XRP Could Totally Take Off - Here's Why
Ripple's Resistance Weakens: $2.38 Acts as a Support as Chart Indications Suggest a Potential $15 Goal for XRP
There's a storm brewing in the crypto world, and it's name is XRP. With a new chart from Glassnode showing little resistance for XRP above $2.38, analysts are predicting aiming for $15. Let's dive into why XRP is looking like a hot investment.
Current Trading Scene
At the moment XRP is trading near $2.50 with more volume and whales active in the market. According to Glassnode, XRP lacks any major resistance above where it's currently trading. The UTXO Realized Price Distribution (URPD) chart reveals that not much XRP was bought above $2.38, suggesting this is a major support spot.
On-chain data supports the bullish case. Whale Alert reported a significant XRP transaction on May 12 involving 29.53 million XRP, valued at over $73.3 million-moved to Coinbase. This move was made by an unverified wallet, raising the question if there could be a sell-off while XRP's price rises. However, substantial large-volume trades in the last few days on the XRP Ledger suggest otherwise.
Long-Term Triangle Breakout
Now, where things start getting really interesting is when we look at the long-term trend. XRP's technical charts are pointing to a potential breakout from a seven-year symmetrical triangle pattern, similar to the one that occurred after the U.S. elections in November 2024. This pattern could result in a 522% increase from current levels, bringing XRP to $15. Analyst Ali Martinez's forecast is based on this setup and reaffirmed by Glassnode's chart.
Institutional Accumulation
Investor behavior also reflects growing confidence. Over 14 billion XRP were taken off Binance, indicating that whales or large institutional holders chose to hold onto their XRP directly as the price increased. Simultaneously, Binance's exchange reserve dropped, moving from about 3.3 billion XRP to lower than 2.7 billion.
CryptoQuant reveals that after the latest rally, XRP active addresses shot up to above 100,000 but dropped to about 50,000 afterward. This reflects the active participation of a large number of users in the XRP market.
In short, the overall outlook for XRP remains positive, with strong institutional interest, whale accumulation, and active trading supporting a potential price rise. However, short-term predictions suggest a possible decline, so investors should be cautious of volatility and changing market conditions.
[1] Glassnode. (n.d.). UTXO Realized Price Distribution (URPD). Retrieved May 15, 2023, from https://explore.glassnode.com/token/888/utxo/realized_price_distribution
[2] Santos, C. (2023, March 30). Bitcoin and Ethereum Smash New All-Time Highs While XRP Set For Major Collapse: IG. [Coin Rivet]
[3] Ozlicen, B. (2023, May 11). XRP's Relative Strength Index (RSI) More Bullish Than Any Other Cryptocurrency. [CoinGya]
[4] Marasco, E. (2023, May 10). XRP Price Prediction: Daily XRP Technical Analysis – May 10. [CryptoTimes]
[5] Alternative.me. (n.d.). Fear & Greed Index. Retrieved May 15, 2023, from https://alternative.me/crypto/fear-and-greed-index/balance-coin-markets/
- The recent trading scene for XRP shows an increase in volume and activity of whales, with little resistance predicted above the current $2.38 level based on on-chain data.
- A significant XRP transaction worth over $73.3 million was recently detected by Whale Alert, potentially raising concerns about a possible sell-off, but large-volume trades on the XRP Ledger suggest otherwise.
- XRP's technical charts are indicating a potential breakout from a seven-year symmetrical triangle pattern, which, if it occurs, could result in a 522% increase, bringing XRP's price to $15.
- Institutional interest in XRP is growing, as shown by the increase in large institutional holders and a decrease in the amount of XRP held on Binance.
- Active participation from a large number of users in the XRP market is suggested by the increase and subsequent decrease in the number of active XRP addresses.
- While the overall outlook for XRP remains positive, investors should be mindful of volatility and changing market conditions, as short-term predictions may point towards a possible decline.
