XRP has experienced a notable resurgence, climbing approximately 8% in the past 24 hours, thereby boosting its market capitalization to $147 billion. This rally has reinforced its standing as the third-largest cryptocurrency, trailing only Bitcoin (BTC) and Ethereum (ETH). Despite the upturn, technical indicators present mixed signals, casting uncertainty on the continuation of this upward momentum.
Analysts are now closely observing XRP’s relative strength index (RSI), which shows a rise in bullish momentum alongside unprecedented whale activity.
However, critical resistance and support zones may significantly influence whether XRP can sustain its current trajectory and test new heights or risk a retreat to vital support levels.
XRP's RSI has moved sharply upward from 41 to 58.9 in a single day, signaling an upswing in buying pressure. This increase suggests XRP is moving away from a neutral stance toward a more bullish phase, with potential for additional price advances if the momentum perseveres.
The RSI, or Relative Strength Index, serves as a gauge of price change speed and magnitude on a scale of 0 to 100. Readings below 30 often indicate oversold conditions, while those above 70 suggest overbought levels. XRP's RSI at 58.9 places it in a moderately bullish category, indicating further room for growth unless momentum diminishes, which could lead to consolidation.
The count of XRP whales—wallets holding between 1 million and 10 million XRP—has surged to a record high of 2,054, up from 2,004 in merely four days. This increase underscores growing interest among significant market players, potentially boosting confidence in XRP’s prospects.
Whale activity significantly influences liquidity and price trends, and their growing numbers indicate rising demand and long-term confidence in XRP. Such accumulation suggests foundational support, yet vigilance is advised, as whale sell-offs can exert negative pressure on market dynamics.
The alignment of XRP’s exponential moving average (EMA) lines suggests a bullish outlook, with short-term EMAs surpassing long-term ones. If XRP can overcome resistance at $2.6, it stands to achieve further price gains, with $2.72 as the subsequent target.
Conversely, if momentum wanes, a retracement to the $2.35 support level could occur. Failure to uphold this support may lead to additional declines, with $2.2 as the next key defense, potentially plummeting to $1.99, marking a serious market sentiment shift and deeper price correction.