XRP prices have risen for four consecutive weeks for the first time since 2017. Analysts predict another 100% increase from now, reaching $4.21.
The surge in XRP prices is the only driving force behind the rise in the cryptocurrency market, having increased 12.25% in the past 24 hours to reach $2.73. Thus, the weekly increase for this altcoin has exceeded 90%, with a monthly increase of over 440%. The next question for investors is whether this price increase can be sustained.
How long will the rise in XRP prices last?
This month has seen a 440% increase, marking the longest period of price rise for XRP in nearly eight years. Renowned market analyst Income Sharks pointed out that the current uptrend has lasted for 4 weeks and 2 days, with growing optimism that XRP may maintain this bullish trend for a fifth consecutive week. 'Perhaps this time we can stick to 5 weeks, and then see a red candle,' the analyst commented.
Renowned cryptocurrency analyst CrediBULL Crypto believes that XRP's upward trend may continue, rising another 100% to reach $4.21. He is optimistic about XRP, claiming that the token is in a significant upward movement. According to CrediBULL, XRP seems to be smoothly entering the third wave of a larger bullish structure.
Analysts pointed out: 'The second sub-wave is short and compact, while the first sub-wave of the larger third sub-wave appears complete,' emphasizing that the other two waves within the third sub-wave may push XRP to break its all-time high (ATH).
In addition, the analyst rebutted the notion held by some that XRP has peaked. 'In my view, we are just getting warmed up. The rise will be pure frenzy,' the analyst noted.
XRP whale activity continues to increase
The price momentum of XRP continues as XRP whales purchased 160 million XRP worth $380 million over the weekend.
XRP has reached its highest level in nearly seven years, thanks to significant accumulation by wallets holding 1 million to 10 million XRP. Over the past three weeks, these wallets have increased their holdings by 679.1 million XRP, valued at approximately $1.66 billion.
Additionally, blockchain analysis platform Santiment reported that the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the currency's eight-year history.
With Ripple recently unlocking 1 billion XRP, the debate over why Ripple is selling XRP on the market has resurfaced. The parent company currently holds 43% of the altcoin supply in the market.
However, it turns out that Ripple immediately locked 770 million XRP for five years after unlocking 1 billion XRP from its escrow account three days ago. Analyst CrediBULL crypto pointed out:
'The claim that Ripple unlocks 1 billion tokens for sale to you every month has been debunked multiple times; anyone still promoting this claim is either participating or willfully ignorant.'
XRP prices are currently up 12.67% to $2.73, with a market cap of $155 billion. Additionally, daily trading volume surged 54% to $4 billion. According to Coinglass data, open interest rose 4% to $4.35 billion, indicating bullish sentiment among traders.
