As a seasoned researcher with a background in cryptocurrency and financial markets analysis, I have closely monitored XRP‘s recent price action and market trends. The surge of over 20% in the last 30 days has piqued my interest, as it coincides with significant whale accumulation.
In the past few days, there’s been significant buzz surrounding the cryptocurrency XRP. Interested investors are keeping a close watch as the token shows potential for a significant price rise, having gained over 20% in value during the last month. Additionally, large investors, referred to as “whales,” have been actively purchasing larger quantities of XRP, further fueling speculation and excitement within the market.
Based on the analysis of well-known cryptocurrency expert Ali Martinez, large-scale XRP investors, or “whales,” have purchased approximately 140 million dollars’ worth (around $84 million at current exchange rates) of XRP within the past week as the value of this digital currency experienced considerable growth.
In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! — Ali (@ali_charts) July 23, 2024
The amassing pile is increasing, with one market analyst predicting that XRP‘s price could surge to as high as $36 in the imminent period, entering a phase referred to as “qualification mode.”
In a post on microblogging platform X, which has over 100,000 followers, an anonymous cryptocurrency analyst referred to as Dark Defender announced that XRP had moved into “qualification phase” following its rebound from the $0.39 threshold and subsequent rise above $0.60, thereby breaching the confines of its earlier triangle.
Based on the analysis of a cryptocurrency expert, if XRP surpasses the resistance level of $0.6649 with conviction, it could trigger a bullish trend leading to several price targets. These potential levels are determined by Fibonacci retracement and include $1.88, $5.86, and an extended target at $18.23.
Significantly, there has been an increase in optimistic views toward XRP following its recent price jump. According to CryptoGlobe, Milkybull Crypto, a well-known cryptocurrency analyst with over 70,000 followers on the microblogging platform X (previously known as Twitter), predicted that the ongoing XRP price surge is only the beginning and anticipates it will resemble the rally experienced in 2017.
In the past, the value of XRP Ledger’s native token experienced a remarkable increase of over 66,000%. Its price jumped from roughly $0.005 to an impressive high of around $3.3. However, since then, its value has been on a downward trend.
MichaelXBT, a cryptocurrency analyst, pointed out on Twitter the emergence of a less common seven-year bullish pennant formation in XRP‘s price chart. According to him, this prolonged consolidation phase indicates the possibility of a substantial price surge ahead.
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2024-07-24 05:14