Ripple’s XRP Bulls March Strongly On March 1
Ripple’s XRP turned very grain in the early hours of Saturday after Bitcoin broke the $86K mark. The remittance token is up 8% for the day.
The Ripple token is holding above the $2.18 support level. Price action highlighted XRP bulls will aim to break through the $2.45 resistance to turn this level into support. Should the move be successful, it would signal the start of a possible rally.
Whales have been accumulating a significant amount of XRP, which may indicate the possibility of a price reversal. On-chain data revealed that whale purchases were the only factor that caused XRP to rise.
Whale addresses between 10 million and 100 million XRP added more than 300 million XRP in the past few days, bringing their total to $609 million. These whales locked in profits by reducing their holdings when prices rallied strongly.
XRP’s relative strength index (RSI), a crucial technical indicator, is in the oversold zone. The RSI has fallen to such low levels for the first time in more than six months.
Such declines have historically catalyzed XRP reversals; the most recent instance resulted in a 50 percent rally.
According to the current RSI value, XRP might be oversold, which could lead to a price increase. The probability of a similar result rises because this level has frequently preceded notable price spikes as seen on historical chart patterns. If the current pattern holds, XRP may hit $3 once again.
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