- XRP shot up 12% in the past 24 hours, reclaiming the $3 price level.
- On the 4-hour chart, XRP price action soared above the 21-day EMA.
- In the recent dip, whales purchased 120 million XRP tokens, said an analyst.
XRP has shot up 12% in the last 24 hours, reclaiming the $3 price level after dropping on Monday. The cryptocurrency fell as low as $2.73 yesterday but has since recovered. It is now trading at $3.11 after hitting a daily high of $3.14..
As pointed out in a post on X by EGRAG CRYPTO, XRP is currently maintaining its 4-hour candles above the 21-day exponential moving average (EMA). This trend is bullish for the short-to-medium term. The line also acts as a support for the altcoin’s price action on the 4-hour chart.
21-Day EMA Holds Strong as Support
Although XRP faced resistance at the 21-day EMA numerous times, the altcoin is finally managing to keep candles above it. On the daily chart, the situation is also positive, with the 21-day EMA staying below the cryptocurrency’s price action, serving as a support level.
Whale Accumulation Fuels Bullish Sentiment
Analyst Ali Martinez noted in an X post on Tuesday that whales have started to buy up XRP in increased numbers. A massive 120 million tokens were scooped up by these large holders as the price of the cryptocurrency dipped below $3.
Related: Ripple CTO Makes The Case For XRP Inclusion in Crypto Stockpile
XRP Price Analysis: Indicators Point to Mixed Sentiment
Investors are growing more optimistic about the XRP token’s future price. The Relative Strength Index (RSI) currently sits at 61.76 for the digital asset. This number means that the buyers are outnumbering the sellers and the demand for the cryptocurrency is quite high. The direction of the line suggests that the bullish trend will probably continue.
Related: Legal Expert Explains to Bitcoin Maxis Why XRP Isn’t a Scam
In contrast, the MACD indicator showed a bearish divergence for XRP as the signal line (red) moved above the MACD line (blue) as the histogram turned red. However, the two lines are still very close, indicating that the bulls haven’t given up and a retest of $3.3 could be on the horizon.
Looking ahead, the possibility of approval of an XRP exchange-traded fund (ETF) in the US, along with the inclusion of XRP in the US strategic reserve, could significantly push up the price of the cryptocurrency this year. It will be interesting to see.
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