XRP Defies Market Trends, Surging 6% in Less than Three Hours
In a surprising turn of events, XRP has experienced a significant spike of 6% within a short time frame, while the rest of the market, including Bitcoin (BTC), is facing a downtrend.
Recently, the broader cryptocurrency market has made a comeback against the bearish trend, led by Bitcoin. This rebound resulted in substantial gains for most crypto assets, with BTC reclaiming the $72,000 level and reaching $72,797.
However, the BTC rebound encountered strong resistance at the $72,797 zone, leading to a continuous decline. This decline has caused Bitcoin to record five consecutive losing candlesticks on the 4-hour timeframe, a situation not seen since February.
As a result, Bitcoin has dropped below the $70,000 threshold, experiencing a 2.15% decline in the last 24 hours. Alongside this bearish trend, other cryptocurrencies have also experienced drops, with Solana (SOL) seeing a 3.5% decline and Ethereum (ETH) experiencing a mere 0.34% decline. The global crypto market cap has also decreased by 1.4%.
In contrast, XRP is currently defying the market trend and showing an uptrend. Interestingly, XRP has surged from $0.6074 earlier today to a high of $0.6431, marking its highest price this month. This represents a 5.88% rally in less than three hours.
The uptrend in XRP has led to a mass liquidation of short trades in the past few hours, with over $975,000 in short liquidations recorded in the last 24 hours. Notably, $501,000, which accounts for 51% of the total figure, was liquidated in the past four hours alone.
Despite facing resistance at the $0.6431 high, XRP has maintained a 4.3% gain in the last 24 hours, trading at $0.6346, while the rest of the market is experiencing a downtrend. Impressively, data indicates that XRP has also witnessed a significant increase in trade volume during this timeframe.
The surging volume in XRP could indicate a substantial accumulation trend by large whales, potentially driving the recent price rally. CoinMarketCap data shows that XRP’s volume has increased by 52% in the last 24 hours, reaching $2.4 billion, the highest volume since March 21.
Currently, XRP holds the sixth-largest trade volume in the entire market. It has been suggested that insider whales may be accumulating XRP tokens in anticipation of a bullish announcement.
Data from market intelligence platform Santiment confirms that shark and whale addresses have been accumulating XRP tokens. Addresses holding between 100,000 and 100 million XRP have been increasing their balances since the beginning of the month.
These addresses now collectively hold 16.72 billion XRP, which accounts for 30% of the circulating supply. The largest accumulation has been observed among investors holding 10 million to 100 million XRP, who have purchased over 280 million XRP tokens since April 4. They now hold a total of 6.44 billion XRP, their largest holding to date.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses.