XRP Surges Above $1.50 as Whale Accumulation Drives Momentum

XRP has jumped on February 07, as whale accumulation and a record increase in the number of addresses on the XRP Ledger fuel market momentum.

Whale transactions and a rise in the number of addresses on the token Ledger demonstrate strong accumulation, which could be a sign of a short-term market recovery amidst current market volatility.

Currently trading at $1.40 with a 24-hour trading volume of $13.02 billion, XRP now accounts for 3.65% of the total cryptocurrency market. Although token has fallen 2.27%, on-chain data reveals strong buying pressure and interest in the cryptocurrency.

XRP Surges Above $1.50 Significantly

As per data from Santiment, XRP has experienced a dramatic recovery in the last 18 hours, jumping from below $1.15 to above $1.50. The rapid jump in price came after a wave of panic selling, during which some investors believed that XRP could fall below $1.

Whale activity seems to have been a key factor in the recovery. During the correction, 1,389 individual whale transactions of $100,000 or more were observed, which was the highest level of whale activity in four months.

Moreover, the number of distinct addresses on the token Ledger saw a massive jump to 78,727 in a single 8-hour window, which was the largest jump in six months.

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XRP Downtrend Continues Despite Recent Bounce

Despite the recent bounce, XRP is still in a downtrend that began at the peak of last year, with lower lows forming over time. Technical analysis suggests that there could be a test of the $1 level, with a target range of $0.79 to $0.34 if the downtrend continues.

While hitting such a level does not necessarily mean that the market has bottomed out, it is a reminder that network activity and relative value are important considerations when evaluating potential price movements for token.

The current levels of whale accumulation and growing numbers of user addresses could offer early warnings of a potential reversal in price, offering cautious optimism for investors as token passes through a challenging market cycle.

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