As a researcher, I’ve observed an intriguing development in the XRP market. Lately, XRP has successfully breached its month-long resistance at $2.73, a significant milestone that could potentially set the stage for a new all-time high (ATH) for this altcoin.
As an analyst, I’m observing that at the current price of $2.85, XRP is not far off from its All-Time High (ATH) of $3.31, sitting at just a 16% difference. Yet, the significant accumulation by whales could potentially disrupt this bullish trend.
XRP Traders Are Highly Bullish
The Open Interest for XRP has reached a record peak of $5.99 billion, demonstrating heightened involvement from traders. This significant increase in Open Interest suggests a surge of positivity within the market, as traders are investing heavily in XRP, hoping to reap additional profits.
Over the last day, a 12% jump in price has resulted in a $800 million surge in Open Interest (OI). This substantial growth suggests that investor confidence is increasing, leading to higher anticipation that XRP may reach a fresh All-Time High (ATH) soon.
The actions of major XRP holders (whales), who own between 10 million and 100 million units, have a significant impact on the fluctuations in XRP’s price. Interestingly, their holdings tend to move in the opposite direction of the market trends. Lately, these whales offloaded approximately 21 million XRP (valued at around $60 million) within a week, which might be contributing to the recent surge in its price.
On the other hand, these entities’ investments are growing, suggesting they are amassing more, which might lead to selling activity. This could slow down XRP’s progression. In the past, when whales accumulate, it has often been followed by price adjustments, so their current actions warrant close attention.
XRP Price Prediction: New ATH Ahead
Currently, XRP is approaching its all-time high (ATH) by 16%, as it trades at $2.85. Breaking through the previous resistance level of $2.73 signals an important step forward, potentially paving the way for additional growth.
To reach its all-time high (ATH), it’s crucial for XRP to retest the price point of around $2.73 as a supportive base. Once this level is firmly established, there could be a steady climb towards approximately $3.31, driven by robust market enthusiasm and active trader involvement.
As a researcher, I find that if XRP slips below the $2.73 support, it could potentially re-enter a consolidation phase around $2.18, which we’ve seen in the past. This development might postpone reaching a new All-Time High (ATH) and cast doubt on the current bullish projection, leaving investors with a note of caution.
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2025-01-15 17:50