- XRP 20% dip hints at potential bullish reversal signals.
- Market trends suggest whales accumulate amidst price correction dynamics.
XRP has seen a notable surge, trading at $2.49, marking a 6% increase in the last 24 hours. Just hours ago, the cryptocurrency reached a five-day high of $2.53, as its trading volume also rose by 12%. In 2024, XRP has been one of the top performers, registering a 255% month gain, though it remains 34% below its all-time high.
The price movement reflects a market that is still in an upward trend. Despite the overall bullish outlook, the altcoin is currently undergoing a short-term correction, though it remains within a broader upward cycle. XRP is currently trading between its 2021 breakout point and its all-time high, with key resistance at the $3.23–$3.30 range, which coincides with the all-time high.
XRP Price Chart, Source: Sanbase
Looking ahead, there is speculation that it could reach as high as $5–$10 in the long term, but such gains are expected to materialize during the third or fifth wave of the ongoing cycle. This projection is closely tied to the ongoing trend, with market analysts monitoring any signs of upward momentum.
Analyzing XRP Bull Moves
On a technical level, XRP is facing critical support between $1.50 and $1.79. If it maintains above this range, it could continue its climb. Conversely, any significant movement below $1.50 would signal risk, potentially leading to a deeper pullback.
In addition to the technical indicators, XRP is receiving attention for its bullish chart formation. A bull flag pattern has emerged, accompanied by the TD Sequential indicator flashing a sell signal, suggesting that a correction may occur before a breakout to new highs.
As it sees growing network activity, on-chain data indicates a downtrend in the Mean Dollar Invested Age for major crypto, including XRP. This suggests that dormant wallets are becoming active again, a sign that could further fuel a continued bullish trend.
Highlighted News Of The Day
What Really Happened in the $3M Ledger Phishing Incident?
