to leave a comment.

▲ XRP (Ripple) ©
While XRP (Ripple) continued its tedious sideways trend and faded from public attention, giant whales quietly prepared for a massive upward rally by accumulating a staggering 130 million units. Investors' attention is particularly drawn to the analysis that the groundbreaking move of a company preparing for a $1 billion Nasdaq listing has not yet been reflected in the market price, indicating explosive potential for the future.
According to the investment media TradingNews on April 10 (local time), XRP has been stuck in an extremely narrow range between $1.31 and $1.38 for the past 30 days, searching for direction. While major cryptocurrencies like the market leader Bitcoin (BTC) and the second-largest by market capitalization Ethereum (ETH) have all surged, XRP has remained sidelined. However, on-chain data is emitting positive signals. Speculative holdings aiming for short-term gains have halved from 1.45% to 0.684%, indicating that so-called 'weak hands' have largely exited. The market's Fear & Greed Index has plummeted to 16, an extreme fear level, signaling a historic contrarian buying opportunity.
While retail investors fled the market in fear, smart money moved quickly. According to data analysis platform Santiment, ultra-large whales holding over 1 billion XRP and large whale groups holding between 10 million and 100 million XRP aggressively accumulated 130 million XRP on April 6th and 7th. When the price was rejected at the $1.40 resistance level and speculative forces exited, wealthy investors, on the contrary, deemed the area around $1.34 as the bottom and injected a massive $174 million to establish a strong price support line.
The most powerful bullish catalyst that the market is overlooking is the news of Evernode, an XRP ecosystem company, listing on Nasdaq. Evernode plans to raise $1 billion through a SPAC merger and enter Nasdaq. Unlike passive XRP spot ETFs that merely hold assets, Evernode has adopted an active treasury model that actively manages the raised funds on-chain to generate profits. This is a key variable that can generate massive transaction volume and fee revenue for the ledger ecosystem, leading to a fundamental surge in demand.
Technical analysis indicators also suggest that suppressed energy is about to explode. XRP is currently attempting to break through the key resistance level of $1.3550 on the 8-hour chart, where the upper boundary of the descending channel converges with the 100-hour simple moving average. If it breaks this level, it is expected to absorb the significant supply zone of 420 million units concentrated between $1.37 and $1.38, and then attempt to settle at $1.40. As the Relative Strength Index on the daily chart remains neutral and the Moving Average Convergence Divergence (MACD) shows a positive trend, there is sufficient potential for it to surge from $1.43 to $1.46 in one go, similar to the recent breakout and surge of Zcash from its descending channel, if only the upper resistance is breached.
Ultimately, XRP, currently at $1.34, has a short-term target price of $1.42 to $1.46, and a medium-term potential to rise to $1.57, where the 100-day exponential moving average is located. Although $661,000 was recently outflowed from spot funds in one day, this is a negligible amount compared to the cumulative inflow of $1.21 billion. With the massive positive news of a $1 billion listing and strong accumulation by whales, it is considered an attractive zone where the upside potential is far greater than the downside risk.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.