Ripple (XRP) Price Shows Recovery
Ripple (XRP) is recovering and trading above $2.40 as of Thursday. The rise comes from growing interest by both institutions and retail investors. This interest has increased over the last two weeks, despite market ups and downs.
XRP Whales Increase Holdings
Whales holding large amounts of XRP are buying more tokens as the price moves. According to Santiment, whales with 1 million to 10 million XRP increased their holdings before October 10. On that day, $19 billion in crypto was liquidated during a market downturn. These whales now own 12.65% of all XRP, up from 12.16% on October 6.
Whales holding between 10 million and 100 million XRP also raised their stake. They now hold 10.07%, up from 9.97% on October 8. This steady buying helps keep XRP’s price rising.
Retail traders are also more active. CoinGlass data shows that the XRP futures open interest (OI) weighted funding rate rose to 0.0042% on Thursday from -0.0007% on Wednesday. This rate had dropped to -0.2040% on October 11 after the price fell to $1.25 on October 10.
The rise in funding rate means more traders are opening long positions, showing increased risk-taking in the market.
Technical Outlook: XRP Shows Signs of Strength
XRP is holding its short-term support at $2.40 as market sentiment improves. The Relative Strength Index (RSI) is rising and stands at 40 on the daily chart. This suggests that bullish momentum is growing. A move above the RSI midline would signal stronger momentum for XRP.
The Moving Average Convergence Divergence (MACD) on the daily chart is close to a buy signal. The blue MACD line needs to cross above the red signal line to confirm this. If this happens, traders may increase their XRP positions.
Key resistance levels include a break above $2.50, the 200-day Exponential Moving Average (EMA) at $2.61, and the 50-day EMA at $2.70. Reaching these points could lead to profit-taking if the price weakens.
The $2.40 support is important. If it holds, the uptrend will likely continue. A drop below this level may push the price down to the next support around $2.18, tested last Friday.
