Key Takeaways
- XRP’s price trades above $3 for the first time in over 6 months ahead of new all-time highs.
- Whale activities for XRP have increased by over 2 billion XRP purchases, as the price could see a further rally.
- Crypto experts hint at possible 600% price chart similarities following strong bullish breakout for XRP.
XRP price is one of the hottest and trending topics in the crypto space in the last few days, creating the needed buzz to the upside that has been missing for months since its price crash from a high of $3.45 towards a key low of $1.4, as the price has recovered from its bearish price action to the upside.
The current price action of XRP to the upside, trading above $3, is not surprising, as this price movement has been anticipated by many investors and traders who believe the price of XRP is highly undervalued compared to its use cases and fundamentals over the last few months.
However, its price trading above $3 has sparked strong speculation of a potential price rally towards $5, while wild speculation hints at a potential price target of $50 to $100 for XRP in the coming months.
Why is XRP Pumping?
XRP’s bullish price action, marked by a 45% rally over the last month, has been attributed to whales’ activities in trading XRP to the upside, which has also contributed to a potential price rally to new all-time highs.
According to Ali Martinez, a crypto on-chain expert, the price of XRP’s chart resembles its price action in previous months, which led to a strong price rally of over 600%.
If such price action were to replicate itself, the price of XRP could trade above $12 to $15 in the coming weeks. He further stressed that whales are dominating XRP activities, with over 2 billion in XRP purchases in the last month, leading to such a price rally to the upside.
XRP Price Analysis
XRP Price Chart – Source Coinmarketcap
XRP’s price appears bullish following a breakout from its downtrend and trading above the key resistance of $2.7, which was previously flipped into support, providing the price with ample room to trade towards new highs over the last six months.
If the price of XRP breaks above its previous highs of $3.45, we could see the price clearing out a short-term target of $5, as this now looks more realistic for the third-largest cryptocurrency by market cap.
Overall market sentiment for XRP is bullish, as investors and traders closely monitor the market’s reaction to previous highs of $3.45.
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