XRP

XRP has seen an astounding 424% increase over the past four weeks, bringing it closer to its all-time high (ATH) of $3.31. While this rise has generated excitement among investors, emerging bearish indicators suggest that the path to a new ATH may not be smooth.

Bearish Signals Emerge for XRP

XRP’s market sentiment shows signs of waning confidence. The Mean Coin Age indicator, which reflects how long tokens remain stationary in wallets, has been declining. This trend suggests that investors are increasingly moving their holdings rather than holding for the long term.

Typically, a rising Mean Coin Age points to strong HODLing behavior, reflecting confidence in the asset’s future. However, the current decline implies that more investors are trading XRP, possibly preparing to take profits. If this trend continues, it could indicate that XRP is nearing a price peak.

Additionally, over 98% of XRP’s total supply is currently in profit. Historically, when more than 95% of a supply is profitable, the market often approaches a saturation point. This could lead to increased selling pressure, further impacting XRP’s ability to sustain its uptrend.

XRP Price Prediction: Can It Hit a New ATH?

XRP is now just 25% away from reaching a new ATH above $3.31. Optimism remains high, but resistance at key levels could slow its progress. If bearish trends like declining Mean Coin Age and profit-taking continue, XRP might struggle to break through its ATH.

In a bearish scenario, XRP could experience a pullback, testing the critical support level at $2.00. If the token fails to hold this level, it may lose much of its recent gains.

On the other hand, sustained bullish momentum could propel XRP past its ATH, establishing a new price ceiling. For now, $2.00 serves as a critical buffer, and as long as the token holds above it, the possibility of hitting a new ATH remains strong.

Final Thoughts

XRP’s recent surge has captivated the crypto community, but bearish signals hint at potential hurdles ahead. Whether XRP reaches a new ATH or faces a pullback will depend on how these factors evolve in the coming days.

XRP, the fifth-largest cryptocurrency by market cap, is making headlines after a sharp price increase. Trading volumes soared by 130% in the last 24 hours, pushing XRP close to the $2 mark. This rally is one of its most significant since 2018, driven by positive market sentiment and regulatory news.

XRP’s Price Surge Reignites Market Interest

Over the weekend, XRP climbed to $1.949, marking a 17.46% increase within 24 hours. This surge extended XRP’s bullish streak to a fourth consecutive day. Trading activity spiked on major exchanges, with total volume reaching $18.55 billion, or 9.77 billion XRP.

The token’s rise began earlier in November, gaining momentum from favorable developments in Ripple’s regulatory landscape. Broader market trends have also been bullish, with Bitcoin and Ethereum posting gains, boosting overall confidence in cryptocurrencies.

Regulatory News Fuels Momentum

XRP’s upward trajectory is partly fueled by optimism surrounding Ripple Labs’ upcoming stablecoin launch. Reports suggest that the New York Department of Financial Services (NYDFS) is likely to approve Ripple’s dollar-pegged stablecoin, RLUSD, in early December.

This development, coupled with growing interest in Ripple’s expanding ecosystem, has increased investor enthusiasm for XRP. Analysts believe the anticipated stablecoin launch could further solidify Ripple’s market position and fuel longer-term growth for XRP.

Can XRP Break the $2 Barrier?

As XRP approaches the $2 threshold—a level not seen since the 2018 bull run—the market is closely monitoring its performance. Speculation is rising that this rally could signify the start of a sustained upward trend.

Whether XRP can maintain its momentum will depend on several factors, including broader market sentiment and the impact of regulatory announcements. For now, the rally has reignited excitement around one of the most popular cryptocurrencies in the market.

XRP, Ripple’s digital asset, has defied market trends, surging 10% in 24 hours to $1.62. This marks its highest price since 2018, showcasing resilience despite ongoing challenges.

XRP Outperforms Bitcoin and the Market

While Bitcoin (BTC) gained a modest 0.4%, XRP’s growth exceeded 10%. It climbed from a daily low of $1.44 to an intraday high of $1.61 before stabilizing. Daily trading volume increased 10.6% to $8.4 billion, reflecting strong investor interest.

