NEAR Protocol (NEAR) and XRP have both demonstrated significant signs of a potential bullish reversal following a period of intense market pressure. NEAR's price action, after a prolonged downtrend, found aggressive buying support at the critical $0.855 level. The daily chart closed with a strong long lower wick, indicating seller exhaustion and a possible trend shift. Momentum indicators like the Stochastic RSI have moved into oversold territory, further hinting at a relief rally. On-chain metrics support this move, with NEAR's 24-hour trading volume surging by $97 million to reach $453 million, and its social dominance increasing as trader discussions spike.
Simultaneously, XRP staged a powerful recovery, outpacing other top cryptocurrencies. After sinking to a low of $1.14 during a broad market sell-off, XRP rebounded over 17% to an intraday high of $1.53. This recovery was fueled by a thinning of selling pressure post-liquidation and significant accumulation by large holders, or 'whales'. Data shows wallets holding between 100 million and 1 billion XRP accumulated over 230 million tokens worth $335 million within 48 hours. Furthermore, first-time transacting addresses on the XRP Ledger jumped 51.5%, indicating renewed network activity.
The rebound in both assets comes after a wave of forced liquidations swept the market. For XRP, the drop to $1.14 unwound $30 million in long positions, but the subsequent reversal has clawed back $17 million from short bets. Market analysts attribute the initial sell-off to mechanical position clearing, with the subsequent snapback being a classic 'post-washout' recovery. The next key levels to watch are $1.08 for NEAR and the $1.58-$1.60 resistance zone for XRP. A failure to hold support could reopen the door to further bearish moves, while a successful breakout could signal the start of a broader trend shift.
