Ripple (XRP) price broke above $0.68 on Monday morning, bringing its November gains into double-digits. On-chain analysis examines the major drivers behind the ongoing price increase.
Over the last two weeks, a cohort of crypto whales have been spotted buying XRP aggressively. As the 2023 edition of the Ripple Swell event edges, is this the best time to buy XRP?
Ripple Whales Have Invested $850M in Two Weeks
XRP price has made a blistering start to November 2023, delivering 13% gains within the first week. On-chain data has revealed how bullish trading activity among crypto whales has been pivotal to this rally.
According to data from Santiment, large investors holding 100,000 to 1 billion XRP coins were spotted aggressively buying over the past week. The data below shows how the XRP price entered a tear around October 24, just as the whales began buying.
Between October 24 and November 6, the whales acquired 1.26 billion XRP to bring their cumulative balances to a new 2023 peak.
When valued at the current market price of $0.68, the newly-acquired 1.26 billion XRP is worth approximately $850 million. This large-scale acquisition within two weeks has put upward pressure on XRP, propelling the price above the critical resistance zone at $0.65.
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And with the whales’ balances at a 2023 peak, other strategic retail investors could be convinced to take long positions this week. This could push XRP’s price closer to the $0.70 mark.
Ripple Swell Event Could Intensify the Bullish Momentum
Ripple is scheduled to host the 2023 edition of “Swell” — a landmark digital-asset conference, in Dubai later this week. The two-day, invite-only event will feature keynote speeches and dialogue with global industry leaders, regulators, and innovators in blockchain technology and decentralized finance.
With the Ripple “Swell” event merely days away, XRP has received a significant boost in media hype. According to Santiment, XRP Social Dominance has increased from 1.3% to 4% over the last 3-days alone.
The Social Dominance metric captures the percentage share of a cryptocurrency in comparison to the 50 most talked-about projects across crypto media channels. An increase in Social Dominance during a rally indicates market euphoria, often leading to major price correction.
However, with the Ripple Swell event coming up between November 8-9, investors will likely hold out before a major sell action. Strategic investors often anticipate important product announcements or partnerships ahead of such major conferences, which could spur price action.
In effect, the rising whale demand and positive expectations surrounding XRP will likely drive prices toward $0.70 in the days ahead.
XRP Price Prediction: Reclaiming $0.70 Could Trigger More Gains
Having cleared the $0.65 territory, XRP price now faces minimal resistance on the road to $0.70. And despite the double-digit gains over the past week, the Parabolic SAR (Stop and Reverse) data suggests that the bullish momentum could linger.
The Parabolic SAR identifies potential reversal points in an ongoing price trend. As of November 6, the XRP Parabolic SAR indicator dots point toward $0.59, which is well below the current price of $0.68. This alignment is a clear indication that the bullish trend is still growing.
On the downside, if the bears capitalize on XRP’s overbought status, they could attempt to force a downswing below $0.55. However, the support buy wall around the $0.59 area will likely prove daunting.
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