XRP Surges to $2.32: Can it Survive the Whale Selling Pressure?
Jakarta, Pintu News – XRP, the digital currency developed by Ripple, recently recorded a significant rise, breaking through key resistance and reaching a price of $2.32. This rise was supported by strong technical patterns and increased activity on the network. However, a large transaction by a crypto whale sending 29.5 million XRP to Coinbase raised concerns about potential selling pressure that could affect market momentum.
XRP Technical Analysis: Maintaining Momentum
The inverse head and shoulders pattern successfully broken by XRP signals a strong bullish momentum. Having successfully broken the resistance at $2.2678, XRP now faces the challenge of maintaining this level as support. If successful, this will strengthen the positive sentiment in the market and open up opportunities towards the next targets at $2.612 and $2.90.
The recent large transaction added potential selling pressure, but buyers seem determined to keep the price above the breakout zone. Success in defending this zone will be key to continuing the uptrend without facing significant rejection.
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XRP Derivatives Market: Overview and Risks
The trading volume of XRP derivatives has surged by 203.98%, reaching $10.71 billion, indicating a high increase in speculative interest. Meanwhile, Open Interest also rose by 10.33% to $4.17 billion. Data from Binance Perpetuals shows that 82.35% of accounts hold long positions, while only 17.65% are short, indicating extreme bullishness in the market.
However, market conditions that are overly skewed towards long positions can be risky in the event of a market reversal. Sudden volatility could occur, given that the market is already oversaturated with long positions.
On-Chain and Social Matrix: Showing Fundamental Strength
XRP’s Network Value to Transaction (NVT) ratio showed a decrease of 15.74% in the last 24 hours, indicating increased network utility. A decrease in NVT usually indicates healthier on-chain activity, supporting positive price movements. This adds a strong fundamental layer to support the ongoing price rise.
On the other hand, social metrics are also showing signs of revival. XRP’s social volume and social dominance have increased, signaling an improved sentiment in the crypto community. This increase in retail participation driven by social activity has historically been the fuel for bullish breakouts.
Conclusion: XRP’s Outlook Going Forward
With strong technical patterns, increased derivatives interest, and improving on-chain activity, the outlook for XRP looks promising. However, large transactions by whales to Coinbase remain a risk that could trigger market volatility. To continue rallying towards $2.70 and higher, it is imperative for XRP to maintain strong support in the $2.26 zone. Maintaining strong buying pressure will be key to overcoming this challenge and reaching higher targets.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- AMB Crypto. XRP clears $2.26, can it defy 68.7M whale pressure to push higher?. Accessed on April 29, 2025
- Featured Image: U Today