In contrast, the broader crypto market showed mixed performance. Ethereum (ETH) fell by 1.6%, while SUI dropped 7.03%. However, tokens like Solana (SOL) and Avalanche (AVAX) saw gains of 2.09% and 1.18%, respectively.

Key Drivers Behind XRP’s Surge

Regulatory Optimism

The market is optimistic about changes in U.S. crypto regulations. Reports of SEC Chair Gary Gensler’s departure have fueled hopes for a more pro-crypto leadership. A resolution to Ripple’s legal battle with the SEC could further boost XRP’s prospects.

Growing Institutional Interest

XRP Exchange-Traded Funds (ETFs) are gaining momentum. Bitwise recently rebranded its XRP product as the Bitwise Physical XRP ETP, signaling rising institutional confidence. Other asset managers like Canary Capital and 21Shares are also pursuing XRP ETFs, which could attract significant investment.

Can XRP Maintain Its Momentum?

XRP’s rise to $1.62 is a milestone, but sustaining this uptrend will depend on external factors like regulatory clarity and ETF approvals. With increased trading activity and institutional interest, XRP is well-positioned for further growth.

XRP’s recent dip has sparked speculation about a major breakout. Analysts highlight potential upward momentum as the asset recovers from a four-day downtrend.

XRP Declines After Recent Highs

In the past 24 hours, XRP’s value dropped over 11%, sliding from $1.45 to $1.29. This downturn has added to its weekly losses, leaving it down 23% from its multi-year high of $1.62 on November 23.

This decline mirrors Bitcoin’s drop from $99,000 to $90,500 during the same period. However, experts believe XRP may be gearing up for a bullish reversal.

Technical Patterns Signal a Breakout

Crypto analyst Crypto Scofield suggests XRP is nearing a breakout as it approaches the critical point of a symmetrical triangle on its price chart. This triangle has been forming since XRP’s recent peak at $1.62.

Meanwhile, analyst Zeltima points to a potential dragonfly doji candlestick on XRP’s 1-day chart. This pattern often signals a bullish reversal. He also noted prior candlestick formations, such as a gravestone doji and a hammer, further supporting this outlook.

Following its drop to $1.29, XRP has rebounded slightly, trading around $1.37 at the time of writing. Despite this recovery, the asset remains 64.3% below its all-time high.

Wave Patterns Indicate Long-Term Growth

Technical analyst Charting Guy shared his wave count analysis for XRP’s price trajectory. He previously identified the wave 2 low at $0.38 in July and predicted the ongoing wave 3 correctly.

Currently, XRP is experiencing a minor correction in wave 4 of 3. Charting Guy expects this to lead into wave 5 of 3, potentially pushing XRP to price discovery with targets between $3.80 and $4.20.

Looking further ahead, he predicts a macro wave 4 correction, possibly bringing XRP down to $2 before the final wave 5. This could propel XRP to long-term targets between $8 and $13, a scenario likely to play out through 2025.

Conclusion

XRP’s recent decline may just be the calm before the storm. With strong technical indicators and bullish wave patterns, analysts foresee a significant breakout on the horizon.

XRP is gaining attention as a leading crypto analyst, Credible, sees strong potential for continued upward movement. The payments-focused altcoin is holding its support at $1.35, setting the stage for a rally toward $1.60 or higher.

Analyst Sees XRP Rally Continuing

Credible, a popular figure on X with over 439,700 followers, predicts XRP could reach $1.60 as long as Bitcoin (BTC) remains stable. He notes that XRP’s current price action aligns with bullish continuation patterns.

“XRP looks fantastic here as long as BTC doesn’t ruin the party,” Credible commented. “I would expect a move to the range highs at $1.60+ at the minimum. This could even mark the start of a larger rally.”

Key Risks and Pullback Levels

While optimistic, Credible warns that XRP’s bullish outlook depends on Bitcoin’s stability. If BTC faces a significant breakdown, XRP could pull back by at least 22%, possibly dipping below $1.10.

In such a scenario, Credible suggests the pullback could offer a prime buying opportunity.

“If BTC breaks down, XRP might drop below $1.10, confirming the end of our first major wave from $0.48 to $1.62,” he explained. “A dip below $1 could present a great buying opportunity between $0.48 and $1.10.”

