Recently, the factors responsible for the recent 23% surge in XRP price were revealed. The digital asset has continued its rally, reaching nearly $0.72 in the past 24 hours.
The surge in XRP’s price has been supported by recent activities and increasing belief from crypto enthusiasts and investors. Whale wallets have been accumulating XRP, and wallets holding up to 100,000 to 1 billion XRP have reached their highest point this year, accounting for about 45.8% of the token’s total supply. This has pushed the price of XRP above $0.68, indicating a positive trend for the crypto asset.
The potential Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) of XRP have also shown bullish signals for its price. The price of XRP has been consistently above the 50-day and 200-day EMAs, indicating rising momentum. With an RSI above 50, buyers are in control, providing a strong foundation for future price growth.
In addition, the recent adoption and social media dominance of XRP have contributed to its price surge. Regulatory approval for XRP services in Dubai has increased its popularity and interest among crypto enthusiasts and investors. Social media discussions about XRP have reached their highest level since mid-July, further influencing its price.
Chart analyst EGRAG has predicted that XRP will surpass $0.65 and potentially reach the $1 mark. A successful breakout from its current resistance level could propel XRP to the price range of $1.10 to $1.40. However, a retest between the $0.55 and $0.58 range may occur before the price breaks above $1.
The trading volume of XRP has surged to $2.55 billion in the last 24 hours, indicating increased market activity. Market analysts are closely monitoring XRP’s price for future predictions and direction.
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