XRP gained traction as whales added 70 million of the tokens over the past week, suggesting a bullish outlook despite ongoing consolidation below key resistance levels.
The XRP Ledger reached a milestone with over 8 million activated accounts, indicating a steady pace of network adoption. Notably, large holders continued investing, perceiving current prices as attractive.
Rather than selling off holdings after previous surges, these whales absorbed available supply, reflecting growing confidence. The overall ecosystem of the XRP Ledger has seen increased activity across various domains including payments and DeFi.
In derivatives trading, a bullish sentiment persisted, even without a definitive breakout. Data from Binance showed that 77.21% of top trader accounts favored long positions, leading to a Long/Short Ratio of 3.39. Traders maintained their long positions without aggressively seeking use while XRP hovered below resistance, indicating expectations of price movements rather than immediate rallies.
Currently trading near $1.10 after recovering from a support zone at $1.05, XRP needs to breach the $1.20 level to bolster a more optimistic technical outlook. Recent forecasts suggested potential year-end prices ranging from $1.50 to as high as $4.50, contingent on market catalysts.
The Liquidation Heatmap highlighted significant liquidity clusters above the current price, especially concentrated around $1.12, which could serve as crucial levels if a recovery extends.
This article is for informational purposes only and does not constitute financial advice.
