📈 Recent Rally and Consolidation:
XRP has had a stellar month, surging by 148.54%. However, its momentum has slowed, with the price now in an accumulation phase. This consolidation has led to subdued trends, including weekly losses of 2.43% and a daily dip of 0.93%.
🚨 Whale Activity Sparks Bullish Hopes:
Whale Alert reports significant XRP outflows from Binance, totaling 800,000 XRP ($1.93 billion). Large-scale transfers to private wallets often indicate holding intentions rather than selling, signaling bullish sentiment. If such outflows persist, a supply squeeze could reduce exchange liquidity and push XRP’s price upward.
📊 Technical Setup Suggests $4 Potential:
XRP’s price action is forming a symmetrical triangle pattern, a sign of accumulation. If the price breaks out of this phase, it could climb by 66.44%, reaching approximately $4. However, without a breakout, XRP may continue trading sideways with minimal movement.
📉 Mixed Market Signals:
XRP’s Open Interest has dropped 2.35% in the last 24 hours to $0.35 billion, indicating lingering downward pressure. Yet, the Funding Rate remains bullish at 0.0102%, reflecting cautious optimism. A reversal in Open Interest trends is needed for a clearer bullish trajectory.
🔮 Outlook:
The market sentiment remains mixed, but whale-driven accumulation and potential supply constraints could set the stage for a significant price move in the near future.
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