XRP price has been trading within an ascending triangle pattern, a technical setup that suggests a significant breakout is on the horizon. This pattern could send the altcoin’s price up by as much as 28.9%.
Key market players, known as whales, have been fueling this potential surge by accumulating large amounts of XRP, signaling confidence in an upward price movement.
XRP Whales Contribute Considerably
Whale activity has surged in recent days, with large holders significantly increasing their positions. Specifically, addresses holding between 10 million and 100 million XRP tokens have collectively purchased 200 million XRP, valued at over $116 million. This accumulation points to a rising belief in the asset’s bullish potential.
The increased whale activity is an indicator of market confidence, as such holders typically buy when they anticipate a price rally. Their recent purchases suggest that the coming weeks could see XRP break out of its current pattern, giving momentum to the cryptocurrency and offering investors notable gains.
Read more: XRP ETF Explained: What It Is and How It Works
Analyzing XRP’s macro momentum, the MVRV (Market Value to Realized Value) Long/Short Difference reveals an interesting shift. This metric helps gauge investor profit-taking conditions.
Negative values often mean that short-term holders are profiting, while positive values indicate long-term investors are in the green. The latter is the case with XRP.
However, at present, the profits for long-term holders are not substantial. As a result, these investors are unlikely to sell soon, waiting instead for larger returns. This holding pattern supports the potential for a bullish breakout in the near future.
XRP Price Prediction: Profits Ahead
XRP is moving within an ascending triangle, a bullish formation that forecasts a 28.9% rise upon a successful breakout. If this occurs, XRP’s price could surge to $0.76, offering strong returns for investors.
For the breakout to materialize, XRP must first surpass the resistance at $0.64 and establish it as a new support level. While whale activity suggests this is achievable, maintaining momentum above this threshold remains a challenge.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Should XRP fail to breach the $0.64 barrier, it may continue consolidating between $0.56 and $0.64, delaying a price rally and dampening investor expectations.
Disclaimer
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