Ripple (XRP) Price Skyrockets 50% This Week as Whales Accumulate $300M Worth of Tokens
- WBOYOriginal
- 2024-07-17 17:36:28657browse
Ripple's (XRP) price experienced a strong recovery this week, driven by increased whale activity. The XRP token surged to $0.5705 on Tuesday, its highest level since April 12th, marking a 50% increase from its lowest point this month.
Ripple’s (XRP) price experienced a strong recovery this week, driven by increased whale activity. The XRP token surged to $0.5705 on Tuesday, its highest level since April 12th, marking a 50% increase from its lowest point this month.
This trend is also reflected in technical charts. The accumulation/distribution (A/D) indicator has reached a record high, showing strong accumulation. Additionally, XRP has surpassed key resistance at $0.4845, its lowest swing in January, and has moved above the 200-day and 50-day Exponential Moving Averages (EMA). The Average Directional Index (ADX) is at 34, suggesting strong momentum.
A figure of 25 and above is usually a sign that an asset has a strong momentum.
Ripple’s rally occurred in a risk-on market environment. The US dollar index (DXY) has decreased to $104.40 from a year-to-date high of $106.30.
The VIX index has fallen to 13 while American stock indices are firing on all cylinders. The Dow Jones soared to an all-time high of $40,700 while the S&P 500 and Nasdaq 100 indices were trading at $5,640 and $18,500.
Meanwhile, most cryptocurrencies continued to rise. Bitcoin retested the crucial resistance point at $65,000 for the first time in weeks, and the crypto fear and greed index approached the greed zone.
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