The News Crypto -
- Recent on-chain activity shows large XRP transactions, possibly indicating increased interest from investors.
- XRP’s price chart has improved, breaking key technical levels and invalidating a long downtrend.
- A favorable outcome in the SEC lawsuit could further boost XRP’s prospects, but support at 58 cents needs to hold against bearish sentiment.
XRP, the native token of the Ripple blockchain, has endured a turbulent multi-year stretch amidst ongoing legal issues and crypto market volatility. However, recent on-chain activity and price metrics suggest the tide could be turning for the prominent but controversial cryptocurrency.
In the last few days, data trackers have spotted a flurry of large XRP transactions moving between wallets and exchanges. Several transfers of over 300 million coins worth upwards of $187 million have been executed, mainly originating from the top exchange Binance.
While Binance has noted that some maintenance could be behind the big Ripple shuffling, whale movement nonetheless seems pronounced recently. That often signals heightened interest in an asset from deep-pocketed investors.
300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ— Whale Alert (@whale_alert) March 8, 2024
XRP price chart strengthens
At the same time, XRP’s price chart has strengthened after closing decisively above several key technical levels last week. Most notably, XRP invalidated a long-running downtrend dating back to early 2022, when its legal troubles began heating up.
With bulls now in control and momentum shifting positive, the path looks clear for XRP to challenge stiff resistance around the 68 to 73 cent zone. That also aligns with crucial Fibonacci extension levels that often demarcate where crypto assets peak or bottom out.
Breaching above 70 cents would be psychologically significant for XRP as well, opening the door for a continued rally back towards its all-time high around $1.90. Securing a favorable judgment in its court case with the SEC would also massively boost XRP’s investment appeal and upside price outlook.
Of course, if bearish sentiment returns in force, support around 58 cents must hold to maintain this newly bullish posture. But between reinvigorated on-chain metrics and an improving technical picture, the stage seems set for the long-beleaguered XRP token to leave its struggles behind it.
With speculative interest heating up and market dynamics shifting in its favor, XRP appears ready to reassert itself as a top 10 crypto asset once again. The coming weeks should determine whether its stretch of positive momentum has true staying power.
This article was originally published on thenewscrypto.com
