Increased Demand Propels XRP Toward $2.50; Stalwart Long-Term Holders Maintain Their Positions
Rollercoaster XRP Rally: The Journey to $2.50?
XRP is on a roll, boasting a whopping 10% surge in its value over the past week, soaring past the $2.28 mark. The lingering scent of a revitalized market has lured in XRP traders and urged long-term holders to loosen their grip on the sell button.
XRP's Soaring Popularity
The recent price thrust in XRP can be attributed to a staggering increase in newly minted wallets dedicated to XRP. In fact, Glassnode data reveals a two-week peak of 3,677 fresh wallets on April 28, a clear indication of fresh influxes of greenbacks. As newbies storm the market, they can provide a veritable army to bolster XRP's rally and sustain its price stability.
Resilient XRP Whales: Holding the Line
Remarkably, long-term XRP holders (LTHs) have deferred from jettisoning their tokens in the past week. This shift in behavior is palpable in the falling Liveliness metric, a statistic that gauges the movement of older coins. At present, this indicator stands at 0.81, a level not seen since December's winter solstice. Typically, a slumping Liveliness signal suggests whales are holding strong and keeping selling pressure at bay, implying investor confidence and the potential for continued exponential price growth.
Bullish Outlook: Breaking the $2.50 Barrier
A closer look at XRP's daily chart reveals an accelerating Relative Strength Index (RSI), coinciding with the rise in XRP's price. Presently, the RSI is hovering at 60.10, maintaining its ascending trend.
The RSI measures an asset's overbought and oversold conditions, oscillating between 0 and 100. Sitting at 60.10, XRP's buying appetite clearly overpowers selling pressure. If this momentum persists, and XRP's price finally punches through the resistance at $2.29, it could spearhead a charge toward the elusive $2.50 mark.
On the flip side, if the selling wave resumes, XRP could temporarily abandon its gains and nosedive to $1.99.
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With the new wallets dedicated to XRP skyrocketing, a fresh influx of funds is undeniably bolstering the digital asset's market presence.The resilience of long-term XRP holders, reflected in the falling Liveliness metric, implies that whales are strengthening their grip and restraining selling pressure, signaling investor confidence.As the Relative Strength Index (RSI) ascends alongside XRP's price, the buying appetite exceeds selling pressure, hinting at a potential breakthrough of the $2.29 resistance and a charging towards the $2.50 mark.On the other hand, a reversal of the current trend could cause XRP to temporarily forfeit its gains and fall to $1.99.Investors eager for an adrenaline-pumping experience can explore platforms like eToro, YouHodler, Wirex, NEXO, and MEXC that offer cryptocurrency trading, lending, and unique crypto-backed loans.Although this analysis provides insight into XRP's price movements, readers are encouraged to exercise caution, verify sources, and consult with a financial advisor before making any investment decisions, as market conditions may fluctuate unpredictably.
