XRP has recently broken through its month-long resistance at $2.73, a move that positions the altcoin for a potential new all-time high (ATH).
Currently trading at $2.85, XRP is only 16% away from its ATH of $3.31. However, whale accumulation could hinder this upward trajectory.
XRP Traders Are Highly Bullish
XRP’s Open Interest (OI) has surged to an all-time high of $5.99 billion, reflecting increased trader participation. The OI rise is a strong indicator of market optimism, with traders pouring funds into XRP, anticipating further gains.
In the past 24 hours alone, a 12% price rise has driven an $800 million increase in OI. This significant inflow highlights the growing confidence among investors, boosting expectations for XRP to achieve a new ATH in the near term.
Whale behavior is playing a pivotal role in XRP’s price dynamics. Wallets holding between 10 million and 100 million XRP historically show an inverse correlation to price trends. These whales recently sold 21 million XRP worth $60 million within a week, fueling the current price rise.
However, their holdings are now increasing, signaling accumulation. This shift could introduce selling pressure, potentially slowing XRP’s momentum. Historically, whale accumulation has correlated with price corrections, making their current stance a key factor to watch.
XRP Price Prediction: New ATH Ahead
XRP is just 16% away from its ATH of $3.31, with the price now trading at $2.85. The recent breach of the $2.73 resistance marks a significant milestone, setting the stage for further gains.
For XRP to achieve its ATH, a retest of $2.73 as support is critical. Establishing this level as a solid foundation would enable a gradual rise toward $3.31, supported by strong market sentiment and trader participation.
However, if XRP loses the $2.73 support, it risks falling back into a consolidation range above $2.18, as observed in the past. Such a move would delay a new ATH and invalidate the current bullish outlook, leaving investors cautious.
Bitrue