Whales Fuel XRP Rally: Analysts Predict Further Gains
In the past two weeks, whales have bought 2.2 billion XRP, according to prominent analyst Ali Martinez. At current pricing, this hoard is worth well over $6.6 billion in US dollars. XRP increased steadily over time, surpassing $3. Growing investor interest in the asset seems to be correlated with the substantial rise in buying pressure.
As of this writing, the XRP price was trading at $3.23, up 10.17% in the last day and 32.88% in the last week. The reported trading volume for the last 24 hours was $12.09 billion. Large investors’ substantial purchasing activity is partly responsible for the change, according to analysts.
Whales Move Over 98M XRP as Price Nears Key Breakout Zone
Blockchain tracking systems have discovered several whale transactions. 25.5 million XRP, or roughly $73.6 million, were transferred to Coinbase, according to Whale Alert. The price of XRP was $2.92 at the moment.
According to additional chain data, 33 million XRP were moved from Upbit to an unidentified wallet. Additionally, 40 million coins were moved between anonymous addresses, according to the data.
On the other hand, Galaxy pointed out that XRP is getting close to a crucial price point. A time when an asset trades above all previous price levels is referred to as price discovery, and the cryptocurrency is about to enter this phase. XRP last carried out this action in 2017.
Technical Indicators Hint at XRP’s Next Target: $4.80
In the meantime, technical indicators indicate that XRP is probing the $3.30–$3.35 region that was its previous all-time high. According to analysts, additional gains may ensue if it closes above this range on a monthly basis. The current configuration has also been commented on by Ali Martinez. He believes that if XRP closes above $3 each week, it may move toward $4.80.
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