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The renewed investor enthusiasm and strong market dynamics. This rapid rally has reignited discussions about XRP’s potential as one of the most notable players in the crypto market.
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Key data from blockchain analytics firm Santiment highlights a significant accumulation trend among large holders. In three weeks, wallets containing 1 to 10 million XRP accumulated 679.1 million tokens, the equivalent of $1.66 billion. This aggressive accumulation highlights the growing confidence in XRP’s prospects, especially as the broader market displays bullish sentiment.
Analysts suggest that the coming weeks could bring further gains to XRP and the broader crypto market, driven by increased interest and strong demand. As XRP tests these new highs, the focus will be on its ability to maintain this momentum and break through psychological resistance levels.
With market dynamics favoring a bullish outlook, XRP’s performance could set the tone for altcoins entering the next phase of this market cycle. Investors are now carefully watching the trajectory of XRP as it passes through this critical period.
XRP extends record rally
XRP’s remarkable bullish trend shows no signs of slowing down, with the asset surging 30% in less than 24 hours, decisively surpassing the $2 mark. After a brief consolidation below $2, this rally pushed XRP to an impressive $2.49, a level not seen since January 8, 2018.
Recent data from Santiment’s blockchain reveals the underlying force driving this surge. Top accumulation trends show that wallets holding 1-10 million XRP have collectively added 679.1 million tokens to their holdings in just three weeks.
This translates to a staggering $1.66 billion, a sign of renewed confidence among large holders. Additionally, the total number of non-empty XRP wallets reached a historic milestone, surpassing 5.5 million for the first time in the cryptocurrency’s 8-year history.
The convergence of these bullish metrics confirms that demand for XRP is intensifying, fueling its record rally. Analysts and investors are watching closely, noting that the continued expansion of wallet activity and accumulation patterns strongly supports XRP’s bullish momentum.
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As XRP capitalizes on these uptrends, its ability to maintain and grow this momentum will be crucial. If accumulation and wallet growth persists at this rate, XRP could redefine its position in the crypto market, setting new benchmarks for its next stage.
XRP price holds steady at $2.30
XRP is trading at $2.30, consolidating after a remarkable rally that saw it hit $2.50, closing in on its all-time high. This is an extraordinary performance, with XRP having made significant gains over the past month as it revisits price levels last seen in 2018.
The bullish momentum remains intact and traders are closely watching the $2.30 level as key support. If XRP sustains above this level in the coming hours, a break beyond $2.50 looks increasingly likely, paving the way for the asset to test even higher resistance levels .
However, failure to hold the $2.30 support could result in a short-term pullback, with the price likely finding demand at $2.08. This critical level could serve as a basis for further consolidation before XRP attempts another upward push.
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As market participants continue to monitor XRP’s price action, its ability to maintain these levels will determine the trajectory of its next move. As bullish sentiment continues to drive demand, the next few hours will be crucial for XRP to consolidate its position above $2.30 and aim for new milestones beyond $2.50.
Featured image of Dall-E, chart by TradingView
