- Currently, the XRP long/short ratio stands at 1.10, indicating strong bullish sentiment.
- XRP could soar by 70% to reach the $4.50 level if it closes a daily candle above the $2.62 level.
Ripple[XRP], seems to be recovering after experiencing a significant price decline on the 13th of January 2025, and is poised for a massive rally.
The potential reasons for this bullish outlook include an upcoming political event, a recent bullish breakout, and the market’s recovery after a recent dip.
Crypto whale buys $76 million of XRP
This bullish outlook appears to be attracting investors and traders, leading to a significant accumulation of tokens.
On the 14th of January 2024, as the market began to shift, Whale Alert reported a significant transaction. A crypto whale moved 30 million XRP tokens worth $76.15 million from the Upbit exchange.
However, the wallet address remains unknown.
Bullish on-chain metrics
In the cryptocurrency landscape, whenever sentiment shifts and whales begin moving assets from exchanges to wallets, it is considered a bullish sign. Additionally, traders have started showing increased interest and confidence in the asset, as reported by the on-chain analytics firm CoinGlass.
At press time, the XRP Long/Short Ratio stood at 1.10, indicating strong bullish sentiment among traders. At present, 52.50% of top traders hold long positions in XRP, while 47.50% hold short positions.
XRP price action with technical analysis
The XRP daily chart reveals that this accumulation and the increase in long bets on the asset have occurred near a key resistance level.
However, several times in the past, the XRP price has reached this level only to face a price reversal due to market uncertainty and fluctuations.
Source: TradingView
This time, sentiment appears different, driven by the upcoming inauguration of President-elect Donald Trump, scheduled for the 20th of January 2025.
XRP price prediction
According to AMBCrypto’s technical analysis, XRP appears bullish and has retested the breakout level of the bullish flag and pole price action pattern. It broke out of this pattern on the 11th of January 2025. Currently, XRP is facing horizontal resistance at the $2.60 level.
Based on recent price action, if XRP breaches this resistance and closes a daily candle above $2.62, it could soar by 70% to reach the $4.50 level in the future.
On the positive side, XRP’s Relative Strength Index (RSI) is currently below the overbought zone. This indicates that the asset has enough room to rally to the predicted level.
Source: TradingView
– Realistic or not, here’s XRP market cap in BTC’s terms
At the time of writing, XRP was trading near $2.60 and has experienced a price surge of over 7.15% in the past 24 hours.
During the same period, its trading volume jumped by 50%. This indicates heightened participation from traders and investors compared to the previous day.
