XRP is showing signs of a new strong push after a tough time of selling off in July and early August. The traders are getting ready for what could be a significant breakout, and the chances of a rally toward the coveted $1 mark are becoming clearer.
Major cryptocurrencies like Bitcoin and Ethereum are having a difficult time holding on to their recent gains. However, XRP, the cross-border transfer token, is becoming a standout among altcoins like Dogecoin (DOGE), TRON (TRX), and Avalanche (AVAX).
XRP’s price is currently aiming for a new recovery phase above $0.6. This is because investors are becoming more interested, and technical signs are showing that the price is stable.
XRP Whales Increasing
Large holders, often referred to as “whales,” have been increasing their Ripple holdings, according to recent data from Santiment. Addresses with 10,000 to 100,000 Ripple now make up 11.32% of the network’s supply, up from 11.25% at the beginning of the month.
Also, people who owned between 1 million and 10 million XRP took advantage of the drop in price to $0.42, which increased the total amount they owned by 6.3%.The derivatives market also reflects this rising interest. The open interest in XRP futures rose by 3.43% to $671 million, and trade volume rose by 30% to $2.14 billion.
Also, there was a 36% rise in open interest in the options market, which added up to $648 million. These signs show that investors are becoming more confident in XRP, and many are predicting that it will continue to go up.Even though the view is positive, XRP is meeting some resistance.
The token tried to break through the $0.62 resistance level earlier today but failed. This caused a small drop as it searched for support above the 20-day Exponential Moving Average (EMA). Ripple was trading at $0.5971 at the time of the study, which suggests that it could break out above the $0.6 level.
Technical signs, like the SuperTrend, have turned around, which could mean that the bullish trend will change. People who trade think this is a good time to buy because they believe the upswing will pick up speed soon. Breaking the resistance at $0.6 could lead to further gains. For many in the market, $1 is still the final goal.
But Ripple will stay in the hands of sellers until it breaks through the $0.6 barrier. As long as the $0.55 support level stays in place, people are likely to wait before trying again for $1.
