XRP Sees Impressive Recovery Wick With Massive 37% Price Surge: Here’s Why
It was just hours ago, less than a day, when we wrote about XRP’s spectacular collapse as the asset plummeted to $1.11 for the first time since before the US presidential elections at the end of 2024.
This meant that it had shed over 50% of its value in a month as it peaked at $2.40 on January 6. Oh, how the landscape in crypto can change in hours sometimes, not even days or weeks.
What happened with XRP’s price since that local low has been nothing short of amazing. There were some signs about a potential rebound, such as the plummeting RSI metric, but even the most vocal XRP bulls were probably surprised by the extent of the rally.
After all, the cross-border token skyrocketed by 37% in about 18 hours – going from the aforementioned low to $1.54 before it faced some resistance and now trades around $1.50. This still represents a 34% surge in less than a day.
Santiment also weighed in on the token’s performance. The analysts acknowledged XRP’s rise in terms of market cap as well, as it now sits above BNB as the fourth-largest crypto asset.
They blamed the massive price pump in the past several hours on the overall network stability and growing activity on the XRP Ledger. Moreover, they showcased a chart indicating that Ripple whales went on an accumulation spree, with almost 1,400 separate $100K+ whale transactions (the highest in four months).
The ETF behavior will also be interesting to compare, but we would need to verify the data at the end of the trading day in the US. Preliminary data on SoSoValue shows a minor net inflow even for yesterday, but there’s no official confirmation as of yet, which is rather surprising.
The post XRP Sees Impressive Recovery Wick With Massive 37% Price Surge: Here’s Why appeared first on CryptoPotato.
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