XRP price rebounds after 8% drop as holder addresses reach 8.15M
XRP recovered from $1.45 while its holder-address count continued rising, leaving $1.60 as the next important price test.
XRP soared above the $1.50 price level again after falling towards the $1.45 price area earlier today, after the market saw a sell-off
The uptick came as addresses holding XRP approached 8.15M, while, according to the recent exchange inflow figures, some of the holders may still be preparing to sell.
XRP holder addresses continue climbing
The number of addresses holding XRP has increased steadily over the past six months, rising from around 7.72 million in late March to 8.15 million! The increase represents an increase of about 430,000 addresses.
It continued to grow when the price was rising and falling. What this suggests is that there was more interest in XRP beyond traders reacting to its daily movements.
Trading activity is signalling a more cautious read. About 524,000 XRP entered trading platforms in the latest reading, while about 135,000 left.
That move led to a net inflow of about 389,000 XRP. Tokens sent to exchanges are often seen as tokens that are available for sale, although there might be other reasons.
The latest inflow was also small when compared with the multimillion-XRP spikes that have been seen earlier in the year. What this shows is that there are some selling risks, but there is no rush to exit.
Can the XRP price retest $1.60?
XRP saw a fall of nearly 8% during the broader crypto-market decline, falling to a low near the $1.45 price area.
Buyers could then be seen returning, and this took the price to around $1.52. At the time of this writing, XRP was up 1.39%.
The recovery has the $1.45-$1.42 price region as the nearest support. If it does not slip below that region, the recent recovery should remain unharmed, and buyers will get another chance to challenge the $1.60 price level.
If it is able to move beyond the $1.60 price level, it could open the way towards the $1.66 area, where it recently encountered selling.
Should $1.42 not hold, then the attention would switch to $1.36. Once resistance, this level looks as if it could now provide some support on a sharper pullback.
However, XRP is sitting above its major price averages; this means that the wider recovery will not be overturned yet. Still, reaching $1.60 is needed for the rebound movement to develop into another long phase up.
Final Summary
- XRP jumped back above $1.50 after tumbling almost 8% along with the broader market dip.
- While the holder addresses increased to 8.15M, some inflows into exchanges suggest potential selling risk.
