The cryptocurrency XRP has been making waves in recent days, with investors eyeing a potential breakout from its extended trading range after the token surged more than 20% over the last 30-day period and as whales have been accumulating.
According to popular cryptocurrency analyst Ali Martinez, crypto whales have bought over 140 million XRP worth around $84 million in just a week as the price of the cryptocurrency rose significantly.
In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! pic.twitter.com/s22yK8wlZS
— Ali (@ali_charts) July 23, 2024
The accumulation is growing at a time in which one analyst believes the price of XRP is set to explode to up to $36 in the near future as it entered “qualification mode.”
In a post shared on the microblogging platform X (formerly known as Twitter) with over 100,000 followers, pseudonymous cryptocurrency analyst Dark Defender said XRP has “entered the qualification mode” after bouncing off of the $0.39 mark to then surpass $0.60 and “entering the previous triangle.”
According to the cryptocurrency analyst, if XRP manages to break through the $0.6649 mark decisively, it would enter a breakout that could see its price hit a number of potential targets based on Fibonacci retracement levels at $1.88, $5.86, and even $18.23.
Notably, bullish narratives surrounding XRP have been surging after the cryptocurrency’s recent price move. As CryptoGlobe reported, a popular cryptocurrency analyst going by Milkybull Crypto suggested to his over 70,000 followers on the microblogging platform X (formerly Twitter), that the XRP price rally was “just getting started,” and added he believes it’s going to be a rally similar to the one seen back in 2017.
At the time, the price of the native token of the XRP Ledger surged more than 66,000% from around $0.005 to over $3.3 before its price started dropping.
Similarly, crypto analyst MichaelXBT noted on the same microblogging platform the formation of a rarely seen seven-year bullish pennant pattern for XRP. This extended consolidation period, he argues, suggests the potential for a significant price increase.
Featured image via Pixabay.
