The XRP market ($XRP ) presents an interesting scenario, with the cryptocurrency experiencing a sustained spot premium phase. This phenomenon indicates that the spot price of XRP is being traded at levels higher than its perpetual futures contracts.
This dynamic suggests a real demand from buyers, in contrast to speculative movements based on futures trading. Historically, the most significant price spikes of XRP since 2020 were driven by the futures market, which sometimes led to abrupt corrections due to excessive speculation.
The current spot premium, therefore, signals a more solid support base for a potential appreciation of the asset, driven by investors with a genuine interest in the cryptocurrency.
Increase in holders and optimism in the market
Data from Glassnode corroborate this view, revealing a steady growth in the number of XRP addresses holding at least 10,000 tokens since the end of November 2024. Even in the face of a 35% price retracement between January and April, the number of large holders continued to increase.
This accumulation by larger investors, often considered more patient and strategic, suggests an expectation of future gains. This optimism is partly fueled by the possibility of approval for an XRP ETF (Exchange Traded Fund) in the United States.
Moreover, the decision by the U.S. Securities and Exchange Commission (SEC) to abandon the lawsuit against Ripple, the company behind XRP, also contributed to a positive sentiment in the market.
Technical analysis and potential price scenarios
From a technical analysis perspective, the price of XRP is in a consolidation period within a descending wedge pattern on the weekly chart. This pattern is often interpreted as a bullish reversal signal.
A confirmation of this upward trend would occur with a clear movement above the upper resistance line of the wedge, located near $2.52. If XRP can break this level, the projection based on the chart pattern points to a potential rally towards $3.78 by June, representing an estimated appreciation of 70% from current prices.
On the other hand, if XRP fails to surpass the resistance at $2.52, the price may retreat towards the lower trend line of the wedge, with the peak of the pattern, around $1.81, acting as a critical support point. A loss of this level could invalidate the bullish outlook in the short term.
It is important to emphasize that the analyses and projections presented do not constitute investment recommendations. Readers are advised to conduct their own research and assessments before making any decisions in the cryptocurrency market, considering the inherent risks of this asset class.
Sources: Cointelegraph, Investing.com, Reuters, Mercado Bitcoin.
Image reproduction: ADVFN
Note
It is essential to highlight that the analyses and projections presented do not constitute investment recommendations.
Readers should conduct their own research and assessments before making any decisions in the cryptocurrency market, considering the inherent risks of this asset class.
Investing cautiously is essential, using only capital that can be risked. For safe trading, it is recommended to consult regulated exchanges, such as Mercado Bitcoin.
The information provided in this article is general in nature and should not be interpreted as financial, legal, or professional advice.
Before making any decisions, it is crucial to act prudently and seek advice from qualified experts.
The cryptocurrency market is highly volatile and involves significant risks, requiring heightened attention from investors.
