XRP experienced a notable increase of 6% as the market rebounded, leading to a rise in the number of addresses holding at least 1 million tokens, which is approaching a record high.
The recent recovery of the broader market has created an opportunity for various assets to make a comeback. XRP is one such asset, as it has successfully bounced back from a drop to $0.4235. In its effort to recoup its recent losses, XRP rallied to a high of $0.5303 on April 20, the day of the Bitcoin halving, before entering a period of consolidation.
However, after a slight drop of 0.91% the following day, XRP experienced a second round of gains, reaching a 10-day peak above $0.57 yesterday. This bullish push by XRP outperformed most mainstream altcoins on a short-term basis, as confirmed by crypto behavior analytics resource Santiment.
It is worth noting that the pump to $0.5714 yesterday represented a significant 9% surge from its opening price. However, this price point served as a crucial resistance level for XRP, acting as its 50-day exponential moving average (EMA). As a result, XRP faced a significant drop after retesting this level.
The bears took control, leading to eight consecutive losing candlesticks on the hourly timeframe, causing XRP to drop to $0.5455. Despite this setback, XRP closed yesterday with a 6% increase and remained above the psychological level of $0.54, which aligns with the Fibonacci support at the 0.382 level.
XRP is now aiming for the next market pump to surpass the 50-day EMA. If it manages to breach this level, the next resistance level at Fib. 0.5, currently at $0.5833, will become its target. This price range represents a crucial roadblock for XRP in its quest to recover the psychological threshold of $0.60.
In addition to the anticipated market pump, XRP can also draw strength from its unique fundamentals and increased interest. Santiment has confirmed that the number of wallets holding at least 1 million XRP ($550K+ based on current rates) has been steadily increasing since early March, when XRP reached a yearly peak of $0.7449.
Interestingly, despite the drop in XRP’s price, which mirrors the overall market trend, these wallets have continued to rise, showcasing the resilience of investors and a significant accumulation trend. According to Santiment, the number of wallets recently reached 2,013, with just one wallet away from surpassing the record high of 2,014 observed last June. However, there has been a slight decline in these wallets since the Santiment disclosure, with the latest data indicating a decrease to 2,005.
This decline primarily comes from a drop in wallets holding between 1 million and 10 million XRP, which recently fell to 1,565. Additionally, the number of wallets holding between 100 million and 1 billion XRP has also decreased to 35. On the other hand, there are 246 wallets holding between 10 million and 100 million XRP, and 159 wallets possessing 1 billion tokens or more.
Currently, XRP is being traded at $0.5507, with a significant 47% increase in trading volume, reaching $1,601,589,159 in the last 24 hours. As the SEC vs. Ripple lawsuit nears its end, with Ripple filing its reply brief to the SEC’s remedies demand, XRP may benefit from the clarity provided by the legal proceedings and embark on a unique price run.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses that may occur.
