Despite persistent regulatory constraints, Ripple's XRP has lately shown resiliency. In early October, the token's value plummeted 18% as a result of fresh legal doubts around the SEC in the United States.
Having said that, the price has leveled off and is now trading at $0.5415. The analysts' positive forecast on XRP's rebound is based on major tendencies in whale accumulation.
According to Santiment data, crypto addresses with 100 million to 1 billion XRP have amassed over 140 million tokens, worth $77 million. The total amount held by these major addresses has climbed to 9.77 billion XRP because to this increase in ownership.
Such massive hoarding by whales regularly occurs before price increases in the past. According to experts, XRP might soon surpass the $0.55 threshold if current purchasing pressure continues.
A sense of caution coexists with the hope. If the pace of accumulation slows, XRP might go below $0.50, a psychological support level that bulls have successfully maintained.
The whale accumulation reached 9.77 billion tokens with the addition of 140 million XRP.
At the now, the market is trading at $0.5415, with $0.52 providing solid support.
As for the price target, a breakout over $0.55 may indicate a positive upswing.
The RLUSD Stablecoin from Ripple: A Growth Catalyst for the Future?
The impending release of Ripple's stablecoin, RLUSD, is a major event influencing Ripple's ecosystem. Expected to be compatible with Ethereum and the XRP Ledger (XRPL), RLUSD will have a 1:1 peg to the USD. Although stablecoins are more often used for transferring money than for investing speculatively, Ripple's collaborations with Bitstamp and MoonPay have the ability to increase demand for XRP and raise liquidity.
Retail and institutional customers' acceptance of RLUSD is crucial, according to market experts. Launching the stablecoin is a deliberate step by Ripple to improve its image and establish itself in the crypto community, even if it may not have much of an immediate effect on the price of XRP.
Possible Rally in XRP Price Suggested by Funding Rate
The fact that XRP's Funding Rate is now positive is another optimistic indicator. The prevalent market attitude among traders is shown by this statistic, which measures the difference between the index price and the mark price of perpetual futures.
When the Funding Rate rises, it usually means that traders are bullish since long positions pay more to short ones.
The fact that XRP's Funding Rate is now positive suggests that a price surge may be in the cards. The price may go closer to regaining higher resistance levels if this trend continues, which would be good news for traders with long holdings.
At $0.52, there is a solid defense that might prevent a decline below $0.50.
Breakout Above $0.55 Could Set Off Rally; XRP Consolidates as Bulls Protect Crucial Support
With the $0.52 level serving as a strong support zone, XRP has been consolidated inside a limited range of $0.52 to $0.54. At $0.54176, the pivot point is located, and it is an important benchmark in the present price structure.
Consistent defense of the $0.52 support level by bulls indicates strong market support and a refusal to let prices go much lower. between $0.54363, you'll find immediate opposition; between $0.56301 and $0.58031, you'll find the following layers of resistance.
