Background Information: Ripple recently executed synchronized transfer operations involving 1.0 billion $XRP, of which 500 million $XRP were locked back in custody accounts, and the other 500 million $XRP came from unknown wallets. These operations, with a total value exceeding 1.1 billion USD, demonstrate a strategic internal restructuring within Ripple that could impact market liquidity.
Key Events:
- $XRP is currently trading at approximately 2.20 USD, with a daily increase of 0.25%.
- USD reserves on exchanges reached 6.10 billion USD, an increase of 1.22% compared to the previous period, indicating a rise in $XRP holdings on exchanges, which could pose short-term volatility risks.
- The NVT ratio fell by 56.67% to 78.90, indicating that the transaction volume of $XRP is growing faster than the market capitalization, reflecting a possible undervaluation and an increase in network activity.
- Settlement data shows dominance of long positions, with liquidations of long positions far exceeding shorts, suggesting a generally bullish market but also the risk of a correction.
- The Binance heatmap indicates the range of 2.25 to 2.33 USD as the main resistance zone; the price must exceed this range to achieve greater gains.
- The MACD technical indicator has formed a bullish crossover, and the price structure shows higher highs, supporting an upward trend.
Potential Impact:
These indicators and market structures collectively support the view of an imminent breakout for XRP. If the price manages to exceed the threshold of 2.40 USD, it could propel $XRP towards the target of 3.00 USD. Large-scale transfer activities in custody accounts and wallets, along with market undervaluation and positive technical factors, may attract greater institutional and investor attention, promoting price increases.
