- XRP may be heading to its key resistance of $1.33, with strong bullish momentum and whale accumulation
- On-chain metrics revealed rising activity, with declining exchange reserves seen too
As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I’ve seen my fair share of ups and downs. However, the recent surge of XRP has caught my attention like never before. The token’s impressive 16% jump in just 24 hours to reach $0.9342 is a testament to its resilience and potential for growth.
Boasting a market value exceeding $50 billion, XRP is once again making its presence felt as a significant player in the cryptocurrency sphere. In less than a day, its value climbed more than 16%, reaching $0.9342, attracting considerable focus from investors and observers alike.
Nevertheless, the crucial point to consider now is – Will XRP continue its surge to surpass the $1 mark and potentially reach the $2 milestone?
Is XRP gearing up for a major breakout?
The graph of XRP suggests a possible breakout as its price approaches a significant barrier at approximately $1.33. If it manages to surpass this point, there’s potential for a swift increase towards the previously mentioned objectives. Furthermore, the positive trend appears to be bolstered by various technical indicators.
At the current moment, the RSI (Relative Strength Index) showed a significantly high value of 97.56, suggesting that XRP had entered the overbought zone.
In simpler terms, although temporary adjustments may occur, the Moving Average Convergence Divergence (MACD) indicated a bullish trend and reinforced the market’s upward momentum. Moreover, the overall market sentiment seemed positive, which provided XRP with the push to keep its uptrend going.
Consequently, it seems possible that we could surpass the $1 mark soon. If this occurs and momentum continues, reaching $2 within the intermediate period could become a viable goal.
XRP whale activity adds fuel to the fire
In the past three days, large XRP investors (often referred to as ‘whales’) have noticeably boosted the current surge by buying over 320 million XRP tokens.
This significant buildup indicates increasing trust among major investors, several of whom are preparing for more profits. As a result, this buying frenzy has reduced the amount readily available, potentially causing continuous pressure on prices to rise.
Because large movements in whale activities tend to signal upcoming price changes, it’s possible that XRP’s upward trend still has more potential for growth.
On-chain activity reflects higher demand
The increase in on-chain indicators adds credence to a positive perspective for XRP. Notably, the number of active addresses grew by approximately 1.17%, reaching 27,421.
Such a steady hike highlighted growing network activity and engagement. Moreover, the total transaction count rose by 0.92%, crossing 1.88 million transactions. Taken together, these suggested that XRP’s adoption has been expanding. A development like this often translates into stronger price performance.
Declining exchange reserves signal reduced selling pressure
Over the past 24 hours, the amount of reserves held in exchange for XRP decreased by 0.64%. At the moment of reporting, there were approximately 3.237 billion XRP tokens in these exchanges.
The decrease suggests that investors are transferring their tokens from exchanges to hold them long-term, reducing the amount available for sale. This decrease in supply for sale leads to a more advantageous situation for increased prices. When you factor in increasing demand and large investor accumulation, this trend can bolster XRP’s bullish argument.
Read Ripple’s [XRP] Price Prediction 2024-25
It appears that the value of XRP exceeded $50 billion, which, combined with robust technical and blockchain data, implies a potential breakthrough above $1 could happen soon. The upcoming days are crucial to verify whether this bullish trend on the graphs is indeed accurate.
Read More
- GBP EUR PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- CNY RUB PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- Wise Guy: David Chase Revisits The Sopranos in HBO Documentary Trailer
- Borderlands 4 Revealed at Gamescom Opening Night Live
- The Fantastic Four: First Steps Celebrates Christmas With Brand-New Poster
- The DCU Is Better Off Without More Batman Movies for Awhile
2024-11-16 17:12