XRP Defies Market Trends with Impressive Spike
In a surprising turn of events, XRP has experienced a significant surge of 6% in less than three hours, while the rest of the market, including Bitcoin (BTC), is facing a downturn.
Bitcoin’s recent rebound led to substantial gains for most cryptocurrencies, as it successfully reclaimed the $72,000 territory and aimed for $72,797. However, this rally faced strong resistance at the $72,797 level, resulting in a continuous decline for Bitcoin. This decline, marked by five consecutive losing candlesticks on the 4-hour timeframe, hasn’t been seen since February.
As a result, Bitcoin fell below the $70,000 threshold, experiencing a 2.15% decline in the last 24 hours. The broader market also felt the impact, with Solana (SOL) witnessing a 3.5% decline and Ethereum (ETH) only slightly down by 0.34%. The global crypto market cap also dropped by 1.4%.
Surprisingly, XRP is defying the market trend and currently undergoing an uptrend. Today, XRP surged from $0.6074 to a high of $0.6431, representing its highest price this month. This impressive rally translated to a 5.88% increase in less than three hours.
The surge in XRP’s price has resulted in significant liquidations for short traders. According to Coinglass data, over $975K in short liquidations were recorded in the last 24 hours, with $501K, accounting for 51% of the total, being liquidated in the past four hours alone.
Despite facing resistance at the $0.6431 high, XRP has managed to maintain a 4.3% gain over the last 24 hours, trading at $0.6346 while the rest of the market is in decline. Interestingly, XRP has also witnessed a surge in trade volume during this timeframe.
This sudden increase in volume could indicate a massive accumulation trend by large whales, potentially driving the recent price rally. CoinMarketCap data shows that XRP’s volume has spiked by 52% in 24 hours, reaching $2.4 billion, the highest volume since March 21.
XRP now holds the sixth-largest trade volume in the market. Some speculate that insider whales may be accumulating XRP tokens in anticipation of a bullish announcement. Market intelligence platform Santiment’s data supports this theory, revealing that shark and whale addresses have been accumulating more XRP tokens. Addresses holding between 100,000 and 100 million XRP have been steadily increasing their balances since the beginning of the month.
These addresses now collectively hold 16.72 billion XRP, which represents 30% of the circulating supply. Notably, investors with 10 million to 100 million XRP have purchased over 280 million XRP tokens since April 4, resulting in their largest holding of 6.44 billion XRP.
It is important to note that this article provides information and should not be considered financial advice. The views expressed here are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.