As Bitcoin approaches the $65,000 mark, it’s crucial to remain cautious since the market is still prone to pullbacks. Despite the challenges, the market’s quick rebound from its lows is encouraging, with retail investors showing predictable emotional responses—bearish at the bottom and euphoric at the top. Analyst Nick aka Crypto Crusader said that the market is showing signs of awakening, with XRP not lagging behind.
The trading volume and activity around XRP have significantly increased, driven by whale movements and speculation about the Ripple vs. SEC case. On July 9th, large whale transfers of 237 million XRP were observed.
This movement correlates with a price increase from about 44 cents to almost 60 cents, showing a major gain. He stressed the importance of monitoring whale movements and significant market events to stay informed and make better trading decisions.
Nick said that XRP is gaining strength against Bitcoin, as shown in the XRP dominance chart. XRP is flipping key support zones, suggesting more upside potential. He’s watching for dominance levels around 1.6% and 1.7%, with the 200 EMA at 2.5% being particularly significant. If XRP gains over 2% dominance, it could eventually flip major cryptocurrencies like USDC, Solana, BNB, Tether, and even Ethereum.
Nick brought to attention XRP’s impressive 532% gain from the lows, with the RSI spiking upward. To maintain bullish momentum, XRP needs to flip the 60-66 cent range and close weekly above 75 cents. Achieving this would set targets at 92 cents, the 2021 high, and eventually the all-time high.
Conclusion
Further analysis revealed that the trading volume for XRP has surged, contributing to its price rebound. This increase in volume and trading activity suggests strong demand for XRP. Additionally, the anticipation of the SEC case resolution is driving market interest, with investment inflows into XRP-focused products rising significantly.
Read Also: Crypto Market Today: Bitcoin Rebounds to $64k as Market Hits $2.5 Trillion
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