Date: Tue, Jan 28, 2025, 04:58 AM GMT
The cryptocurrency market is rebounding after yesterday’s sharp downturn, as Bitcoin (BTC) recovered from its 24-hour low of $97,795 to its current price of $103,000. This decline coincided with a global pullback in financial indices, potentially fueled by the launch of China’s Deep Seek AI Model.
Amid this turbulence, top altcoin XRP (XRP) also experienced a sharp drop to a 24-hour low of $2.66 but quickly managed to bounce back. XRP is now up by over 5% today, trading at $3.11, fueled by significant whale accumulation during the dip.
Whales Accumulate XRP During the Dip
During the recent market correction, large XRP holders were actively accumulating. According to crypto analyst @ali_charts, whales purchased an additional 120 million XRP in the past 24 hours, valued at approximately $375 million at current prices.
This surge in whale activity signals their confidence in XRP’s recovery and long-term potential despite short-term volatility.
Is An Upside Move Ahead?
On the 4-hour chart, XRP has successfully rebounded from yesterday’s low of $2.66, which closely aligns with the 200SMA (red line). Historically, this moving average has acted as a strong support level for XRP.
Now, XRP is trading at $3.11 and near a key descending trendline, a formation that has previously resulted in breakouts leading to noticeable rallies.
Additionally, XRP is testing the 50SMA (blue line), a crucial dynamic resistance level. If XRP manages to break above this zone, the next major resistance level is at $3.38. A successful breakout here could lead to an extended rally.
However, if XRP fails to break through, it might consolidate near this descending trendline before making its next move.
With strong whale accumulation and key resistance being tested, XRP’s next move will be crucial for its short-term price action.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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