- XRP price surged by 3% after rejecting key trendline support level around $0.4645 in the last 48 hours.
- Solana’s ETF prospects and whale activity add curiosity to XRP correlation.
XRP has shown signs of bullish momentum in recent days. The XRP price bounced off the ascending trendline support at $0.4645 and surged by 3% in the last 48 hours.
This support level is critical, as it has acted as both support and resistance in recent weeks. The subsequent price increase suggests that bulls are regaining control and may be preparing for a more significant move.
This accumulation of bullish momentum could fuel XRP prices to test the trendline resistance.
If XRP can break above this descending trendline, it may signal the end of the recent downtrend and raise the curtain for a new phase of bullish momentum.
According to CoinMarketCap data, the XRP price stands at $0.4764, a 1.55% surge in the last 24 hours and a 2.39% surge in the last 7 days. Its trading volume has spiked by 1.22% in the last 24 hours.
Source: TradingView
Correlation with Solana
AMBCrypto’s analysis of Hyblock capital’s data revealed interesting aspects.
According to the correlation matrix, there has been a correlation of 0.44 between XRP and SOL over the past three months. This moderately positive correlation indicates that XRP’s price movements are somehow influenced by the broader market trends affecting Solana.
Source: Hyblockcapital
Interestingly, whale-to-retail data reveals significant whale activity on Solana. The current whale-to-retail ratio for SOL stands at 47.80, indicating substantial top investor interests.
This whale activity could have a substantial impact on XRP’s price action due to their correlation.
Source: Hyblockcapital
The liquidation heatmap data indicates a bullish bias towards the $0.5 level. This anticipates for a further price surge.
Source: Hyblockcapital
Solana ETF expectations and potential impact
Further fueling market sentiments was a report on Solana ETFs.
The report from GSR projects an impressive 8.9x appreciation upon ETF approval. This optimistic outlook for Solana could have significant effects across the altcoin market, potentially benefiting correlated assets like XRP.
The prospect of a Solana ETF and its projected impact add another layer of complexity to the XRP-SOL relationship. Traders are now closely monitoring how developments in the Solana ecosystem might influence XRP’s price trajectory.
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The strong support at $0.4645 for XRP, combined with the accumulating bullish momentum, lays the foundation for further potential price hikes to the descending trendline resistance level.
However, price declines cannot be written off since the liquidity shows a bearish bias.