XRP has been range bound in recent days, consolidating after successfully holding strong above the necessary $2.10 support level. As one of the most prominent actors in this cycle, XRP had a big rise after the US election, capturing the attention of investors. However, recent price action has introduced uncertainty, leaving some investors concerned about the possibility of lower prices.
Related Reading
Despite these fears, on-chain data suggests a different narrative. Comments from Santiment indicate that whales have collected another 40 million XRP in the past 24 hours. This large rally indicates that Smart Money may be positioning itself for an upcoming rally. Historically, such bearish activity has preceded large price movements, providing a bullish signal for long-term holders.
XRP's ability to maintain the $2.10 support level among market fluctuations showing resilience, but the next decisive move will depend on whether bulls can get on this rallying level. If buying continues to move forward and XRP breaks out of its current range, a push towards new highs could follow.
XRP Continues to Signal Strength
XRP continues to show resilience, trading above key support levels and attracting investors who recognize its long-term potential. Despite a 30% retracement from recent highs, XRP has held its ground, maintaining critical support areas that add to a supportive outlook. This stability inspires confidence among market participants, with many seeing the altcoin as a prime contender for future growth.
Major analyst Ali Martinez recently indicated strong data from Santimentshowing that whales added another 40 million XRP to their holdings in the last 24 hours. This follows a broader trend of a consistent bullish rally, which is often considered a sign of smart money positioning for a major market move. Such activity indicates that institutional and high-net-worth investors expect XRP to outperform in the coming months.
The sustained interest in XRP stems from its ability to remain strong despite recent corrections and broader market uncertainty. Holding above key support levels not only demonstrates technical strength but also reinforces investor confidence in its potential for a major rally.
Related Reading
As the bearish rally continues and sentiment shifts, XRP is well positioned to take advantage of a positive trend. A break above resistance levels could signal the beginning of a powerful rally, confirming its leadership among altcoins in the current cycle.
Technical Analysis: Key levels to watch
XRP is currently trading at $2.22 after successfully testing the 4-hourly moving average (MA) and exponential moving average (EMA) around $1.96 a few days ago. This bounce off critical support levels highlights XRP's short-term strength, reinforcing its bullish trend. The MA and EMA are widely seen as key indicators for assessing asset health, and XRP's ability to hold above them indicates strong demand at lower levels.
Support above $2.13 is essential in the coming days to sustain this trend. If XRP continues to trade above this level, it would reinforce investor confidence and pave the way for a possible test of the $2.40 resistance mark. A break above $2.40 would likely bring additional buying interest, which could drive XRP towards new highs as broader market sentiment develops.
Related Reading
On the flip side, the loss of the $2.13 support could introduce some short-term weakness, leading to a retest of lower levels near the MA and EMA. However, as long as XRP maintains its overall structure above that moving average, the bullish statement remains intact, and the altcoin could continue to attract smart money positions for the next rally.
Featured image from Dall-E, chart from TradingView
