TL;DR

Analysts predict XRP could hit new highs, citing flipped resistances and strong chart patterns. $2.5 billion in XRP accumulated by whales recently signals confidence, reducing supply and boosting price potential.

Where Next?

It has been another interesting week for the cryptocurrency market, during which numerous leading digital assets experienced enhanced volatility. Ripples XRP was no exception, with its price plunging below $2.25 on January 9 but soaring to almost $2.60 two days later. The most recent market decline affected XRP, and it is currently worth approximately $2.41(per CoinGeckos data), representing a mere 1% increase on a weekly scale.

XRP Price, Source: CoinGecko One popular X user who has observed XRPs recent performance is CRYPTOWZRD. The analyst suggested that the token has flipped previous resistance to support of around $2 and is now ready to pump to a new all-time high of $4 and then $8. The X user said such a scenario would mirror the pre-bull run in 2017 and the subsequent rally the following year.

For their part, WSB Trader Rocko described XRPs price chart as the most bullish in crypto. The X user claimed that the recent launch of Ripples stablecoin (RLUSD) and the companys potential connections with Donald Trumps upcoming administration could fuel a fresh peak for the tokens valuation. 

Last month, the veteran trader Peter Brandt also maintained that XRP has the most powerful chart in all of crypto world. Earlier this month, he chipped in again, predicting that the assets market capitalization could explode above $500 billion, citing the formation of a half-mast flag.

It is interesting to note that Brandts renewed optimism about XRP contrasts with his predominant skepticism in the past. In November 2020, shortly before the US SEC issued the lawsuit against Ripple, he opined that the asset would have been declared as a security if the watchdog understood cryptos. 

Brandt continued his bashing manifest in the following years. Last spring, he assumed the XRP/BTC chart is headed toward zero.

XRP Whales on the Move

One important factor signaling that Ripples native token could indeed head north in the near future is the whale activity. As CryptoPotato reported over the weekend, such large investors accumulated roughly one billion XRP (equaling almost $2.5 billion) in the span of 48 hours. 

Continuous efforts in that field will reduce the circulating supply of the asset, potentially triggering upward pressure on the price (assuming demand doesnt decline).

Additionally, this move signals confidence in the coin, possibly encouraging retail investors to follow suit and direct further capital into the ecosystem.