How Did This Happen and What Next?
Ripple (XRP) has surged to a six-year high of $2.49, rising nearly 30% in the past 24 hours. The price surge is a major milestone for XRP, which has faced challenges in sustaining its ongoing upward trend since Ripple’s legal battle with the SEC began four years ago.
As XRP breaks through key resistance levels, questions are being raised about the cause of this sudden rise. Is this the beginning of a new chapter for altcoins, or is it just a short-lived surge? this On-chain analysis The factors behind XRP’s surge and their potential impact on XRP’s future are explored.
Ripple accumulates $1.66 billion, holdings hit record high
About a month ago, XRP was trading at $0.50, with little sign of a rebound to $1, let alone the recent rise above $2. However, today, the value of altcoins has increased by 355% since then, with a market capitalization of $133 billion. transcend the one Solana (Sol) and Tether (USDT).
According to BeInCrypto’s findings and data obtained from Santiment, this rally may be related to noteworthy whale activity. Wallets holding between 1 million and 10 million tokens have accumulated a cumulative $697.1 million in XRP over the past three weeks.
At the current value of the altcoin, it is worth $1.66 billion, which shows Ripple whale playing Increased buying pressure played a huge role in the XRP price surge.
However, on-chain data shows that crypto whales are not the only factor driving XRP’s recent surge. Sentiment data also highlighted heavy participation from retail investors.
It is worth noting that the total quantity Ripple wallet An all-time high of 5.5 million has been reached, indicating that many previously inactive wallets now hold balances. This trend is further supported by network growth, which measures how well a new address completes its first transaction.
In October, network growth was below 9,000, but has soared to 54,700 as of this writing. This substantial increase indicates Adoption rates rise and activity on the XRP ledger. If this momentum continues, the rise in XRP price may continue, even after the recent drop to $2.35.
XRP Price Prediction: Is $3 Doable?
On the daily chart, the Moving Average Convergence Divergence (MACD) remains in positive territory. MACD measures momentum. When it is positive, momentum is bullish, and when it is negative, momentum is bearish.
Therefore, a positive reading indicates Momentum around XRP Be positive. If it continues, this could push altcoin prices higher. Another indicator driving the rally is the Ichimoku Cloud, which indicates support or resistance.
When the cloud is above the price, it indicates resistance and the price may fall. But in this case, it is lower than the price of XRP. Therefore, its value may continue to surge, possibly to $3.
On the other hand, if XRP overbought Or whales start taking profits, which may not happen. In this case, the altcoin’s value could drop to $1.61.
Disclaimer
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