Ripple (XRP) is bullish as long as it stays above this critical resistance level – analyst

TL;DR

XRP has shown a weekly bullish trend, with one analyst noting that it has been above a major resistance level for more than seven years. Whale activity has increased and could be seen as a bullish factor for the asset’s potential rally. Is XRP still trending?

Although lagging behind other leading cryptocurrencies in terms of earnings, Ripple’s XRP is well in the green on a weekly basis, currently trading around $0.59 (according to CoinGecko data).

XRP Price, Source: CoinGecko

According to numerous analysts, the price of the token is poised for further upward trajectory. User X EGRAG CRYPTO stated that XRP has been trading above a major resistance level called the “Bifrost Bridge” for the past 2,650 days.

“For almost 2,650 days, XRP has not closed half of the body of a candle or any significant part of it inside the Bifrost bridge. What does this mean? It means that XRP is in a solid uptrend with solid foundations, without breaking any structure in the higher timeframes. Since the breakout in April 2017 until today, XRP has been trending higher,” the trader argued.

The analyst believes that a bull run is inevitable as long as the asset price stays above $0.28. “Everything else is just noise – more time to accumulate or exchange other coins for XRP, as I am doing when I get certain percentage gains,” EGRAG CRYPTO added.

For his part, Ash Crypto, a popular X user with over a million followers, predicted that Ripple’s native token will rise to between $3 and $5 in the next six to ten months. The trader also predicted that Bitcoin (BTC) will rise to $250,000 during the same period.

Whales in motion

The slight resurgence in XRP prices of late aligns with increased whale activity. X user Ali Martinez revealed that these big investors have bought more than 380 million tokens in the last ten days. The storage is worth about $224 million at current prices.

The move could have a positive impact on the price of XRP for two main reasons. First, it leaves fewer tokens available on the open market, which, combined with unabated demand, could lead to a rally (at least that’s what the fundamental principles of economics dictate).

Second, whale activity could signal confidence, attract an additional number of investors to the ecosystem, and increase buying pressure.

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