For nearly two weeks, the crypto market showcased an uncertain market sentiment following Bitcoin’s consolidation below $100,000. However, the Ripple cryptocurrency, XRP, made a sharp rebound from the key Fibonacci retracement level and is preparing for its next breakout amid whale buying.
As of now, the XRP price trades at $2.64 and maintains a market cap of $153 Billion.
Key Highlights:
- According to Coinglass data, XRP Futures OI increased by 26%, rising from $3.4 million to $4.3 million since last week.
- In XRP’s daily chart, a downsloping trendline governs the current correction trend.
- The Ripple cryptocurrency holding above 50% Fibonacci retracement level of $1.93 support indicates the broader trend is bullish.
Crypto Whales Bet Big on XRP – 60M Tokens Acquired in 24H
In a recent tweet, renowned crypto analyst Ali Martinez reported that XRP whales have purchased a staggering 60 million XRP tokens in the last 24 hours. Despite an intraday loss of 3%, the active accumulation from large holders accentuates the buy-the-dip sentiment in the market, which often precedes a price rally.
According to Coinglass data, the XRP Futures Open Interest witnessed a share rebound from $3.4 Million to $4.3 Million — a 26% increase — since last week. The rise in OI suggests that more traders are entering XRP futures positions, reflecting growing confidence or speculation on upcoming price movements.
XRP Price Correction Trend Nearing Key Fibonacci Supports
In the second week of February, the XRP price bounced from $2.265 to $2.8, projecting a recovery of 25%. However, the price witnessed selling pressure from a downsloping trendline that has been carrying the current correction since late January.
The fresh turnaround has plunged the asset to $2.6 and hints the correction trend is intact. With sustained selling, the coin price could plunge to 26% and retest the 50% Fibonacci retracement level.
Historically, the FIB level provided suitable support for buyers to replenish the exhausted bullish momentum and revive the recovery trend. Thus, a potential rebound from these levels and a breakout from the overhead trendline will intensify the buying pressure in the XRP price for a $4.0 rally.
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