XRP Surges 14% Following Whale Accumulation During Price Dip
XRP has recovered from a dip to $2.75, rising to $3.12 in 24 hours, marking a 14% increase. Key developments include:
- Whales accumulated approximately 120 million XRP during the price dip.
- Trading volume increased by 50%, indicating heightened market interest.
- Market capitalization exceeded $179 billion, an 11% rise in one day.
- Ripple acquired money transmitter licenses in New York and Texas, enhancing its cross-border payment capabilities.
Technical Analysis
- Bollinger Bands are expanding, signaling a potential breakout.
- Relative Strength Index (RSI) at 61 indicates bullish momentum.
- XRP's recent bounce from Fibonacci retracement levels suggests further upside potential, with a target of $4.26 if it breaks key resistance.
- Strong support level identified at $2.82.
Regulatory Progress
Ripple's regulatory advancements contribute to long-term growth. The RLUSD stablecoin will be integrated into Ripple Payments later this year. Market optimism is bolstered by speculation of favorable regulatory conditions under a potential crypto-friendly administration.
XRP's annual surge is 500%, maintaining its position as a significant asset to monitor.
