XRP Market Sees $782 Million in Whale Transactions and $7.3 Billion Volume
The XRP market has gained momentum with two significant whale transactions totaling 370 million tokens and increased on-chain activity on the XRP Ledger.
- Over one million on-chain transactions were recorded in the first week of May, mainly driven by payment activity.
- XRP is trading at $2.60, up 10.45% in 24 hours, with a trading volume of $7.3 billion, a 61.47% increase.
- On May 12, Whale Alert reported two large transfers: 70 million XRP from an unknown wallet and 300 million XRP from a Ripple-controlled wallet.
- Market speculation suggests these transactions may relate to Ripple's treasury rebalancing or potential institutional partnerships.
Technical Indicators
- XRP aims to surpass the 0.786 Fibonacci retracement level at $2.66.
- The next target is around $3.29 based on Fibonacci extension levels, near the previous high of $2.83.
- The MACD indicator shows bullish momentum as the MACD line trends upwards.
- The RSI is at 69.4, approaching overbought territory, indicating strong buying pressure but caution is advised.
Accumulation Trends
- The Accumulation/Distribution line indicates steady accumulation at 74.2 billion, despite price volatility.
- The Balance of Power (BoP) indicator is at 0.73, suggesting buyers dominate the market.
- A high BoP reading historically precedes sustained price moves, supporting the potential for XRP to challenge resistance levels near $2.83 and reach $3.29.