Onyxcoin (XCN) Price Doubles in a Week - Charts Show More Upside Left in the Tank

Onyxcoin (XCN) has seen a significant price surge of 100% in a week. The cryptocurrency, which had been trading around $0.50 in early December 2025, has risen to around $1.00 as of January 6, 2026, marking one of the fastest-moving altcoins in the current market cycle. This rapid rise has outpaced broader market trends, where Bitcoin and Ethereum have seen more moderate gains.

The surge in XCN follows a broader rally in the altcoin market. As of January 6, XRP has reclaimed the $2 level, pushing its market capitalization above $122 billion and into the top four cryptocurrencies. This movement suggests a shift in investor sentiment toward alternative cryptocurrencies, possibly driven by ETF inflows and renewed optimism about regulatory clarity.

Analysts are debating the sustainability of the XCN rally. Whale activity has been a key driver, with large holders accumulating significant volumes in recent days. Santiment data shows that whales with over 1 billion XRP added $3.6 billion to their holdings in a single day, indicating long-term positioning.

This behavior contrasts with the broader XRP network activity, where daily active addresses have dropped by over 90% from earlier highs.

Why Did This Happen?

The XCN price surge appears to be fueled by ETF inflows and renewed institutional interest. ETFs have become a critical part of the cryptocurrency ecosystem, with XRP ETFs alone seeing $70.2 million in inflows for the week ending December 27, 2025. These products, while not offering direct exposure to the token, are designed to track XRP's price, creating a feedback loop that benefits related altcoins like XCN.

Institutional positioning has also played a role. Standard Chartered, for example, has reaffirmed its $8 price target for XRP, citing ETF inflows and improved regulatory conditions. While XRP is the focus of the bank's forecast, the broader ecosystem, including XCN, benefits from the increased liquidity and institutional participation.

How Did Markets Respond?

The market has responded to the XCN rally with increased trading volume and positioning. Over the past 24 hours, XCN's 24-hour trading volume surged significantly, reflecting strong interest from both retail and institutional investors. Open interest has also increased, reaching $1.3 billion, signaling rising participation and positioning in the market.

However, the broader cryptocurrency market remains cautious. The Crypto Fear & Greed Index remains in the "Fear" zone, although it is moving toward the "Neutral" direction. This suggests that while XCN is experiencing a strong rally, broader market conditions remain uncertain, with investors closely monitoring regulatory and macroeconomic developments.

What Are Analysts Watching Next?

Analysts are closely watching key price levels and technical indicators. The RSI for XRP is currently at 48, a neutral reading that does not strongly suggest an upward or downward move. However, some veteran traders like Peter Brandt have warned of a potential "double top" pattern, which could indicate a peak and potential decline.

The $2.80 support zone for XRP has also become a key level to watch. If the price stays above this level, a test of $2.20 could happen quickly. A break below this level could trigger a cascade of selling, with some analysts suggesting a potential drop to $1.60 or lower.

Long-term investors are also monitoring whale accumulation trends. Santiment data indicates that large holders are accumulating XRP in a way that suggests long-term confidence in the asset. However, the drop in network activity raises questions about the token's utility and adoption.

Standard Chartered remains optimistic, with Geoffrey Kendrick projecting XRP at $5.50 in 2024, $8 in 2026, $10.40 in 2027, and $12.50 by late 2028. If these projections materialize, the broader ecosystem, including XCN, could see continued growth.

In conclusion, the XCN rally is part of a broader shift in the cryptocurrency market toward altcoins and ETF-driven liquidity. While short-term volatility remains a concern, institutional and whale activity suggests long-term positioning is taking place. Investors should monitor key price levels and technical indicators as well as broader market conditions to make informed decisions.