XRP Millionaires Storm Back In With 280% Explosion

Popular chart analyst Ali Martinez spotted a new insight from Santiment Intelligence, which indicates a favorable trend shift in XRP Ledger’s activity. Transactions of at least one million dollars have surged by 280% since the day before, hinting at a macro trend switch from bearish to bullish.

On the other hand, XRP’s current market value is around $1, and holding this psychological support level will be crucial before retesting the confluent resistance at $1.06. Surely, XRP’s technical setup showcases quite a few liquidity pockets between $0.80 - $0.90, but Ali says whales are positioning for an upswing.

On the monthly charts, the Tom DeMark Sequential has printed a ‘buy’ signal, while big-time crypto investors, otherwise known as whales, have cumulatively acquired 380 million tokens in the same period. If this buying sentiment carries on, the sub-$1 XRP liquidity pockets could be shielded from unnecessary tapping.

XRP’s price is currently trading inside a closed Fibonacci Wedge structure, which is similar to the Fibonacci Retracement tool. This technical instrument lets us determine XRP’s long-term support levels, as well as breakout potential. Right now, the Fibonacci Wedge hints at bigger opportunities for the bulls if XRP scorches past $1.10.

Conversely, a solid close below $1 could send XRP’s price all the way to retest the major demand floor at $0.50 - $0.60. Contrary to that argument, the OG altcoin’s one-hour charts have established a triple bottom around the $0.99 price level. If bulls manage to make use of this triple bottom, XRP could retest mid-may highs around $1.50, but not without TSI flipping first.

The True Strength Index (TSI) measures bullish versus bearish impulses on the given time-frames, and negative figures imply that there’s still more selling going on than buying. Moreover, CMF, the whale-specific sentiment meter, indicates distribution of assets on most time-frames, while XRP’s trading volume stood drowsy on Tuesday below the regular $1 billion.

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