Elliott Wave Theory Insights

Credible’s analysis is based on the Elliott Wave theory, which identifies market movements in five-wave patterns during bullish trends. If XRP holds above $1.35 and forms a fifth-wave extension, the altcoin may not revisit sub-$1 levels.

Current Market Snapshot

At the time of writing, XRP is trading at $1.44, while Bitcoin remains steady at $94,150. XRP’s ability to hold support levels will determine its path toward $1.60 or beyond.

Ripple’s XRP has captured attention with a massive 200% rally this month. Recent whale activity and soaring futures open interest suggest more gains could be ahead.

Whales Accumulate Over 250 Million XRP

On-chain data from Santiment shows Ripple whales purchased over 250 million XRP during the recent dip. This surge in whale activity followed a 10% price correction over the weekend.

Prominent trader Ali Martinez noted the bullish outlook, highlighting significant whale transactions. For instance, 149 million XRP worth $227 million was transferred from Bybit to a private wallet. Another whale purchased 20 million XRP from South Korean exchange Upbit.

Santiment also reported a transfer of 58.3 million XRP, valued at $87 million, from Binance to a whale wallet. These transactions reflect growing confidence in XRP’s potential, possibly fueled by optimism over legal developments like the Ripple lawsuit and SEC Chair Gary Gensler’s resignation.

XRP Futures Open Interest Hits $2.5 Billion

The bullish momentum extends to the futures market, with XRP futures open interest surpassing $2.5 billion. According to Coinglass, this growth was driven by massive buying activity on platforms like Binance and Bybit.

XRP’s price currently trades at $1.51, with a 24-hour high of $1.54 and a low of $1.31. Trading volume has surged by 24% in the same period, signaling heightened interest among investors.

Analysts Predict $20 Target for XRP

While XRP’s immediate target stands at $2, some analysts have set a long-term price goal of $20. The whale-driven accumulation, rising open interest, and improved sentiment make this prediction plausible.

Ripple’s XRP has finally broken through the $1 barrier, a milestone it hasn’t reached since November 2021. This move signals renewed optimism in the crypto market, driven by rising demand and strong bullish sentiment.

XRP Surges Past $1 After Nearly Three Years

Earlier today, XRP was trading at around $0.85. However, a bullish engulfing candle on the charts pushed the price to $1.02, marking the first time it has hit this level since the 2021 bull run.

Several factors have fueled this surge. One major catalyst is growing speculation around a potential XRP ETF, sparking investor interest. Additionally, there has been a noticeable uptick in institutional demand, supported by XRP’s recent listing on Robinhood. These events have bolstered confidence in the altcoin, particularly in the U.S. market.

Another factor driving the rally is speculation about the resignation of SEC Chair Gary Gensler, who has been at the forefront of legal battles against Ripple. This rumor has added positive momentum to XRP’s price surge.

Rising Open Interest Drives XRP’s Price Action

On-chain data shows a spike in Open Interest (OI), contributing significantly to XRP’s recent momentum. According to Coinglass, XRP’s OI surpassed $1 billion in August 2023 following Ripple’s partial legal win against the U.S. SEC. High OI often indicates increased market liquidity, which can amplify price movements.

If OI continues to rise, it may support further price increases, as it suggests strong market participation and heightened speculative activity.

XRP Price Prediction: Overbought, But Bulls Stay in Control

XRP’s rally began in early November when the bulls defended the $0.50 support level. Since then, the price has surged by over 100%. However, the Relative Strength Index (RSI) on the 3-day chart indicates that XRP is now in overbought territory. Typically, an RSI above 70 signals that an asset may be overextended and could face a pullback.

Despite this, the Bull Bear Power (BBP) indicator shows that bullish forces remain dominant. The BBP currently forms a large green histogram, signaling strong buyer momentum. If this momentum continues, XRP could aim for the next resistance level at $1.40.

However, a shift in market sentiment could lead to a correction, with support levels at $0.76 and potentially dropping to $0.64 if bearish pressure increases.

Can XRP Hold Above $1?

XRP’s breakout past $1 has reignited excitement among investors, but the question remains: can it sustain this rally? With strong on-chain metrics and rising market interest, the potential for continued gains is high. However, overbought indicators suggest caution as the token may face resistance in the coming days.