XRP token soared a massive 6% in the past 24 hours after dropping to a low of $2.08 in the past 24 hours.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
XRP XRP $2.15 24h volatility: 4.9% Market cap: $125.31 B Vol. 24h: $4.31 B , the fourth-largest cryptocurrency by market capitalization, turned bullish in the past 24 hours after a massive sell-off initiated by whales. The cryptocurrency dropped as low as $2.08 in the past day and trades at $2.28 at the time of writing, up more than 6% in the past day. This surge in price comes amid XRP Ledger’s push into the decentralized finance (DeFi) ecosystem.
As pointed out in a post on X (formerly Twitter) by Ali Martinez, a prominent crypto analyst, XRP whales have sold over 370 million XRP in the last 96 hours. This significant liquidation is evident from the chart below, which shows a marked decline in whale holdings and a corresponding drop in XRP’s price. The data suggests that large investors have been offloading their XRP holdings, leading to increased selling pressure and contributing to the token’s downward trend.
Despite the ongoing price volatility, the XRP Ledger (XRPL) is taking major steps toward building an institutional-grade DeFi ecosystem. XRPL is positioning itself as a secure and scalable Layer 1 solution by leveraging its native DEX, low fees, rapid settlement times, and compliance-friendly architecture. Several key features have already gone live, as per a blog post.
One of the most notable developments is the Order-Book DEX Extension, which introduces an Automated Market Maker (AMM) to XRPL. Another significant upgrade is the implementation of Decentralized Identity (DID). This feature enhances privacy-preserving Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Also, a new Multi-Purpose Token (MPT) standard has been introduced for tokenized assets. This standard facilitates the representation of tokenized bonds and fixed-income assets on XRPL with precise metadata storage.
Interestingly, significant developments have been taking place on the spot XRP ETF front. Brazil recently approved a spot XRP exchange-traded fund and the Securities and Exchange Commission (SEC) acknowledged filings for similar investment products in the United States. Additionally, the SEC has dropped legal cases against Coinbase, OpenSea, and Robinhood, suggesting a similar resolution for the lawsuit against Ripple.
The 20-day Exponential Moving Average (EMA) stands at $2.54 for the XRP price action on the daily chart, acting as a crucial resistance level. Until the altcoin reclaims this crucial level, further upside cannot be expected.
Source: TradingView
On the other hand, the Relative Strength Index (RSI) reads a value of 36.24, suggesting XRP is nearing oversold conditions, indicating a possible rebound if buying pressure increases. The gradient of the line suggests stagnancy. Meanwhile, the price is also testing the lower Bollinger Band at $2.22, which could signal further downside if XRP fails to reclaim key resistance levels at $2.5 and $2.8.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
