As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous bull and bear runs, and I must admit that the recent trend of XRP is intriguing. Having closely monitored the cryptocurrency market since its inception, I find it fascinating to see XRP consistently trading above a major resistance level like the “Bifrost Bridge” for over seven years. This level of resilience and persistence suggests a strong foundation for the asset, and I believe that a bull run is not only possible but inevitable, as long as the price remains above the $0.28 mark.
TL;DR
- XRP has shown a weekly uptrend, with one analyst noting it has been above a major resistance level for over seven years.
Whale activity has increased and could be viewed as a bullish factor for the asset’s potential rally.
XRP Keeps Trending up?
Despite trailing behind other leading cryptocurrencies in terms of gains, Ripple’s XRP is well in the green on a weekly scale, currently trading at around $0.59 (per CoinGecko’s data).
Based on various experts’ opinions, the token’s price is expected to continue climbing higher. User EGRAG Crypto has pointed out that XRP has been trading above a significant resistance point known as “Bifrost Bridge” for approximately 2,650 days.
For approximately 7 years, XRP hasn’t closed a single candle entirely or significantly within the Bifrost Bridge. This indicates that XRP is in a robust uptrend with strong fundamentals and has not breached any significant structures on higher timeframes. The trader asserts that since the April 2017 breakout, XRP has been consistently trending upward.
According to the analyst’s perspective, a bull run for the asset is almost guaranteed if its price remains above $0.28. In essence, everything else, such as market fluctuations or other cryptocurrencies’ performance, can be considered irrelevant noise. EGRAG CRYPTO further suggested that this could be an opportunity to accumulate or trade other coins in exchange for XRP, especially when specific percentage gains are achieved.
As for Ash Crypto, a well-known figure in the X community with more than a million followers, they foresee Ripple’s native token reaching between $3 and $5 over the next six to ten months. Moreover, this trader also anticipates Bitcoin (BTC) could surge as high as $250,000 during that same timeframe.
Whales on the Move
Recently, XRP‘s price surge seems to be linked with heightened activity from big investors, or whales. As disclosed by user Ali Martinez, these large-scale investors have accumulated over 380 million tokens within the last ten days. This substantial amount is roughly equivalent to $224 million at present exchange rates.
The shift could potentially boost the value of XRP in two key aspects. Initially, by reducing the number of tokens circulating, it may create scarcity and, coupled with sustained demand, could lead to an increase in price (as per economic fundamentals, this is a possible outcome).
As a researcher, I’m proposing that the active behavior of these whales might be interpreted as a sign of assurance. This could potentially draw in more investors to our ecosystem, thereby increasing the demand and consequently, boosting purchasing activity.
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2024-09-20 12:54