- XRP whales, over the last 24 hours, noted the highest transactions since May 2022.
- The 25% single-day increase on March 23 triggered the most interest noted at the hands of investors since Ripple’s inception.
- XRP price is noting extreme bullishness, which could push the cryptocurrency upwards until the market overheats.
XRP price took the entire crypto market by surprise after the massive spike observed on March 19. The single-day increase was the biggest rise noted by the altcoin since September 2022, which set investors scrambling as they tried to make the most of it.
XRP whales jump back in
XRP whales interestingly moved against the set trend, where their movement is usually considered to be an indication of an incoming potential rally or crash. However, in the case of Ripple, the whales reacted nearly 72 hours after the 25% increase of March 19. The addresses conducting transactions worth more than $100,000 and $1 million shot up in the day, reaching nearly a ten-month high.
XRP whale activity
In the same duration, the number of new addresses on the Ripple network also increased. The network growth is an indicator highlighting the rate of adoption of assets and the pace at which new addresses are created. Rising to a three-month high, the indicator suggested XRP holders are expecting a bullish momentum going forward.
XRP network growth
Surprisingly, the current investors did not seem as eager as they were on the day of the rally. On March 19, the network observed the presence of more investors than ever before as active addresses in the 24-hour span shot up to nearly 872,000 against the average of 23,000.
This was the effect of the rally as most of the XRP holders jumped to trade the asset and churn profits. Their figures have since come back down to an average of 20,000 to 40,000.
XRP active addresses
All in all, this highlights that XRP whales and the Ripple community are both pining for a rally ahead.
XRP price could meet expectations to rise
At the time of writing, the cryptocurrency could be seen trading at $0.441.If the anticipation plays out in favor of the XRP price, it could be looking at a potential 20% rally. In support of this thesis, the price indicators highlight a bullish narrative.
The Moving Average Convergence Divergence (MACD) noted a bullish crossover a week ago, and the histogram continues to print green bars. This development backs a continued price rise in the case of XRP.
However, the Relative Strength Index (RSI) is nearing the overbought zone above 70.0, which would signal that the market is overheating and would need to cool down soon. Such instances are generally followed by a price correction.
XRP/USD 1-day chart
However, if XRP price bears the overheating and pushes through to breach the resistance at $0.475, it would be on its way to tagging the critical resistance at $0.506. Flipping it into support would push the altcoin to the October 2022 highs at $0.531 and mark a 20% rally.
But if the price corrects and the cryptocurrency falls through the support level at $0.417, it would end up falling to the critical support level at $0.387. Losing this support would invalidate the bullish thesis and trigger a decline to year-to-date lows of $0.330.
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