The cryptocurrency market has been bullish over the past week, with some token prices rising. ripple (XRP) is one of these coins that has seen its price surge above $1.
XRP rises from $0.640 to highs of $1.2, Increased by more than 80% in just six days. Ripple is trading to $1.14, up 3.24% in the past 24 hours.
Although prices have pulled back slightly, a number of technical indicators suggest bulls are still in control. The coin is currently hovering above the Bollinger Bands indicator, Hints at potential rebound, hits record high.
Additionally, top cryptocurrency experts are also bullish on the coin, predicting that its price could reach $8 in the coming months. Can XRP maintain its current momentum to achieve this goal?
This analysis will provide XRP’s trajectory and the likelihood of reaching the touted levels soon.
Whale activity and long-term holders drive XRP momentum
According to Santiment data, XRP’s strong upward trend has attracted many big players in the market. Their activity is pushing XRP further higher.
Data shows that whale addresses accumulated nearly 900 million tokens in just 7 days. A massive influx worth $1 billion played a major role in XRP’s recent price surge.
Large holders or whales show strong confidence in XRP’s future, which helps push its price higher.
Additionally, long-term holders (LTH) will not transfer their XRP. This shows that they believe in the future growth of the token, which provides more support to its price.
Combining these factors, XRP is settling above the $1.00 mark, reinforcing its bullish outlook. XRP is poised for a potential rally as whales continue to accumulate and long-term holders maintain confidence.
This increased confidence and support could lead to XRP breaking through previous price barriers and potentially setting new all-time highs.
XRP Price Analysis: Technical Indicators Show Bullish Sentiment, Key Levels to Watch
XRP has been trading near the upper Bollinger Bands, a key indicator of a potential breakout. If it successfully breaks through the upper track, We could see its price accelerate, pushing it to new highs.
Supporting this bullish outlook is the volume trend (PVT) indicator, which currently stands at 1.66 billion. This indicator shows the relationship between price movement and trading volume, helping to identify the strength behind a trend.
The PVT value of 1.66 billion indicates strong buying pressure, indicating that the price of XRP is supported by significant market interest.
Another important indicator to consider is the Supertrend, which is currently giving a “buy” signal. This reinforces the idea that XRP may continue to rise, especially if other indicators are consistent with this trend.
The MACD is clearly above its signal line and the histogram bars are in the green zone. This setup indicates strong momentum and buyers are in control of the market.
Together, these indicators paint a strong bullish outlook for XRP. However, there are some key price levels worth watching.
The recent high of $1.27 is a key resistance level. A break above this level could attract more whales to the market, pushing prices even higher. On the other hand, if early buyers decide to take profits, XRP could drop below the current price.
Support at $1.03 is an important level to monitor. If the price falls into this area, it could signal a short-term pullback. However, as long as the price remains above this support, the long-term bullish outlook remains unchanged.
Analyst Armando Pantoja predicts big changes from increased whale activity
Many analysts have made ambitious predictions for XRP, Some think it could rise to $8. in the most recent X postsMarket analyst Armando Pantoja believes big things are about to happen for XRP.
Pantoja pointed to the increasing activity of XRP whales, which indicates rising bullish sentiment. According to him, whales have purchased large amounts of XRP recently.
In just one week, they added 453.3 million XRP, worth approximately $526 million. This has sparked expectations that XRP prices will continue to rise.
“This is the largest accumulation of whales in the last three years,” he added.
Pantoja also highlighted that wallets holding more than 100,000 XRP have reached new highs. These large wallets now control 85% of the total XRP supply, a strong sign of confidence in the currency.
Analyst Pantohar predictThe price of XRP may reach $3, $8 or even higher in the future. He believes that the coin could reach this level following the “Gensel Exit + Elliott Wave Pattern.”
The last time prices broke this pattern, prices rose significantly, the analyst added. This means there is still hope for Ripple tokens.
While there is no specific timeline for when XRP will reach this goal, its recent strong performance, Bullish indicators and growing whale interest point to a bright future.
A break above the key resistance levels of $1.3 and $1.8 would set the stage for a rebound towards the $3 threshold, Attract more market interest. However, keep in mind that the cryptocurrency market is highly volatile and prices can change at any time.
View all posts by Rida Fatima
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