Ripple (XRP), with a market cap of $32.8 billion, continues to be the fifth largest cryptocurrency, as a new report has been released indicating a strengthening whale accumulation and the creation of new wallet addresses.
Positive developments in the popular altcoin have led to XRP surpassing its long-standing resistance level since August. The analysis of XRP’s price movement on October 30th revealed an upward trend, which has since been confirmed.
The $0.55 level in XRP was the highest level in a two-month range. The movement that broke above this level on October 24th saw a reversal in the daily market structure in an upward direction. Last week, XRP saw a rise from $0.5325 to $0.6262, but in the past few hours, XRP bulls have seen a temporary setback.
If this is the beginning of a pullback, a move towards the $0.567 and $0.552 levels could occur. Retesting these pullback levels could present a buying opportunity due to the daily market structure remaining bullish.
The Relative Strength Index (RSI) is well above the neutral 50 mark, emphasizing strong upward momentum. On-Balance Volume (OBV) has also shown an upward trend since mid-October. The higher buying volume indicated by OBV could support the idea of XRP achieving further gains.
Another positive aspect in the altcoin is its development activity. Despite fluctuations, the team has continued to work intensively on maintenance and upgrades. However, the overall sentiment has once again turned negative.
There has been a shift in social media interactions favoring the bears, and the measurement of age consumption saw an increase on October 31st. This suggests a significant movement of tokens between addresses and could potentially signal a large sell-off wave. Combined with the recent decrease in the average age of cryptocurrencies, it is suggested that there is a high possibility of XRP dropping to $0.55.