XRP Breaks Key Resistance Level, Soars 10.5% in 24 Hours! Has a New Bull Market Started?
1. Decrease in Exchange Reserves and Whale Accumulation Trend
Cryptocurrency analyst Steph pointed out that large XRP holders are transferring tokens from exchanges to cold storage, resulting in a sharp decline in XRP reserves on Binance. This phenomenon of 'weak hands' selling and 'whales' accumulating historically often signals tightening supply and potential upward price pressure. Although the total supply of XRP remains close to 100 billion, the reduction in circulating supply on exchanges may exacerbate liquidity shortage risks.
2. Network Activity Hits All-Time High
The number of active addresses on the XRP network surged by 620% in just one week, climbing from 74,589 to 462,650, with the total number of accounts increasing by 24% to 6.2 million. This data resonates with the upgrade of XRPL ledger technology and the expansion of ecosystem applications (such as Brazil's first XRP spot ETF approval), driving market sentiment towards positivity.
3. Price Breakthrough and Market Outlook
The current XRP price has broken the key resistance level of $2.50, with a 24-hour increase of 10.5% and trading volume exceeding $8.18 billion. Technical indicators suggest that if the price stabilizes above the support level of $2.42, it could replicate the 2500% surge of 2017, with target prices ranging from $27 to $33. However, caution is needed for short-term pullback risks, as a drop below $2.07 could lead to a dip towards $1.50. Progress on ETF approvals (with a 72% probability of SEC review passing) and improvements in the regulatory environment (Brazil ETF approval) provide support for medium to long-term upward trends.
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