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.

Source: CoinGecko

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.

Source: X

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.

Source: TradingView

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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