XRP’s bullish move – Here’s a look at Solana’s role
The post XRP’s bullish move – Here’s a look at Solana’s role appeared on BitcoinEthereumNews.com.
XRP price surged by 3% after rejecting key trendline support level around $0.4645 in the last 48 hours. Solana’s ETF prospects and whale activity add curiosity to XRP correlation. XRP has shown signs of bullish momentum in recent days. The XRP price bounced off the ascending trendline support at $0.4645 and surged by 3% in the last 48 hours. This support level is critical, as it has acted as both support and resistance in recent weeks. The subsequent price increase suggests that bulls are regaining control and may be preparing for a more significant move. This accumulation of bullish momentum could fuel XRP prices to test the trendline resistance. If XRP can break above this descending trendline, it may signal the end of the recent downtrend and raise the curtain for a new phase of bullish momentum. According to CoinMarketCap data, the XRP price stands at $0.4764, a 1.55% surge in the last 24 hours and a 2.39% surge in the last 7 days. Its trading volume has spiked by 1.22% in the last 24 hours. Source: TradingView Correlation with Solana AMBCrypto’s analysis of Hyblock capital’s data revealed interesting aspects. According to the correlation matrix, there has been a correlation of 0.44 between XRP and SOL over the past three months. This moderately positive correlation indicates that XRP’s price movements are somehow influenced by the broader market trends affecting Solana. Source: Hyblockcapital Interestingly, whale-to-retail data reveals significant whale activity on Solana. The current whale-to-retail ratio for SOL stands at 47.80, indicating substantial top investor interests. This whale activity could have a substantial impact on XRP’s price action due to their correlation. Source: Hyblockcapital The liquidation heatmap data indicates a bullish bias towards the $0.5 level. This anticipates for a further price surge. Source: Hyblockcapital Solana ETF expectations and potential impact …
Filed under: News - @ June 29, 2024 9:26 am