Date: Mon, Nov 25, 2024, 05:36 AM GMT
The cryptocurrency market starts this week with a bullish tone, particularly among altcoins, as Bitcoin dominance slips slightly by 0.12%. XRP continues to capture investor attention, rallying an impressive +185% in the past 30 days.
This surge follows the surprising resignation announcement of Gary Gensler from the SEC, which has reinvigorated optimism for XRP’s long-standing legal battle. Currently, XRP is trading at $1.46, boasting a market cap of $83 billion.
XRP Whales Accumulate Over 50M Tokens Over the Weekend
As XRP’s momentum remains strong, whale activity has intensified. Over the weekend, large investors accumulated over 50 million XRP tokens, as highlighted by crypto analyst @ali_charts. This significant accumulation aligns with growing optimism that Ripple may soon resolve its legal issues with the SEC, driving institutional and retail interest in XRP.
Whale accumulation typically indicates confidence in further price gains, as large holders strategically build their positions.
What the Chart Indicates:
Analyzing the 4-hour XRP/USDT chart, XRP is currently consolidating after a parabolic rally. A clear descending triangle pattern is visible, which often signals the potential for a bullish breakout.
A breakout above the descending upper trendline of the triangle could send XRP toward $1.63, an 11% upside from current levels. Should buying pressure persist, particularly from whale activity, the next targets could extend between $1.60 and $1.75 in the coming sessions.
Indicators also support this bullish outlook. The MACD is showing a positive crossover, and the Stochastic RSI suggests a recovery from oversold conditions, hinting at increasing buying pressure.
Will It Push Prices Higher?
With over 50 million XRP accumulated by whales over the weekend and bullish signals flashing on the charts, XRP’s breakout potential looks promising. If the price closes above the trendline, it could ignite a rally toward $1.63 and beyond, attracting additional momentum traders. As the legal battle with the SEC edges closer to resolution, market sentiment remains optimistic.
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