The altcoin market led by the meme coin industry is gradually heating up following the recent Bitcoin (BTC) price hike to an all-time high (ATH) earlier this week. Ripple Labs-backed XRP is slowly catching up and preparing for an inevitable uptrend in the coming weeks.
The large-cap altcoin, with a fully diluted valuation of around $62 billion, has attracted notable attention from whale investors due to its deep liquidity offered by Ripple and its partners.
As of this writing, XRP had an average daily trading volume of around $2 billion amid rising open interest (OI), which has reclaimed $900 million since July last year.
XRP Whale Demand Spike
Over the past 24 hours, several XRP whale transactions have been spotted leaving different centralized exchanges led by Binance. For instance, 300 million XRPs worth about $187 million were transferred from Binance to an unknown wallet.
However, it is worth noting that Binance has cautioned its customers that it will be performing some wallet maintenance, thus making the notable XRP transactions possible from Binance.
Nevertheless, XRP whale transactions in the past few days have spiked considerably, thus indicating a potential price uproar amid heightened demand.
Price Analysis and Short-Term Expectations
As a veteran altcoin backed by one of the largest web3-focused companies, XRP price has huge potential to register a parabolic rally beyond its ATH soon. From a technical standpoint, XRP price closed above a falling logarithmic trend that began last year after the SEC vs Ripple summary judgment.
Trading around 62 cents on Friday, XRP price needs to consistently close above the support level of around 58 cents to guarantee a bullish outlook in the near future. Notably, XRP price is aiming at reaching the next liquidity range between 68 and 73 cents, which coincides with the 0.618 and 0.786 weekly Auto Fib Extension.
