XRP Goes Parabolic as Whales Buy Up The Token — $1 next?
Price goes parabolic as whales buy up the token. XRP headed to $1 next?
Key Takeaways
- XRP rose by over 50% from its October 20 low.
- On-chain data shows whales are buying the token.
- Chart analysis points to more upside ahead.
In a remarkable display of bullish momentum, Ripple ‘s XRP token surged to $0.70 on November 6, marking a substantial gain of over 50% from its low of $0.47 on October 20.
Breaking through the critical resistance level at $0.55, XRP is now eyeing the formidable $0.82 barrier, prompting speculation within the crypto community about whether whale-driven momentum will propel it to the elusive $1 milestone.
What’s Driving The Rise?
A group of XRP whales, holding between 100K and 1B tokens, has been actively driving the recent price increase. Santiment’s data shows that in the past week, they reached a 3-month high, controlling 45.8% of the total supply within this category.
This marks the highest point of the year, surpassing the previous peak of 45.5% recorded in mid-July. Notably, XRP’s social dominance has also hit a new high, exceeding its previous levels for the year.
In the volatile world of cryptocurrency, XRP’s recent price swell can be traced back to the XRP whales. Today’s Santiment X post reveals that a huge group of XRP holders, each clutching a treasure trove of 100K to 1B tokens, has stirred the waters with unprecedented activity.
Over the past week, these influential players have further consolidated their control, amassing an impressive 45.8% of XRP’s total supply. This marks their most significant accumulation since the year began, surpassing the previous peak of 45.5% observed back in mid-July.
The crypto community is taking notice of this accumulation surge. XRP’s social dominance is now at an all-time high, breaking previous records for the year. As these significant stakeholders shape XRP’s journey, the market eagerly anticipates whether their influence will chart new financial territories for the cryptocurrency.
XRP Price Analysis
In our previous price prediction of XRP price, we identified the rebound on September 11 as a potential end to the extended bearish correction that has plagued the market for years. This rebound signaled the possibility of a new bullish era.
The significance of the $0.55 resistance level was emphasized in our analysis. Breaking through this threshold could set the stage for a parabolic surge, potentially driving XRP toward its next target of $0.82.
The continuation of the current upward trend may lead to an extended bullish phase, potentially surpassing previous highs and reaching $0.82 in the near future. This pivotal level is crucial for XRP’s journey.
With XRP‘s breakthrough past this crucial juncture, attention now shifts to the $0.82 level. This is a substantial resistance point tracing its roots back to the cryptocurrency’s peak. If this surge signifies the beginning of a new bullish cycle, any resistance encountered at $0.82 may only serve as a brief pause in a broader upward storyline. There are expectations of two additional waves to unfold.
The anticipated wave 4 might take the form of sideways consolidation. This would align just below the descending trendline, laying the groundwork for an eventual breakout. Following its path for wave 5, XRP could potentially reach the coveted $1 milestone.
While the daily chart’s RSI indicates an overextended market, hinting at a consolidation phase before further gains, the absence of significant momentum deceleration during this parabolic journey leans towards a bullish outlook. A definitive stance, however, hinges on the market’s response near the $0.82 resistance zone.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
