Ripple’s XRP Token Defies Crypto Market Trends with Multi-Week Peak

Despite the majority of the cryptocurrency market experiencing significant losses or minimal gains, Ripple’s native token, XRP, has bucked the trend and reached a new multi-week peak of over $2.5.

A Volatile Journey to New Heights

As illustrated in the XRPUSD chart, the token experienced a sharp decline at the end of December, plummeting from over $2.7 to a monthly low of $1.96. However, it demonstrated resilience in the following weeks, recovering most of its losses and even spiking to $2.5 on January 4, 2025. After a market-wide correction that saw Bitcoin (BTC) drop to a 7-week low, XRP coped relatively well, sliding by 15% to $2.2 before initiating its recovery.

Whale Activity and Analyst Sentiment Drive XRP’s Rally

A significant factor contributing to XRP’s recent surge is the increased whale activity. According to CryptoPotato, XRP whales accumulated over a billion tokens, worth more than $2 billion, within a two-day period. This massive supply shock has likely played a crucial role in the token’s price increase. Additionally, analysts remain highly bullish on XRP, predicting substantial price increases and potential new all-time highs, provided it maintains the $2.32 support line and breaks above $2.5.

Technical Analysis and Resistance Levels

As highlighted by analyst More Crypto Online, XRP’s price is still holding support, with increased upside momentum. To sustain the local uptrend, the price should ideally hold above $2.32. The next resistance levels are $2.50 and $2.72. A break above $2.50 is necessary to confirm the uptrend.

Conclusion

Ripple’s XRP token has defied the current crypto market trends, reaching a new multi-week peak of over $2.5. The increased whale activity and bullish analyst sentiment have likely contributed to this rally. As the token continues to hold support and demonstrate upside momentum, it will be interesting to see if it can maintain its upward trajectory and potentially reach new all-time highs.

Source: Cryptopotato.com

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