- XRP’s RSI has been in the overbought zone for the past seven days.
- The price remained above $1.
Ripple’s native token XRP is hitting new highs, with its price action reflecting strong bullish momentum.
Recent whale accumulation, coupled with robust technical indicators on the daily chart, signaled a sustained upward move.
XRP rockets with wbreathing activity
Recent data from Santiment has highlighted a significant increase in whale accumulation within the XRP ecosystem.
Large wallets holding between 1,000,000 and 10,000,000 XRP have steadily increased their holdings, and smaller investors, with holdings between 10,000 and 100,000, have followed suit.
This synchronized accumulation trend highlighted the market’s growing confidence in the coins’ long-term potential.
Source: Santiment
The influx of whale activity directly translated into a surge in XRP prices.
The token was trading at $1.15 at press time, up significantly in recent sessions, with increased on-chain activity suggesting strong institutional interest.
Such behavior often precedes substantial price increases, thereby reinforcing XRP’s bullish outlook.
Bullish signals abound
The daily chart of XRP revealed bullish technical indicators supporting its upward trajectory. The price decisively broke key resistance levels.
At press time, it was trading well above the Ichimoku cloud, a sign of sustained bullish momentum. The upward slope of the cloud has further strengthened the strength of the ongoing rally.
A golden crossover between the 50-day and 200-day SMAs was imminent – a historically bullish signal that suggests further upside potential.
The MACD indicator on the daily chart continued to grow into positive territory, with the MACD line significantly above the signal line, indicating strong bullish momentum.
Source: TradingView
Meanwhile, the RSI was at 85.61 at press time, firmly in overbought territory.
While this signals strong buying pressure, it also warrants caution as overbought conditions can sometimes precede short-term pullbacks. Nevertheless, the general trend remains resolutely upward.
Key levels to watch
XRP’s next immediate resistance lies at $1.20, a critical psychological and technical level. Breaking above this threshold could pave the way for a rally towards $1.50, where profit-taking could intensify.
On the downside, $1.00 served as strong support, reinforced by the 50-day moving average.
Additionally, the trading volume, which has increased significantly, indicates strong market participation.
This increase in volume aligns with positive market sentiment overall, suggesting that XRP’s rally has been supported by genuine buying interest rather than speculative hype.
Read Ripple (XRP) Price Prediction 2024-25
XRP’s rally showcases the token’s growing market strength, bolstered by whale accumulation and compelling technical patterns.
Although short-term corrections are possible, given the overbought RSI, the overall trend remains firmly up, showing that XRP rockets are still firing.
