• Sat. Apr 13th, 2024

Ripple’s 24-hour performance within the cryptocurrency world would have boosted investor mood. Coinmarketcap data shows the XRP gained 10.11% within the past 24 hours. While publishing this post, the remittance token changed hands at $0.3785 while gaining against Ethereum and Bitcoin.

Surprisingly, XRP led the gains in the top 30 crypto list by market cap. It was the only token to record a double-digit surge. Nevertheless, investors could be contemplating what triggered XRP’s unprecedented surge. Fortunately, the explanation isn’t far-fetched.

Surrender to the Whales

While deciphering the actions, analysts noted that Ripple whales remained highly active. WhaleStats, a whale tracking site, revealed XRP worth more than $220 million circulated among the cryptocurrency whales within the past day, with XRP themselves involved.

Blockchain analytic site, Santiment also agreed with the whale stats. Moreover, Santiment had more to unveil. The data shows Ripple’s network activity recovered substantially during this publication, despite declining on September 15.

A close assessment indicated that the metric increased from 1,002 on the mentioned date to 1,334. Meanwhile, the 24hr trading volume didn’t see much positivity, with the same plunging by 12.26%. The developments on the charts saw another tale surfacing.

What next for Ripple’s XRP

According to the 4hr chart, the OBV (on-balance volume) didn’t match the signals by XRP’s trading volume. The index shows XRP boasted more volumes of up to around 4.83 billion. Meanwhile, the buying momentum can push XRP higher as the prices explore an upside path.

Meantime, the CMF (Chaikin Money Flow) indicated underwhelming investors purchasing at -0.03. The DMI (Directional Movement Index) showed that XRP buyers maintained a massive superiority over sellers. Furthermore, the ADX (Average Directional Index) supported more surges in XRP.

The MACD (Moving Average Convergence Divergence) showed buyers struggling amidst the prevailing selling momentum. Nevertheless, buyers had a brief dominance as the greens stayed beyond the zero histogram level.

Meanwhile, broad market cues remain essential in XRP’s upcoming trajectory. The market attempted to cancel the downward spree during this publication. The global cryptocurrency market capitalization stayed nearly flat at $930.59 billion within the previous days.

Meanwhile, upcoming price trends remain pessimistic as bears tighten their spots.

Barry Douglas

Barry Douglas

Barry Douglas, a seasoned online trading expert, enriches Big Trends Signals with his extensive industry experience, writing insightful guides and comprehensive reviews to assist traders navigate digital markets.

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