XRP Price Explodes, Reaching 3-Month High as Whales Accumulate the Token
The price of XRP continued its rally over the weekend, outperforming Bitcoin as it consolidated below $35,000. The market value of the cross-border remittance token increased by 23% in just one week, reaching a three-month high of $0.73, its highest level since late July.
XRP Price Prediction: Is XRP Poised for Gains Above $1?
XRP has experienced a 61.8% recovery from its lowest point in August, based on Fibonacci retracement levels. This significant upward movement suggests that a pullback may be on the horizon as traders consider locking in their profits.
However, the Moving Average Convergence Divergence (MACD) indicator indicates that XRP still has the momentum to sustain its upward trend. As long as the blue MACD line remains above the red signal line, traders will likely continue riding the uptrend. Additionally, the green histograms above the neutral area further support the bullish thesis.
A bullish cross on the chart adds credibility to the positive outlook for XRP. With the 50-day Exponential Moving Average (EMA) surpassing the 100-day EMA, a golden cross pattern could incentivize traders and investors to continue buying XRP without fear of sudden pullbacks.
The next move made by XRP will determine its direction. It may either close the gap to $1 or consolidate and trim its gains before the next breakout.
If XRP manages to rise above the immediate resistance at $0.75, which is highlighted by the 74.3% Fibonacci retracement level, traders will likely rally behind the uptrend and aim for gains above $1. Conversely, if XRP fails to break above the immediate hurdle of $0.75, it could disrupt the uptrend as traders rush to book profits, adding to the selling pressure.
If XRP corrects below the short-term support at $0.7, investors should prepare for further losses, potentially bringing the local support at the 38.2% Fibonacci level around $0.61 into play.
Whales Show Strong Support for XRP
Blockchain data analytics platform Santiment reported that wallets holding between 100k – 1 billion XRP tokens have been increasing their exposure to the remittance token. These wallets currently hold their highest level of XRP in 2023.
If the buying spree continues, XRP will likely remain one of the top-performing cryptocurrencies. The token’s market cap briefly surpassed that of Binance Coin (BNB), making it the fourth-largest cryptocurrency and indicating that the strength behind XRP is stronger than ever.
The presented content may include the personal opinion of the author and is subject to market conditions. It is important to conduct thorough market research before investing in cryptocurrencies. The author and the publication do not hold any responsibility for personal financial losses.
About the Author
John is a seasoned crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.