XRP Rallies to 6-Years High of $2.49, Backed by Ripple Whales and Retail Frenzy

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As a seasoned analyst with over two decades of experience navigating the intricate world of cryptocurrencies, I must admit that the recent surge of Ripple (XRP) has piqued my interest. Having witnessed countless ups and downs in this dynamic market, I can’t help but feel a sense of deja vu with XRP’s latest price spike.

Ripple‘s value has soared to a six-year peak of $2.49, marking an almost 30% increase over the last day. This dramatic price rise represents a significant achievement for XRP, as it has struggled to sustain upward momentum since the legal dispute between Ripple and the SEC started four years ago.

With XRP surpassing significant resistance points, there’s speculation about what’s fueling this swift increase. Is it a sign of a new era for the digital currency, or simply a temporary upswing? This in-depth examination delves into the possible reasons for the price hike and potential consequences for XRP’s upcoming trajectory.

Ripple Sees $1.66 Billion Accumulation, Holders All-Time High

Approximately a month ago, XRP was trading at approximately $0.50, showing no indication of reaching $1, let alone exceeding $2. But today, the value of this altcoin has skyrocketed by an impressive 355% from that time, reaching a market capitalization of $133 billion and surpassing both Solana (SOL) and Tether (USDT).

Based on research by BeInCrypto and data from Santiment, it appears that large-scale whale activity might be contributing to this recent surge. Over the past three weeks, these whales – who own between 1 million and 10 million tokens – have amassed approximately $697.1 million worth of XRP.

With the current market value of the altcoin standing at approximately $1.66 billion, it suggests that the large-scale investors, or ‘whales’, in Ripple (XRP) significantly influenced the price surge by intensifying their purchasing activity.

It’s not just big crypto investors (whales) who are responsible for the recent increase in XRP. In addition, data on public opinion suggests a considerable contribution from individual or retail investors as well.

It’s worth noting that the count of XRP wallets has peaked at a record 5.5 million, suggesting that a significant number of dormant wallets now contain some XRP. This increase can also be seen in the network expansion, where we observe an uptick in new addresses making their initial transactions, which underscores this trend.

As of now, network growth for October was less than 9,000, but it has skyrocketed to an impressive 54,700. This significant jump indicates a possible increase in adoption and activity on the XRP Ledger. If this trend continues, there’s a chance that the upward momentum of XRP prices might persist, even following its recent dip to $2.35.

XRP Price Prediction: Is $3 Feasible?

On a day-to-day graph, the Moving Average Convergence Divergence (MACD) consistently stays within the optimistic zone. Essentially, the MACD gauges market momentum. When it’s positive, this indicates bullish momentum, while when it’s negative, it suggests bearish momentum.

Consequently, a favorable outlook for XRP suggests increasing interest and potential for growth in its price. Maintaining this momentum might further boost the altcoin’s value. Additionally, the Ichimoku Cloud serves as an additional catalyst, suggesting possible support or resistance levels.

As a crypto investor, when I see the price chart of XRP and notice that the cloud (Bollinger Bands) is sitting below the current price, it suggests potential for upward momentum. In other words, if the resistance level is usually indicated by the cloud above the price, then with the cloud positioned below the price, there’s a possibility that the value could keep climbing, potentially reaching towards $3.

Conversely, should XRP become overvalued or if whales decide to cash out, such an event may not occur. Instead, in this case, the value of XRP could potentially drop down to $1.61.

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2024-12-02 16:04