Unfortunately, $XRP must maintain a position above $1.13 to sustain its current recovery trend. A dip below $1.10 could erase its recent progress.
$XRP Sees Price Growth as Funding Rates Decline
An unexpected development in the latest upswing is the significant reduction in $XRP funding rates.
In just one day, funding rates plummeted by 240%, coinciding with $XRP crossing the $1.13 mark. During this period, trading volumes surged by 64% within the last 24 hours.
This indicates that the price growth is primarily driven by spot purchases rather than excessive leverage trading, suggesting a healthier market movement compared to a leveraged rally.
Whale Accumulation Continues
Major holders of $XRP have accumulated approximately 70 million $XRP during the price rebound. However, $XRP remains under $1.20, indicating that the buying pressure has not yet been strong enough to catalyze a significant breakout.
Weakness in Network Activity
The number of active $XRP addresses has fallen to roughly 20,000, marking the lowest figure in nearly a year. This reduced network engagement suggests a decline in user interaction with the $XRP Ledger, even as price recovery efforts are underway. Additionally, the influx of new capital into $XRP remains subdued, which hampers upward momentum.
Essential $XRP Price Levels
- $1.10 – Significant support
- $1.13 – Immediate support
- $1.20 – Critical resistance
- $1.24-$1.28 – Following resistance zone
- $1.29 – Threshold for potential stronger rallies
$XRP is on a recovery path, bolstered by increased trading volume and ongoing accumulation by large investors. Nonetheless, it remains below vital resistance levels, with network activity at a near-year low and limited new buying. Monitoring movement above $1.13 and a breakthrough past $1.20 will be crucial indicators going forward.