Over the past week, the crypto market has been bullish, with several tokens playing in the green. Ripple (XRP), being among these tokens, surged significantly above $1.
XRP increased from $0.640 to a high of $1.2, representing an increase of over 80% within just six days. XRP is trading at $1.14, up 3.24% in the past 24 hours.
While the price has pulled back slightly, several technical indicators show that the bulls are still in control. The token is currently hovering around the upper Bollinger band indicator, hinting at a potential rally, hitting a new all-time high.
Moreover, top crypto pundits are bullish on the coin, predicting it could hit $8 in the coming months. Can XRP sustain the current momentum to reach this target?
This analysis will provide into XRP’s trajectory and the possibility of reaching the touted level soon.
Whale Activity and Long-Term Holders Fuel XRP’s Upward Momentum
According to Santiment data, XRP’s strong upward trend has attracted many big players in the market. Their activity is fueling more upward movement for XRP.
The data shows that whale addresses accumulate nearly 900 million tokens in just seven days. This massive influx, valued at $1 billion, has played a significant role in XRP’s recent price surge.
Large holders, or whales, are showing strong confidence in XRP’s future, which has helped push its price higher.
Additionally, long-term holders (LTHs) are not moving their XRP. This suggests they believe in the coin’s future growth, which adds more support to its price.
With these factors combined, XRP is holding steady above the $1.00 mark, reinforcing its bullish outlook. As whales continue to accumulate and long-term holders stay confident, XRP is poised for a potential rally.
This increased confidence and support could lead to XRP breaking through previous price barriers, possibly setting new all-time highs.
XRP Price Analysis: Technical Indicators Show Bullish Sentiment, Key Levels to Watch
XRP has been trading around the upper Bollinger Band, a key indicator for potential breakouts. If it manages to push past the upper band, we could see an acceleration in its price, driving it to new highs.
Supporting this bullish outlook is the Price Volume Trend (PVT) indicator, which currently sits at 1.66 billion. This indicator shows the relationship between price movement and volume, helping to identify the strength behind a trend.
A PVT value of 1.66 billion indicates that there is strong buying pressure, suggesting that XRP’s price is being supported by significant market interest.
Another important indicator to consider is the SuperTrend, which is currently signaling a “buy.” This reinforces the idea that XRP could continue to rally, particularly if other indicators align with this trend.
The MACD is significantly above its signal line, with the histogram bars in the green zone. This setup indicates that the momentum is strong, and buyers are in control of the market.
Together, these indicators paint a strong bullish picture for XRP. However, there are key price levels to watch.
The recent high of $1.27 is a critical resistance level. A break above this level could attract more whales into the market, which would further drive up the price. On the other hand, if early buyers decide to take profits, XRP might dip below its current price.
The support at $1.03 is an important level to monitor. If the price drops to this region, it could signal a short-term pullback. However, as long as the price stays above this support, the long-term bullish outlook remains intact.
Analyst Armando Pantoja Predicts Big Moves Amid Rising Whale Activity
Many analysts have made ambitious predictions for XRP, some suggesting it could rally to as high as $8. In a recent X post, Market analyst Armando Pantoja believes something big is about to happen for XRP.
Pantoja pointed out the growing activity of XRP whales, which suggests rising bullish sentiment. According to him, Whales have been buying a lot of XRP recently.
In just one week, they added 453.3 million XRP, worth about $526 million. This has sparked expectations that XRP’s price will keep rising.
“The most accumulation by whales in almost 3 years,” he added.
Pantoja also highlighted that wallets holding over 100,000 XRP have hit a new record high. These large wallets now control 85% of XRP’s total supply, which is a strong sign of confidence in the coin.
Analyst Pantoja predicts that XRP could reach prices as high as $3, $8, or even more in the future. He believes the coin could reach this level following “Gensel’s exit + Elliot Wave patterns.”
The analyst added that the last time the price broke this pattern, it surged remarkably. This means that there’s hope for the Ripple token.
While there’s no specific timeline for when XRP will reach this target, its recent strong performance, bullish indicators, and growing whale interest signal a bright future ahead.
Breaking key resistance levels at $1.3 and $1.8 will set the stage for a rally to the $3 threshold, attracting more market interest. However, remember that the crypto market is highly volatile, and the price could change course at any time.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
View all articles by Rida Fatima
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