XRP Surges 10% Amidst Strong Uptrend and Elevated Whale Activity

XRP, the native cryptocurrency of the Ripple network, has surged by nearly 10% in the last 24 hours, reaching a market capitalization of $181 billion and a trading volume exceeding $10 billion. This significant increase comes amidst a strong uptrend that began in mid-January, with the token reaching new all-time highs.

The recent price action has been accompanied by a rise in whale activity, with the number of large XRP holders (those holding between 10 million and 100 million XRP) reaching 305 on January 23 and 24. Although this number has since declined slightly to 299, it remains elevated, indicating sustained interest from large investors. This elevated level of whale activity suggests that major investors maintain a strong level of confidence in XRP's long-term prospects.

Technical indicators, such as the Chaikin Money Flow (CMF) and Exponential Moving Averages (EMA) lines, also point to a potential for further upside in XRP's price. The CMF has risen to 0.19 from 0.08 just a day ago, indicating increased capital inflows and stronger buying pressure. This suggests that investors are accumulating XRP, which could signal a bullish sentiment building in the market.

Moreover, the EMA lines indicate the possibility of a golden cross formation, which could spark a new uptrend. If this bullish pattern materializes, XRP may rise to test the $3.28 resistance level. Breaking past that, XRP price could climb further to $3.40 and potentially reach $3.50 for the first time ever. However, if a downtrend emerges instead, XRP price could test the $3.03 support level, with the potential to drop as low as $2.60 or even $2.32, representing a 26.5% correction.