XRP experienced a significant surge of 6% as the market rebounded, bringing the number of addresses holding at least 1 million tokens close to a record high.
The overall market recovery has created an opportunity for various assets to make a comeback, and XRP is no exception. After a drop to $0.4235, XRP managed to recover and reached a high of $0.5303 on April 20, the day of the Bitcoin halving. However, it faced consolidation after this rally.
Despite a 0.91% drop the following day, XRP saw another round of gains and reached a 10-day peak above $0.57 yesterday. Santiment, a crypto behavior analytics resource, confirmed that XRP had outperformed most mainstream altcoins in the short term.
Interestingly, XRP’s surge to $0.5714 yesterday represented a remarkable 9% increase from its opening price. However, this price point also served as a significant resistance level, as it aligned with XRP’s 50-day exponential moving average (EMA). As a result, XRP experienced a significant drop after testing this level.
The bears took control, resulting in eight consecutive losing candlesticks on the hourly timeframe and causing XRP to drop to $0.5455. Despite this setback, XRP closed the day with a 6% rise and remained above the psychological support level of $0.54, which corresponds to the Fibonacci support at the 0.382 level.
Currently, XRP is aiming for the next market pump to surpass the 50-day EMA. If it manages to breach this level, its next resistance will be the Fib. 0.5 level at $0.5833. This price territory represents a crucial roadblock for XRP as it strives to recover the psychological threshold of $0.60.
In addition to the market conditions, XRP’s unique fundamentals may provide strength as interest in the asset increases. Santiment revealed that the number of wallets holding at least 1 million XRP has continued to rise since March, despite the drop in XRP’s price. This indicates resilience among investors and a notable accumulation trend.
According to Santiment, the number of these wallets recently reached 2,013, only one away from the record high observed last June. However, there has been a slight decline in their number since the Santiment disclosure, with the latest data showing a decrease to 2,005.
It is worth noting that the decline primarily came from wallets holding between 1 million and 10 million XRP, which dropped to 1,565. Additionally, the number of wallets holding between 100 million and 1 billion XRP also decreased to 35. On the other hand, 246 wallets hold between 10 million and 100 million XRP, while 159 possess 1 billion tokens or more.
Currently, XRP is trading at $0.5507, with a significant increase in trading volume over the last 24 hours. As the SEC vs. Ripple lawsuit nears its conclusion, with Ripple filing its reply brief to the SEC’s remedies demand, XRP may leverage its legal clarity to embark on a unique price run.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses.
