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XRP recently spiked by as much as 6% amid the market rebound, with the number of addresses holding at least 1 million tokens inching closer to a record high.
The broader market resurgence has provided a platform on which several assets can stage a comeback. XRP is one such asset, having recently recovered from the drop to $0.4235. XRP’s move toward recouping the recent losses saw it rally to a high of $0.5303 on April 20, the day of the Bitcoin halving, before facing consolidation.
XRP’s Recent Price Movements
However, following a 0.91% drop the following day, XRP engineered a second round of gains, spiking to a 10-day peak above $0.57 yesterday. Amid this bullish push, crypto behavior analytics resource Santiment confirmed that XRP had outperformed most mainstream altcoins on a short-term timeframe.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— Santiment (@santimentfeed) April 22, 2024
Notably, XRP’s pump to the $0.5714 high yesterday represented an impressive 9% surge from its opening price that day. Nonetheless, this $0.5714 marked a pivotal resistance point for XRP, representing its 50-day exponential moving average (EMA). As a result, XRP suffered a massive drop after retesting this price point.
The bears took control of the scene, triggering eight consecutive losing candlesticks on the hourly timeframe, as XRP dropped to $0.5455. Despite witnessing a roadblock at this peak, XRP closed yesterday with a 6% rise and held above the $0.54 psychological territory, which aligns with the Fibonacci support at the 0.382 level.
XRP now seeks the next market pump to push toward conquering the 50-day EMA. A breach above this level would bring Fib. 0.5 as its next resistance level, currently stationed at $0.5833. This price territory represents XRP’s most pivotal roadblock on its path to recover the $0.60 psychological threshold.
Wallets Holding 1M+ XRP Near Record High
Meanwhile, besides the anticipated broader market pump, XRP could find strength in its unique fundamentals, as interest sees an uptick. Santiment confirmed that wallets holding at least 1 million XRP ($550K+ against prevailing rates) have continued to increase since early March when XRP spiked to a yearly peak of $0.7449.
Interestingly, despite the drop in XRP’s price, as it mirrors the broader market trends, these wallets have continued to rise since March, demonstrating resilience among investors and an impressive accumulation trend.
According to Santiment, their number recently increased to 2,013, with just one wallet away from hitting the record high of 2,014 observed last June. However, these wallets have seen a slight drop since the Santiment disclosure, with latest data indicating they have declined to 2,005.
Notably, this substantial decline came from a drop in wallets holding between 1 million and 10 million XRP, which recently slumped to 1,565. In addition, those holding between 100 million and 1 billion XRP have also dropped to 35. Meanwhile, 246 wallets hold between 10 million and 100 million XRP, and 159 possess 1 billion tokens and above.
XRP currently changes hands at $0.5507, with a 47% surge in trading volume to $1,601,589,159 over the last 24 hours. With the SEC vs. Ripple lawsuit drawing closer to an end, as Ripple files its reply brief to the SEC’s remedies demand, XRP could leverage its legal clarity to embark on a unique price run.