The price of XRP (XRP) has surged by approximately 11.50% in the last 24 hours, reaching $0.68. At its peak, the cryptocurrency was trading at $0.74, marking its highest level since November 2023.

XRP Whale Activity and Crypto Exchange Withdrawals

The recent price increase in XRP can be attributed to significant capital withdrawals from crypto exchanges. On March 8, an anonymous entity withdrew 300 million XRP valued at over $187.13 million from Binance, as reported by data resource Whale Alert. Subsequent transactions worth $18-19 million followed, indicating that major XRP investors are choosing to hold onto their tokens rather than trade them on exchanges.

Data from Messari also reveals a rise in the number of addresses holding over 1 million XRP during this price rally, suggesting that large crypto investors are driving the current surge in XRP price.

Capital Rotation from Bitcoin Markets

Alongside the price increase in XRP, there has been a notable rebound in the XRP/BTC pair. Following a drop to its lowest level since March 2021, the pair has surged by over 12%, indicating a shift of risk-on traders from Bitcoin to altcoins for potentially higher profits in the short term.

Technical Rebound in XRP Price

From a technical analysis standpoint, the recent gains in XRP price have originated from a support confluence area, including XRP’s ascending trendline, 50-day exponential moving average (50-day EMA) at $0.58, and 0.382 Fibonacci retracement line near $0.59. This support confluence resembles a pattern from November 2023 that preceded a 21.25% price rally.

XRP will aim for a close above the multi-year descending trendline resistance to sustain its uptrend towards the target of $1. Conversely, a pullback from the resistance could lead to a 20% drop towards the ascending trendline support near $0.50.

In conclusion, this article does not provide investment advice. Readers are advised to conduct their own research before making any investment decisions. For more news and updates on cryptocurrencies, visit Global Crypto News.

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