- The XRP long/short ratio is currently at 1.10, indicating a strong bullish sentiment.
- If XRP closes a daily candle above $2.62, it could potentially surge by 70% to reach $4.50.
Ripple (XRP) is showing signs of recovery after a notable price decline on January 13, 2025, and is primed for a significant rally.
Several factors contributing to this optimistic outlook include an upcoming political event, a recent bullish breakout, and the market’s bounce back following a recent dip.
Crypto whale purchases $76 million worth of XRP
The positive market sentiment is attracting both investors and traders, resulting in a substantial accumulation of XRP tokens.
On January 14, 2024, as the market dynamics shifted, Whale Alert reported a significant transaction where a crypto whale transferred 30 million XRP tokens valued at $76.15 million from the Upbit exchange.
The wallet address associated with this transaction remains undisclosed.
Bullish on-chain metrics
In the realm of cryptocurrencies, a shift in sentiment accompanied by whales moving assets from exchanges to wallets is typically seen as a positive indicator. Additionally, on-chain analytics firm CoinGlass has reported increased interest and confidence from traders in XRP.
Currently, the XRP Long/Short Ratio stands at 1.10, reflecting a strong bullish sentiment among traders. Top traders hold long positions in XRP at a rate of 52.50%, while short positions are held by 47.50%.
XRP price movement with technical analysis
Analysis of the XRP daily chart shows a surge in accumulation and long bets near a key resistance level. Historically, XRP has faced price reversals at this level due to market uncertainties and fluctuations.
However, the current sentiment appears different, driven by the upcoming inauguration of President-elect Donald Trump scheduled for January 20, 2025.
XRP price forecast
As per technical analysis by AMBCrypto, XRP displays bullish signs and has retested the breakout level of a bullish flag and pole pattern. It broke out of this pattern on January 11, 2025, and is currently encountering horizontal resistance at the $2.60 level.
If XRP surpasses this resistance and closes a daily candle above $2.62, it could potentially surge by 70% to reach $4.50 in the future.
Furthermore, XRP’s Relative Strength Index (RSI) is currently below the overbought zone, indicating room for the asset to rally towards the projected level.
– Realistic or not, here’s XRP market cap in BTC’s terms
At the time of writing, XRP was trading around $2.60, experiencing a price surge of over 7.15% in the past 24 hours.
During the same period, its trading volume increased by 50%, indicating heightened engagement from traders and investors compared to the previous day.
sentence: Please do not forget to bring your ID card with you.