XRP surged 6% as whales accumulated.
Market sentiment was pointed towards greed at press time.
For much of May, Ripple’s [XRP] performance could best be described as underwhelming, struggling to push past key support levels.
Yet, the past 24 hours have painted a different picture, thanks to the overall market’s sentiment.
XRP has surged by a remarkable 6%, suggesting that a revival might be in the cards. But the real action comes from the big movers in the XRP market — its whales.
Whale trigger the price surge?
Typically, XRP whales are one of the most active in the entire market, but the token hardly ever budges due to their actions.
One transaction that caught the eye was a whopping 250 million XRP, valued at over $135.7 million, from Coincheck to an unknown wallet.
Another 33 million XRP, worth $17 million, was transferred to Bitstamp, an exchange with ties to Ripple. Then another 50 million coins, worth $27 million, were sent from Ripple itself to an unknown wallet.
All these transactions happened on the 20th of May.
The timing of these whale activities isn’t what triggered XRP’s gain, though.
With Bitcoin’s [BTC] recent climb past the $70,000 mark and Ethereum [ETH] crossing $3,500, the leading cryptocurrencies have injected a dose of bullish sentiment across the board.
The crypto market often echoes Bitcoin and Ethereum’s performance. The question now is whether XRP’s uptick is a temporary blip or the start of a sustained rally.
XRP’s Fear and Greed Index was at 63% Greed at press time, which is a strong bullish sentiment.
What to expect from XRP
Coinglass data shows that the trading volume for XRP has surged by 113.84%. Open interest is up by 12.64%, standing at $646.30 million, which means traders are preparing for a rally.
The data suggests a bullish sentiment among traders, particularly top traders on Binance, which could indicate a positive outlook for XRP’s price in the short term.
Source: Coinglass
The XRP/USDT chart shows that XRP has experienced notable volatility within the last month, with a range mainly between $0.48 and $0.56.
Recently, XRP made a notable climb, reaching a peak close to the upper side of this range at around $0.5436.
Source: TradingView
The price movement showed strong buying interest near the lower end of this range, with consistent recovery after dips below $0.50.
Looking forward, if XRP can sustain above $0.55, it might challenge resistance at $0.60. A successful break above that could take the coin all the way to $0.80.