Crypto Whales Buy Ripple’s XRP Before Bullish Breakout

6 months ago 7

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Ripple’s XRP price is following the path of the target set by a bullish triangle pattern it has been trading in.

With the support of XRP holders, the altcoin is inching closer to achieving the upside target.

Ripple Whales Buy More

XRP price could witness the bullishness that Ripple whales exhibit with their accumulation. In the last seven days, the addresses holding between 1 million and 10 million XRP have purchased over 90 million tokens worth $48 million. Consequently, this brought their total holdings to 3.7 billion XRP.

These whale addresses tend to influence price action considerably, as they have in the past. Accumulations generally lead to recoveries and rallies, whereas selling results in the altcoin noting corrections.

In the case of Ripple, it is likely the former, bolstering the altcoin’s attempt at marking recovery on the daily chart.

Retail investors, too, are showing support for a price rise, with their participation growing over the past week. The number of addresses conducting transactions on the network has risen by 28.8%, suggesting investors are pining for further price growth.

This optimism shown by Ripple native token holders could act as a major catalyst for the XRP price to sustain its recent rally and grow further in the coming days.

XRP Price Prediction: Breakout

XRP price, trading at $0.54, is noting a bounce from the support line at $0.51. This level also marks the breakout point from a symmetrical triangle pattern where XRP has been consolidating for nearly three weeks. This bullish pattern suggests a potential 27% rally to $0.65 is on the cards.

However, to make it there, the altcoin must first breach and flip the resistances at $0.57 and $0.62 into support. Propelled by the Ripple investor’s bullishness, $0.57 could be breached in the coming days, securing a 7% rally for XRP.

On the other hand, if the crucial support of $0.51 is lost, XRP price could fall to $0.47. If this support is also lost, it would invalidate the bullish outlook, potentially sending the altcoin to $0.42.

The post Crypto Whales Buy Ripple’s XRP Before Bullish Breakout appeared first on BeInCrypto.

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