The XRP price rose 9% in a week and 2% in the last 24 hours to trade at $0.6481 as of 03:13 a.m. EST on trading volume that fell 1% to $2.4 billion.
This comes as crypto analyst Ali Martinez, with 72.9k followers on X, shared data from Santiment showing that whales have purchased more than 470 million XRP in the last 10 days.
#Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO
â Ali (@ali_charts) September 29, 2024
Could the recent upsurge in whale activity mean a positive outlook for the XRP price?
XRP Price Aims For A Bullish Trend Continuation
After a slight uptrend in September, the XRP price went into consolidation, trading roughly between $0.57 and $0.60, according to data from GeckoTerminal.
Recently, there has been a breakout above this consolidation range, signaling a potential start of a new bullish trend as the price of XRP rose through a parabolic curve.
The XRP price is now trading above the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bullish stance. The 50-day SMA was previously acting as resistance, but now the price is far above it, indicating bullish momentum.
Moreover, the Relative Strength Index (RSI) seems to be soaring towards the 70-overbought region, currently at 69, which is a confirmation of the asset being under intense buying pressure.
The Moving Average Convergence Divergence (MACD) (blue line) is above the signal line (orange line), which is a bullish indicator. This indicates that the momentum is in favor of buyers. The green bars on the histogram also show that the XRP price is on positive momentum to the upside.
XRPUSD Chart Analysis Source: GeckoTerminal.com
XRP Price Prediction
The sharp upward movement indicates that buyers are in control after the breakout from consolidation. If the price stays above the previous resistance level of around $0.60, it could now act as a strong support zone.
If this momentum sustains, the price of XRP could soar even higher, as they target $0.70.
Conversely, the RSI may soon close to the overbought region, indicating that the asset may soon be overvalued. If the bears capitalize on this selling signal, the price of XRP may plunge back to the $0.60 support.
Meanwhile, as the XRP price continues to surge, investors are piling into a meme coin called Crypto All-Stars (STARS), which has amassed over $1.8 million in its presale.
ClayBro, a popular crypto analyst and YouTuber with over 130k subscribers, says that $STARS has the potential to soar 26X after its launch.
Crypto All-Stars Garners Over $1.8 Million In Presale
Crypto All-Stars offers users a streamlined platform to manage multiple meme coins in one place called the MemeVault protocol. Â
ThÍe MÍeÍmeÍVaÍult EcosysteÍm reÍpreÍsÍenÍts a paradiÍgm shift in hÍow investors inÍteraÍct wiÍth mÍeme coÍinsÍ on the bÍlockcÍhaÍin.Í
A brand-new player in the meme coin space, Crypto All-Stars just launched within the past 24 hours, and itâs already making waves! đ
Hereâs why you should pay attention. đ§”đ
â web3telepath (@web3telepath) August 15, 2024
MemeVault allows investors to stake popular meme coins like Dogecoin ($DOGE), PepeCoin ($PEPE), and Shiba Inu ($SHIB) to earn substantial rewards in $STARS, the platformâs native token.
Initially, MemeVault will support 11 tokens, including Brett, Floki, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk, with plans to add more in the future.
You can also earn passively through the projectâs native staking mechanism, which offers a huge 816% in annual rewards. Over 900 million STARS tokens have already been staked.
You can buy the token currently for $0.001471. With a price hike coming in less than a day, act fast to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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