Posted: November 19, 2024

• XRP’s RSI has been in the overbought zone for the past seven days.
• The price has continued to hold above $1.

XRP, the native token of Ripple, rockets to new heights, with its price action reflecting strong bullish momentum.

Recent whale accumulation, coupled with robust technical indicators on the daily chart, signaled sustained upward movement.

XRP rockets with whale activity

Recent data from Santiment highlighted a significant uptick in whale accumulation within the XRP ecosystem.

Large wallets holding between 1,000,000 and 10,000,000 XRPs have steadily increased their holdings, and smaller investors, with holdings between 10,000 and 100,000, have followed suit.

This synchronized accumulation trend underscored a growing market confidence in coins’ long-term potential.

The influx of whale activity has translated directly into XRP’s price surge.

The token was trading at $1.15 at press time, up significantly in recent sessions, with heightened on-chain activity suggesting strong institutional interest.

Such behavior often precedes substantial price rallies, further solidifying XRP’s bullish outlook.

Bullish signals abound

XRP’s daily chart revealed bullish technical indicators supporting its upward trajectory. The price has decisively broken through key resistance levels.

At press time, it was trading well above the Ichimoku Cloud, a sign of sustained bullish momentum. The cloud’s upward slope further reinforced the strength of the ongoing rally.

A golden cross between the 50-day and 200-day SMAs was imminent — a historically bullish signal that suggests further upside potential.

The MACD indicator on the daily chart continued to expand in positive territory, with the MACD line significantly above the signal line, pointing to strong upward momentum.

Meanwhile, the RSI was 85.61 at press time, firmly in overbought territory.

While this signals strong buying pressure, it also warrants caution, as overbought conditions can sometimes precede short-term pullbacks. Nevertheless, the broader trend remains decisively bullish.

Key levels to watch

XRP’s next immediate resistance lay at $1.20, a critical psychological and technical level. Breaking above this threshold could pave the way for a rally toward $1.50, where profit-taking might intensify.

On the downside, $1.00 served as strong support, reinforced by the 50-day moving average.

Additionally, the trading volume, which has spiked significantly, indicated strong market participation.

This volume increase aligned with the broader market’s positive sentiment, suggesting that XRP’s rally was backed by genuine buying interest rather than speculative hype.

Read Ripple’s [XRP] Price Prediction 2024-25

XRP’s rally showcases the token’s growing market strength, bolstered by whale accumulation and compelling technical patterns.

While short-term corrections are possible, given the overbought RSI, the overall trend remains firmly upward, showing the XRP rockets are still firing.