XRP has kicked off the new year with impressive gains, soaring 10% within a 24-hour period. This surge comes in the wake of a substantial accumulation of 350 million XRP over the past two days, pointing to a possibly sustained bullish trajectory for the cryptocurrency.
On December 31, 2024, XRP was valued at $2.12. The price has since climbed to $2.36, making it the most significant winner among the top 10 cryptocurrencies. BeInCrypto's analysis attributes this rise to significant XRP accumulation.
Data from Santiment highlights that wallet addresses holding between 100 million and 1 billion XRP increased their holdings from 9.36 billion to 9.71 billion tokens — a hefty acquisition valued at $826 million.
Such large-scale purchases typically denote strong buying interest, suggesting that if this trend persists, XRP's price might continue its upward march.
Beyond the buying pressure, on-chain insights reveal that XRP's social dominance has significantly increased. Social dominance measures the extent of market attention directed at a cryptocurrency. An increase suggests that XRP is currently capturing more discussions compared to its peers in the top 100. As of now, XRP's social dominance stands at 5.61%. Sustained interest could drive further demand, potentially pushing the price above $3 in January.
Closing the year above $2, XRP's daily chart shows the formation of a bull flag. This pattern, resembling a flag on a pole, is a positive signal in market analysis. It usually appears after a strong upward trend and a brief consolidation, often leading to another sharp rise as investors expect continued uptrends.
Notably, XRP's price has surpassed the flag, indicating potential further increases to $3.25.
If XRP continues to be accumulated in large volumes, the price outlook remains favorable. Conversely, substantial selling pressure might alter this trend, potentially pushing the price down to $1.80.
The recent surge and accumulated interest suggest a promising start to 2025 for XRP. Investors are closely watching the evolving patterns to discern the next moves in the cryptocurrency market. As these dynamics play out, market observers remain optimistic about XRP's trajectory.