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XRP Market Update: Onchain Data, Wallet Analysis, and Technical Outlook

RIPPLE XRP PRICE UPDATE!
RIPPLE XRP PRICE UPDATE!

In a recent video, Cheeky Crypto’s JB provided insights into XRP’s recent performance, onchain data, and technical analysis, offering a comprehensive overview of the cryptocurrency’s current state.

Market Overview: Positive Signs Amidst Volatility

The global crypto market cap has risen to $1.08 trillion, with a 2.62% increase in the last 24 hours. The Fear and Greed Index has improved, indicating increased confidence in the market. Bitcoin is trading at $27,800, with a 3.3% increase in the last hour.

XRP Performance: Short-Term Volatility and Long-Term Potential

XRP is currently priced at $49.46, up 0.03% in the last hour but down 1.18% over the past week. Onchain data analysis reveals an increase in active addresses, transactions, and fees, suggesting growing network activity.

Wallet Analysis: Accumulation by Large Holders

The number of wallets holding over 10,000 XRP has increased, with 277,000 such wallets now. Wallets holding over 100,000 XRP have increased by 47% in the last 30 days. Wallets holding over 1 million XRP have increased by 11% in the last year.

Liquidations: Short Positions Take the Hit

$715,000 worth of positions were liquidated in the last 24 hours, with a split of 25.5% long and 74.5% short positions. Binance was the exchange with the highest liquidations.

Technical Analysis: Potential Downside Movement

JB anticipates XRP to pull back to around the 48.51 C to 47.67 C range. They encourage viewers to trade safely and use tight stop-loss strategies.

Conclusion: Cautious Optimism and Risk Management

XRP’s recent performance and onchain data suggest growing interest and accumulation by large holders. However, technical analysis indicates a potential downside movement in the short term. Traders should exercise caution, employ risk management strategies, and stay informed about market developments.

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