The market conditions have become less favourable for the bulls as the XRP price is unable to reach $1.5, which happens to be one of the crucial resistances. Meanwhile, the XRP holders continue to remain in profit as they booked nearly $2 billion in gains as the price surged to a three-year high. Besides, the on-chain data suggests profit-taking has reached a peak this week of over $1.9 billion, the highest since 2021, which could raise some concerns for the next price action.
However, the rally appears to be consolidated, indicating a quick rebound could be fast approaching as the number of traders on the platform has been constantly growing.
The active address count underwent a parabolic recovery and surged magnificently since the start of the month and reached levels above 92K. This suggests a huge rise in the trading activity, which has kept up the volatility of the token with a decent rise in the trading volume. Besides, the rise in whale activity suggests the token has more room to swell as the accumulation has reached its peak.
The above chart shows the address count of the wallets holding over 1 million XRP tokens. The levels maintained a decent rise since the start and witnessed a steep rise in the past week. This suggests the platform remained active largely due to the whales, which suggests the price could undergo a fresh rise and head towards new highs. The XRP price rally is accumulating strength above the gains, indicating another 30% rise could be underway.
The XRP price rally suggests the price is preparing for the next bullish action, as it has been doing since the rebound from the levels below $0.5. The price rose by over 30% and was later consolidated for a while within a tight range. Currently, the price appears to have reached the end of the consolidation and could trigger a fresh rise anytime from now. On the other hand, the volume plunged hard, and after experiencing an extreme squeeze, the levels are expected to explode, causing a notable rise in the buying pressure.
This could be when the XRP price rally could get triggered and rise by another 30% to reach levels close to $2.
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