financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Ripple (XRP) is Bullish As long As it Stays Above This Critical Resistance Level: Analyst
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ripple (XRP) is Bullish As long As it Stays Above This Critical Resistance Level: Analyst
Sep 22, 2024 8:47 AM

TL;DR

XRP has shown a weekly uptrend, with one analyst noting it has been above a major resistance level for over seven years. Whale activity has increased and could be viewed as a bullish factor for the assets potential rally.

XRP Keeps Trending up?

Despite trailing behind other leading cryptocurrencies in terms of gains, Ripples XRP is well in the green on a weekly scale, currently trading at around $0.59 (per CoinGeckos data).

XRP Price, Source: CoinGecko According to numerous analysts, the tokens price is poised for a further upward trajectory. The X user EGRAG CRYPTO claimed that XRP has been trading above a major resistance level called Bifrost Bridge for the past 2,650 days. 

For nearly 2,650 days, XRP hasnt closed even HALF of a candle body or any significant part of it inside the Bifrost Bridge. What does this mean? It means XRP is in a solid uptrend with strong foundations, not breaking any structure on the higher time frames. Since the April 2017 breakout till today, XRP has been trending UP, the trader argued.

The analyst believes a bull run is inevitable as long as the assets price stays above the $0.28 mark. Everything else is just noise—more time to accumulate or trade other coins for XRP, just like Im doing when hitting certain percentage gains, EGRAG CRYPTO added.

For their part, Ash Crypto a popular X user with over one million followers predicted Ripples native token to soar to the $3-$5 range in the next six to ten months. The trader also envisioned Bitcoin (BTC) skyrocketing to as high as $250,000 for the same period.

Whales on the Move

XRPs mild price resurgence as of late aligns with increased activity from whales. X user Ali Martinez revealed that such large investors have purchased more than 380 million tokens in the past ten days. The stash equals around $224 million at current rates.

The movement could have a positive impact on XRPs price for two main reasons. First, it leaves fewer tokens available on the open market, which, combined with non-declining demand, might trigger a rally (at least thats what the fundamental principles of the economy dictate).

Second, the whales activity could signal confidence, attract an additional number of investors into the ecosystem, and raise buying pressure.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
MicroStrategy (MSTR) Shares Are Now 90% Cheaper – Here’s Why
MicroStrategy (MSTR) Shares Are Now 90% Cheaper – Here’s Why
Aug 8, 2024
Shares in MicroStrategy (MSTR) began trading for just $131 at Thursday’s open – down 89.4% from its price at the prior day’s close. The price change isn’t due to a market crash or mass selloff but is instead the result of a previously announced “stock split” that has now taken permanent effect. The MicroStrategy Stock Split A stock split is...
Bitcoin Soars Back Beyond $59k Triggering $185 Million In Liquidations
Bitcoin Soars Back Beyond $59k Triggering $185 Million In Liquidations
Aug 8, 2024
Bitcoin’s price rebounded back above $59,000 on Thursday, marking an 8% climb on the day in spite of broader macroeconomic fears. According to CoinGlass, over $189 million in trades have been liquidated across the crypto market in the past 24 hours, including $109 million in shorts. Bitcoin’s climb began at roughly 1:50 PM UTC, with Bitcoin surging from $57,000 to...
Bitcoin Forms Bullish Ascending Flag Pattern, Predicting Potential Breakout
Bitcoin Forms Bullish Ascending Flag Pattern, Predicting Potential Breakout
Aug 8, 2024
Bitcoin briefly tumbled below $50,000 earlier this week as the market saw the sharpest correction since the FTX crisis. The subsequent recovery, though, pushed the assets price above $57,000. Despite the chaos in the broader market, bitcoins technical charts show a bullish flag, while on-chain data reveals rising buying pressure, reinforcing the bullish outlook. Strong Bullish Forecast According to the...
Solana
Solana
Aug 8, 2024
Brazils Securities and Exchange Commission (CVM) has approved the countrys first Solana-based exchange-traded fund (ETF). The approval, granted on August 7, positions Brazil ahead of other countries, particularly the United States, where the process of approving Solana ETFs remains in its early stages with uncertain prospects. Brazil’s Solana ETF Receives Preliminary Approval According to Exame, a local news outlet, the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved