Key Takeaways
- XRP’s mid-to-large holder wallets have reached an all-time high of over 317.5K.
- Binance’s XRP reserves have continued to fall over the past week, dropping by 115 million, hinting at potential accumulation.
- Price action suggests the asset was in a downtrend, but the recent breakout of the bearish trend indicates a potential 12% rally on the horizon.
Bullish sentiment around XRP is growing, as Trump’s U-turn on the proposed 100% China tariff, combined with positive on-chain metrics, suggests the asset could rebound. Today, the on-chain analytics platform Santiment revealed that XRP’s large holder base has reached an all-time high and continues to grow, signaling increasing long-term conviction.
XRP’s On-Chain Signal Price Reversal
According to a report shared by Santiment, the number of XRP’s mid-to-large holders owning at least 10,000 XRP has reached an all-time high of 317.5k.
Meanwhile, another on-chain analytics platform, CryptoQuant, revealed that XRP’s exchange reserves on Binance have dropped notably, indicating potential accumulation. Data shows that over the past week, Binance’s XRP reserves have decreased significantly by 115 million tokens, and the decline continues.
Both on-chain metrics indicate growing investor confidence and interest in the asset, anticipating a potential price recovery that appears to have already begun.
Current Price Momentum
Today, these bullish developments have pushed XRP’s price up by 3.05%, bringing it to the $2.36 level. Despite the upward momentum, overall market participation appears to be more cautious compared to previous days, as reflected in the trading volume. Data from CoinMarketCap shows that XRP’s 24-hour trading volume has dropped by 65% to $3.50 billion.
Now, you might be wondering what’s next for XRP’s price, will the rally continue, or is it just a breakdown retest?
Also Read: Ripple CLO Slams NY Times for “Lazy and Inaccurate” Crypto Narrative
XRP Price Action: Upcoming Levels to Watch
According to TimesCrypto’s technical analysis, XRP has turned bullish and is poised for a price uptick. The four-hour chart shows that the asset has broken its bearish descending trendline and begun upward momentum, closing the four-hour candle above the trendline.
Based on the current price action, if XRP holds above the $2.287 level, it could see a 12% price increase and may reach $2.65 in the coming days. This bullish thesis will remain valid as long as XRP stays above $2.287; otherwise, it will be invalidated.
At press time, XRP’s Average Directional Index (ADX) has reached 35, above the key threshold of 25, indicating strong directional momentum for the asset.
Traders’ Strong Bullish Outlook
Looking at the current market sentiment, it appears that traders are closely following the ongoing trend.
Today, XRP’s major liquidation level on the lower side stands at $2.269, where strong interest has been recorded, while $2.407 serves as another major liquidation level on the upper side. At these levels, traders are highly leveraged, having built $66.27 million in long positions and $28.56 million in short positions.
This makes it clear that not only long-term holders and whales are bullish, but intraday traders share the same outlook, hinting at a potential price rebound.
