XRP Price Surge: $10 Potential?
XRP experienced a significant price surge, climbing 14% on Wednesday, recovering from losses incurred following a tariff announcement. On-chain data indicates that recent XRP acquisitions are largely being held long-term. This reduced supply, coupled with other factors, raises the question: Could XRP reach $10?
Ripple (XRP) Rebounds Amidst Tariff Easing Hints
Ripple (XRP) volatility continued into Tuesday, March 2025, marked by a lack of directional momentum. However, a hint from the US Secretary of Commerce regarding potential tariff easing on Canada and Mexico triggered a wave of buy orders across crypto markets, benefiting XRP significantly. Investors focused on assets potentially included in Trump's crypto strategic reserves, including XRP.
XRP's price rose 14% on Wednesday, moving from $2.20 to reclaim the $2.50 level.
Binance XRP Deposits Plunge: Bullish Whale Activity?
Despite XRP's price stagnating at the $2.50 resistance on Wednesday, on-chain data suggests a bullish trend. Whale investors appear to have capitalized on the recent dip, accumulating large XRP volumes and moving them into long-term storage.
CryptoQuant data shows a significant decrease in XRP deposits on Binance—a 25 million XRP withdrawal, reducing total exchange deposits to 2.87 billion (approximately $500 million at current prices). This shift from exchange to cold storage suggests increased confidence among long-term holders, potentially leading to a supply squeeze.
XRP Price: Could $10 Be Reachable?
The movement of large XRP holdings into cold storage by institutional investors, combined with speculation about XRP ETF approvals and potential inclusion in US Treasury strategic reserves, could significantly tighten XRP supply. This could drive the price towards the $10 level.
Technical Analysis: Potential $3 Breakout
XRP price remains relatively neutral, fluctuating between $2.0616 and $2.9337 (Bollinger Bands). A decisive break above $2.9337 could propel it toward $3.00. The Relative Strength Index (RSI) at 49.19 indicates a balance between buyers and sellers, while the Parabolic SAR suggests a potential trend reversal. Holding above $2.30 is crucial for maintaining this bullish structure. Support around $2.00-$2.03 could act as a buffer, and a successful defense of this level may pave the way for a move towards $3.00.
Frequently Asked Questions (FAQs)
- Could XRP reach $10? Yes, reduced market supply due to institutional adoption and potential strategic reserve inclusion could drive XRP towards $10.
- What does the withdrawal of XRP from Binance signify? The large-scale withdrawal of XRP into cold storage indicates strong long-term confidence from large investors.
- What technical indicators suggest a potential breakout above $3? Tightening Bollinger Bands, an RSI near neutral territory, and a Parabolic SAR trend reversal all point to a possible bullish breakout above $3.
Disclaimer: This analysis reflects the author's opinion and is subject to market conditions. Conduct thorough research before investing in cryptocurrencies. Neither the author nor the publication is responsible for personal financial losses.