XRP Jumps 8% as Whale Accumulation Hits Record High: What’s the Impact?

Crypto News - Posted on 15 January 2025 Reading time 5 minutes

Illustration of XRP and Whale

DIGIVESTASI - XRP Price Records an 8% Surge in the Last 24 Hours, Strengthening Its Position as the Third Largest Crypto Asset

 

The price of XRP has surged by approximately 8% in the last 24 hours, bringing its market capitalization to USD 147 billion and solidifying its position as the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). This price increase has caught the attention of traders, although technical indicators show mixed signals regarding the continuation of this momentum.

 

XRP’s RSI (Relative Strength Index) has shown significant recovery, rising to 58.9 from 41 in just one day, indicating a surge in bullish momentum. This increase reflects growing buying pressure as XRP approaches the overbought zone. It suggests that XRP is shifting from a neutral zone into a more bullish phase, with the potential for further increases if this momentum continues.

 

RSI measures the speed and magnitude of price changes. The RSI value ranges from 0 to 100, with values below 30 indicating oversold conditions and a potential price reversal, while values above 70 suggest overbought conditions and the likelihood of a correction. With XRP’s RSI at 58.9, this position remains in a moderately bullish zone, leaving room for further growth before reaching overbought levels. However, the continuation of this momentum will be a crucial factor in breaking through higher price levels, while failure to maintain this trend could lead to price consolidation.

 

Additionally, the number of XRP whales — addresses holding between 1 million and 10 million XRP — has reached an all-time high of 2,054, up from 2,004 in just the last four days. This increase in whale numbers indicates greater interest and accumulation by large market participants, often reflecting higher confidence in the long-term potential of the asset. This accumulation could also be a bullish indicator, as whales tend to have a significant influence on market sentiment and price movements due to their substantial holdings.

Source: id.beincrypto.com

What do you think about this topic? Tell us what you think. Don't forget to follow Digivestasi's Instagram, TikTok, Youtube accounts to keep you updated with the latest information about economics, finance, digital technology and digital asset investment.

 

DISCLAIMER

All information contained on our website is summarized from reliable sources and published in good faith and for the purpose of providing general information only. Any action taken by readers on information from this site is their own responsibility.