Crypto Whales Buy Ripple’s XRP Before Bullish Breakout

Analysis3wks agoUpdate 6086cf...
18 0

In Brief

  • XRP price is heading toward flipping $0.55 into support, which could push the altcoin towards $0.65.
  • In the last week, more than 90 million XRP worth $48.6 million was bought by whale addresses.
  • Retail participation has also seen a sharp increase in this duration, suggesting increased bullishness.

Ripple’s XRP price is following the path of the target set by a bullish triangle pattern it has been trading in.

With the support of XRP holders, the altcoin is inching closer to achieving the upside target.

Ripple Whales Buy More

XRP price could witness the bullishness that Ripple whales exhibit with their accumulation. In the last seven days, the addresses holding between 1 million and 10 million XRP have purchased over 90 million tokens worth $48 million. Consequently, this brought their total holdings to 3.7 billion XRP.

These whale addresses tend to influence price action considerably, as they have in the past. Accumulations generally lead to recoveries and rallies, whereas selling results in the altcoin noting corrections.

In the case of Ripple, it is likely the former, bolstering the altcoin’s attempt at marking recovery on the daily chart.

Crypto Whales Buy Ripple’s XRP Before Bullish Breakout
XRP Whale Holdings. Source: Santiment

Retail investors, too, are showing support for a price rise, with their participation growing over the past week. The number of addresses conducting transactions on the network has risen by 28.8%, suggesting investors are pining for further price growth.

This optimism shown by Ripple native token holders could act as a major catalyst for the XRP price to sustain its recent rally and grow further in the coming days.

Read More: Everything You Need To Know About Ripple vs SEC

Crypto Whales Buy Ripple’s XRP Before Bullish Breakout
XRP Active Addresses. Source: Santiment

XRP Price Prediction: Breakout

XRP price, trading at $0.54, is noting a bounce from the support line at $0.51. This level also marks the breakout point from a symmetrical triangle pattern where XRP has been consolidating for nearly three weeks. This bullish pattern suggests a potential 27% rally to $0.65 is on the cards.

However, to make it there, the altcoin must first breach and flip the resistances at $0.57 and $0.62 into support. Propelled by the Ripple investor’s bullishness, $0.57 could be breached in the coming days, securing a 7% rally for XRP.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

Crypto Whales Buy Ripple’s XRP Before Bullish Breakout
XRP Price Analysis. Source: TradingView

On the other hand, if the crucial support of $0.51 is lost, XRP price could fall to $0.47. If this support is also lost, it would invalidate the bullish outlook, potentially sending the altcoin to $0.42.

Top crypto projects in the US | May 2024

This article is sourced from the internet: Crypto Whales Buy Ripple’s XRP Before Bullish Breakout

Related: a16z crypto: Criticizing Memecoin

Original title: How bad policy favors memes over matter Original article by: Chris Dixon Release date: 04.20.2024 With cryptocurrency prices hitting new all-time highs recently, there is a risk of over-speculation in the cryptocurrency market, especially with the recent hype around meme coins. Why does the market keep repeating these cycles instead of supporting truly transformative blockchain-based innovations? Meme coins are basically meme coins created by people in online communities who understand the meme. You may have heard of Dogecoin, which is based on the long-standing dog meme featuring Shiba Inu images in the internet community. When someone self-deprecatingly gave it a cryptocurrency that later had some economic value, it formed a wider online community. This meme coin reflects the diversity of internet culture, most of which are harmless, while…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...