XRP is currently trading at $3.10 after a weekend of significant volatility and impoverished market reaction to President Donald Trump’s inauguration day. There were high hopes among cryptocurrency investors that the fresh US president would emphasize pro-crypto policies in his opening speech. However, the lack of any mention of cryptocurrencies created short-term selling pressure, causing the price of XRP to drop.

Despite the initial disappointment, key on-chain Santiment metrics paint a more confident picture for XRP. Data shows that whales – immense holders of XRP – have purchased over 100 million tokens in the last 48 hours. This significant accumulation suggests that immense players remain confident in XRP’s long-term potential, even in the face of transient market uncertainty.

The whale buying spree comes at a crucial time as XRP tests key support levels near $3.10. With robust on-chain activity and institutional interest, the cryptocurrency appears to be building the foundations for a potential recovery. Investors are now closely watching for signs of renewed recovery as the market digests recent events. While the near-term outlook remains cautious, XRP’s resilience and growing confidence among major players could set the stage for a rebound in the coming days.

XRP shows strength

XRP broke through critical levels to hit fresh all-time highs last Thursday, setting its highest price since January 2018. This milestone has reignited bullish sentiment among investors, with many of them confident that XRP will continue to climb despite continued market volatility. With XRP being one of the best-performing assets in the current cycle, its resilience and upward trajectory are attracting the attention of both retail and institutional investors.

The market remains confident about XRP’s near- and long-term prospects, driven by robust technical and fundamental signals. Renowned analyst Ali Martinez recently highlighted key data from Santirevealing significant whale activity.

Data shows that whales have accumulated over 100 million XRP in the last 48 hours, indicating continued robust accumulation. This significant buying activity suggests that major players are gearing up for further gains, reinforcing confidence in XRP’s potential for sustained growth.

Meanwhile, market participants are eagerly awaiting an announcement from President Donald Trump that could bring fresh optimism to the cryptocurrency space. As the bull market comes to an end, a pro-crypto statement could serve as a powerful catalyst to keep the broader market trending higher.

As XRP consolidates near fresh highs, its ability to maintain its bullish momentum will be key. Investors are closely watching for signs of sustained strength, expecting XRP to take the market into fresh territory. If bullish trends continue, XRP will be well-positioned to remain a standout performer during the ongoing cryptocurrency rally.

Price Action: Key Levels to Watch

XRP is currently trading at $3.09 following a period of increased market volatility and uncertainty. Despite recent volatility, the cryptocurrency is showing signs of strength as it prepares for another move higher. Breaking last year’s high of $2.90 was a pivotal moment for XRP, signaling renewed upward momentum. After hitting a fresh all-time high (ATH) of $3.40, XRP successfully retested the previous high as support, which is a positive indicator of its near-term trajectory.

If the bulls manage to maintain control and stay above the $2.90-$3.00 support zone, XRP appears poised for a bullish rally. This consolidation above critical levels builds a robust foundation for further gains, and a decisive push above the ATH at USD 3.40 could lead to a significant breakout.

Market sentiment remains upbeat as XRP shows resilience and bullish technicals. Investors are closely monitoring price action, with many expecting a edged rally if key support levels hold. The potential for another rally puts XRP in the spotlight as it aims to continue leading the market higher. As the broader cryptocurrency market warms, XRP’s performance in the coming days will be crucial in determining whether it can maintain its bullish trajectory and reach fresh highs.

Featured image from Dall-E, chart from TradingView.