracement level of $0.6048. This suggests that 0.6048 is acting as a support level. The price history reveals notable movements dating back to 2018, with a major peak followed by a prolonged downtrend.
Now, the price consolidates within the symmetrical triangle, indicating reduced volatility and a potential for a future breakout. A bullish scenario could see a breakout above the upper trend line, with resistance at 0.9038, while a bearish breakout might find support around 0.4048.
Recent 24-Hour Price Movement
Over the past 24 hours, XRP experienced significant volatility. The price began at approximately $0.5977 and saw a sharp early increase, pushing it to a peak of around $0.65.
At press time, XRP was trading at $0.6454, up by 7.98% in the last 24 hours. This upward trend has been accompanied by substantial trading volume, with a 155.88% increase to $2.95 billion.
Source: CoinMarketCap
The overall trend for XRP in the past 24 hours has been bullish, with the price rising from about $0.5977 to $0.65. Despite multiple peaks and troughs, the upward movement has been maintained, indicating a positive market sentiment.
On-Chain Data and Wallet Analysis
On-chain data from Santiment highlights a notable increase in the number of wallets holding at least 10,000 XRP. In the past five weeks, 2,389 accounts entered the shark category, bringing the total to 279,400, a six-month high. This surge in large XRP holders coincides with XRP gradually decoupling from Bitcoin and the broader crypto market.
Additionally, wallets holding more than 100,000 XRP have also grown. This accumulation by large entities suggests a strong confidence in XRP’s future potential. The correlation between these wallets and XRP’s market value has been undeniable throughout 2024, pointing to an accelerated accumulation pace by these large entities.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
