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After a sharp decline across the crypto market, all eyes are on XRP due to its impressive recovery in the last few hours.
XRP’s 55% Rally Recovers Recent Fall
According to available data, XRP, which had witnessed a massive price drop of 35% in the past 48 hours, has experienced a notable gain of over 55% and has formed one of the biggest bullish candles in the past two years.
Looking at the price reversal, XRP appears bullish. Additionally, this rally doesn’t seem to be stopping easily, as pro-crypto United States President Donald Trump paused the tariff on Mexico, which he had earlier announced on his X handle.
Following the update, the overall cryptocurrency market has begun recovering, including Bitcoin (BTC), which has witnessed an over 12% price reversal in the past 12 hours, along with other cryptocurrencies.
$80 Million Worth of XRP Inflow
Amid this record price reversal, long-term holders, investors, and whales who recently bought the dip have been dumping their tokens on exchanges, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges have witnessed an inflow of over $80 million worth of XRP in the past 24 hours. This substantial inflow amid this record reversal seems to be a potential sell-off for profit booking and has the potential to cause selling pressure and further price decline.
XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP appears bullish and seems to be forming a large bullish hammer candle. For the rally to continue, XRP needs to close above $2.70 or $2.65. If that happens, a new all-time high may be on the horizon.
If this happens, there is a strong possibility that we could see a new all-time high for XRP. On the positive side, with the Relative Strength Index (RSI) at 44, it appears that XRP has significant room to witness an upside rally.