Last week, XRP investors made significant profits, with total profits exceeding $5.86 billion! Moreover, despite those big players, or 'whales,' nearing 400% profits, they still slightly lean towards increasing their holdings of XRP, which is not a trivial matter and may signal a larger upward movement.
Last Friday, XRP rose by 7%. Although retail investors took some profits, whales remained steadfast, and this 'determined' attitude may push XRP to a new high—an all-time high of $3.57.
Pullback but sentiment remains strong; the market is still bullish.
After surging to $2.91 last Monday, XRP experienced a pullback, with prices dropping by 17% at one point. But don't worry, profit-taking is a normal phenomenon, especially when prices hit new highs.
In fact, on-chain data for XRP shows that while many retail investors chose to 'cut losses' in the short term, large holders did not sell off, and instead showed signs of accumulation.
For example, whale investors holding between 1 million and 10 million XRP increased their holdings by 260 million XRP tokens last week, and the total amount of whale transactions also reached a new high in five years, demonstrating their confidence in the market.
Another important signal is that the holdings of whales have not decreased; instead, they tend to continue accumulating, which means they believe XRP has more room for growth!
Where is the breakout point for XRP?
To break the historical record, XRP needs to surpass the $2.92 mark.
If the breakout is successful, it could reach the historical high of $3.4, and even potentially surpass the new high of $3.57, bringing investors unexpected profits!
However, it's important to note that the relative strength index (RSI) has now entered the overbought zone, which may lead to a short-term pullback.
If XRP's weekly closing price falls below the 50% Fibonacci retracement level (around $1.96), it may lose upward momentum and could even drop back to the 61.8% Fibonacci retracement level.
In addition to price fluctuations, there are several important developments from Ripple worth noting: Ripple Labs' Chief Technology Officer David Schwartz stated last Friday that they plan to launch the RLUSD stablecoin before the end of the year, although there were rumors that this stablecoin would launch on Wednesday, Ripple later clarified this news.
Meanwhile, the number of weekly active addresses for XRP is also increasing, reaching a new high in 16 months, surpassing 495K addresses, indicating that market interest in XRP remains strong.
Despite a slight pullback recently, the long-term bullish sentiment for XRP remains strong. The accumulation by whales, increased market activity, and Ripple's new initiatives all support the rise of XRP.
In the near future, whether XRP can break through $2.92 and create new highs will be our focus.
