The revelation of the main protagonists behind the recent 23% surge in the value of XRP has captured the attention of the digital asset world. Following this revelation, XRP has maintained a formidable 24-hour rally, boosting its price to come tantalizingly close to the $0.72 mark.
The past 24 hours saw XRP’s price grow by 23% – a surge that reflects the increasing confidence investors and cryptocurrency enthusiasts have in this digital asset. This faith is being fuelled by “whale wallets,” which continue to amass considerable amounts of XRP.
These wallets, according to data from the cryptocurrency analytics platform, Santiment, that hold between 100,000 and 1 billion XRP, have reached a record high this year. They now hold approximately 45.8% of the total XRP supply. This rise played its part in elevating XRP’s price above the $0.68 mark for the first time since August, suggesting a positive trend for this cryptocurrency.
Furthermore, the cryptocurrency’s Exponential Moving Averages (EMAs) and its Relative Strength Index (RSI) signal a bullish outlook for the forthcoming XRP price movement. The asset’s price is currently above the 50-day and 200-day EMAs, an indication of continued bullish momentum. Add to that an RSI comfortably above the pivotal 50 mark, and you’ve got a landscape where buyers seem to have the upper hand and a solid foundation for prospective price growth.
Meanwhile, the heightened discussions surrounding XRP on social media platforms and the coin’s recent approval by the Dubai Financial Services Authority (DFSA) have had positive impacts on the asset’s price. The number of social media conversations about XRP has grown significantly over time, registering its highest level since mid-July, corroborating social media’s influence on price trajectory.
Back in September, chart analyst EGRAG predicted XRP would exceed $0.65 over the next month— a prediction that’s since borne fruit. EGRAG postulated that if XRP could surpass $0.65, a path to hitting the elusive $1 would open up, a possibility that may soon become our reality.
Drawing from EGRAG’s anticipation, should XRP overcome its current “Berlin Wall” of resistance, it could potentially breach the $1.10 – $1.40 price range. However, before cracking the $1 mark, XRP would have to retest the $0.55 – $0.58 range, a predicament that would validate the suspicions of a jump to the higher price bracket.
Having experienced a striking 169.41% 24-hours surge in trading volume, XRP’s trading volume has reached a mouthwatering $2.55 billion. Currently hovering around the $0.68 mark, seasoned market watchers are gearing up to forecast what the future holds for this resilient cryptocurrency.