XRP Price Prediction: Ripple Token Soars 9% In A Week As Whales Move In, But Traders Are Eying This ICO With An 816% APY
Release: 2024/09/30 18:19 Reading: 917
XRP Price Surges as Whales Accumulate, Signaling Bullish Prospects
Over the past week, XRP's price has witnessed a 9% increase, with a further 2% gain in the last 24 hours. As of 03:13 a.m. EST, XRP is trading at $0.6481 with a 1% decline in trading volume to $2.4 billion.
This surge follows data shared by crypto analyst Ali Martinez, who has over 72.9k followers on X. According to Santiment, whales have acquired more than 470 million XRP within the past 10 days.
Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO
— Ali (@ali_charts) September 29, 2024
XRP Price Analysis: Breakout from Consolidation Pattern
After a slight uptrend in September, XRP's price entered a consolidation phase between $0.57 and $0.60. Recently, a breakout above this range occurred, indicating a potential start of a bullish trend. This surge has been accompanied by a parabolic curve in XRP's price movement.
XRP is now trading above both the 50-day and 200-day Simple Moving Averages (SMAs), further solidifying the bullish outlook. The 50-day SMA, which previously served as resistance, is now well below the current price, signaling bullish momentum.
The Relative Strength Index (RSI) is also trending towards the overbought region of 70, currently at 69. This indicates intense buying pressure on the asset.
Furthermore, the Moving Average Convergence Divergence (MACD) (blue line) has crossed above the signal line (orange line), a bullish indicator. The green bars on the histogram also suggest positive momentum for XRP.
XRP Price Prediction
The strong upward movement following the breakout suggests that buyers are in control. If the price remains above the previous resistance level of $0.60, it could become a strong support zone.
Should this momentum continue, XRP's price could potentially rise further, targeting $0.70.
However, the RSI is approaching the overbought zone, indicating the possibility of overvaluation. If bears capitalize on this selling signal, XRP's price could retract back to the $0.60 support.
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