Market sentiment remains neutral despite indications of bullish momentum, as XRP whales have accumulated nearly $30 million in the past 24 hours. The regulatory climate and market dynamics have favored XRP, leading investors to anticipate a breakthrough for the currency. The XRP/USD chart shows a consolidative pattern ending, indicating that buyers and sellers are still undecided. Although there is some bullish momentum without overbuying, the MACD line being above the signal line and both moving upward suggest growing bullish momentum.
Currently, XRP is listed at $0.5195 on CoinMarketCap, showing a 0.97% increase from the previous day. However, it has declined by 0.12% in the last seven days, with immediate resistance near the $0.53 level. If XRP can consistently surpass this threshold, it may attract more buyers, potentially aiming for the next resistance level at $0.55. Additionally, the decrease in XRP exchange reserves within the last week suggests less selling pressure and possible accumulation by holders, indicating continued interest from XRP whales who have accumulated around $30 million in the past 24 hours.
Despite the accumulation of XRP by whales, the drop in social volume and the absence of consistent high levels of social activity make a bullish breakout driven by social hype less likely in the near future. The Ripple Fear and Greed Index for XRP currently stands at 42%, indicating a neutral market mood. However, the combination of unfavorable attitudes in key areas like dominance, whale activity, and search interest, along with the overall neutral market mood, suggests that XRP bulls are still too weak to take control.
To add to the cautious perspective, a cryptocurrency analyst predicts that the price of XRP may fall by more than 80% from its current level. Despite this, there is still some social optimism surrounding XRP.