After the sharp decline in the cryptocurrency market, all eyes are on the $XRP price prediction for February 4
XRP surges 55%, recoups recent decline
According to available data, XRP, which saw a massive price drop of 35% in the past 40 hours, has seen a significant increase of over 55% and has formed one of the largest bullish candles in the past two years.
Looking at the price reversal, XRP looks bullish. Moreover, this rally doesn’t seem to be going anywhere easily, as crypto-friendly US President Donald Trump has halted tariffs on Mexico, which he previously announced on his X account.
Following the update, the cryptocurrency market in general has started to recover, including Bitcoin, which has seen a price reversal of over 12% in the past 12 hours, along with other cryptocurrencies.
$80 Million in XRP Inflow
Amid this record price reversal, long-term holders, investors, and whales who recently bought the dip have been selling their tokens on exchanges, on-chain analytics firm Coinglass reported.
Cryptocurrency flow/inflow data shows that exchanges have seen over $80 million inflow of XRP in the past 24 hours. This massive inflow amidst this record reversal appears to be a potential profit-taking sell-off that could lead to selling pressure and further price declines.
Source: Coinglass XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP is looking bullish and appears to be forming a large bullish hammer candle. For the rally to continue, XRP needs to close above $2.70 or $2.65. If that happens, a new all-time high could be on the horizon.
Source: Trading View
If that happens, there is a strong possibility that we could see a new record high for XRP. On the positive side, with the Relative Strength Index (RSI) at 44, it looks like XRP has plenty of room to see another rally.