XRP has attracted significant attention following its recent rally, which took the altcoin to a 3-year high earlier this week.
Despite struggling to break above the $1.14 resistance, investor confidence remains high, providing the necessary support for further upward momentum.
XRP Whales Are Key
Whale addresses have demonstrated strong conviction in XRP, accumulating nearly 900 million tokens over the past seven days. This influx, valued at approximately $1 billion, highlights the renewed interest from large wallet holders. Their activity has been instrumental in the recent 122% surge in XRP’s price, further bolstering market confidence.
The whale accumulation trend suggests a long-term bullish sentiment, aligning with XRP’s steady rise. This behavior also acts as a stabilizing factor, preventing abrupt price drops. As whales increase their holdings, XRP gains the support it needs to continue its upward trajectory.
XRP Whale Addresses. Source: Santiment
Furthermore, the age consumed metric for XRP does not show any major spikes, which indicates that long-term holders (LTHs) are refraining from moving their holdings. Typically, significant spikes in this metric imply profit-taking activity, which can negatively impact prices. The absence of such movements suggests that LTHs are confident in XRP’s future potential.
This stability among LTHs reinforces a bullish outlook for XRP. By holding onto their assets, these investors signal belief in sustained price increases, further solidifying the $1.00 support level. This conviction creates a favorable environment for the altcoin’s continued rally.
XRP Consumed Age. Source: Santiment
XRP Price Prediction: Breaking Barriers
XRP price has surged 122% during the recent rally, but the altcoin remains stuck below the critical resistance of $1.14. Breaking through this barrier is essential for XRP to continue its upward momentum and reach higher price levels.
If the bullish factors remain intact, XRP could break above $1.14, paving the way for a move towards $1.28 and beyond. However, this depends on continued whale activity and the conviction of LTHs supporting the altcoin.
XRP Price Analysis. Source: TradingView
On the other hand, losing the support level at $0.99 would invalidate the bullish thesis. A drop below $1.00 could lead to a decline towards $0.87, taking XRP further away from its recent highs.
The article XRP Market Surge: Almost $1 Billion Acquired appeared first on BeInCrypto.
