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Key Insights:
- A crypto expert made a bold prediction that the XRP price could hit $6 or more if current momentum continues.
- XRP whales have increased their holding as the price continues to soar.
- $32 million worth of XRP leaves exchanges, signaling potential accumulation by long-term holders.
In the ongoing market recovery, XRP price has shown an impressive upside move with six consecutive large green candles.
According to the daily chart, during this period, the asset has recorded a significant 30% price uptick. It broke multiple resistance levels and is now attracting massive attention from whales as well as investors.
XRP Whales Number Skyrockets, Time to Buy?
With consecutive green candles and continuous upside momentum over the past week, XRP holders, particularly whales holding 1 million tokens or more, have shown a remarkable surge. Additionally, their number has reached a record high, according to on-chain analytics platform Santiment.
In a report shared by Santiment, it was noted, “Not only are there more XRP whales than ever, but the total supply they hold is also increasing.” Additionally, the report stated that the number of whale wallets holding at least 1 million XRP has soared to a new all-time high of 2,743.
Not just that, but the report also shared some big numbers that garnered everyone’s attention. “XRP is also showing signs of strength,” it stated, and further added, “this dual trend is a very positive sign for the fourth-largest crypto asset,” Santiment said in the report.
As per the report shared by Santiment, over 47.32 billion XRP tokens are held in whale wallets containing at least 1 million XRP tokens. These whales, along with their strong interest and confidence in the asset, might be a key reason behind XRP’s impressive upside momentum.
XRP Price Momentum and Expert Bold Prediction
At press time, the XRP price stood at $2.93, having recorded a 6% gain over the past 24 hours. This notable rally has attracted significant participation from traders and investors. It resulted in an 18% increase in trading volume compared to the previous day.
Given the current market sentiment and overall bullish outlook, a prominent crypto expert recently shared a post on X (formerly Twitter), making a bold prediction for the XRP price.
The expert noted that if XRP breaks above $3 and closes a weekly candle above that level, it could set the stage for a rally to $6 or even higher.
However, the strength of the upside momentum is at its peak. Besides, if this momentum continues, there is a strong possibility that XRP could reach that level.
$32M XRP Leave Exchanges Amid Bullish Price Action
Expert technical analysis reveals that XRP price is in an uptrend. However, due to over-stretched prices over the past week, its Relative Strength Index (RSI) has entered overbought territory, indicating a potential correction.
On the other hand, if the upside momentum continues, there is a strong possibility that the XRP price could reach the $3.20 level. It is currently a key resistance point.
The last time XRP reached this level, it experienced a significant correction and notable downside momentum. If the $3.20 level is not breached this time, history may repeat itself, and the price could see a reversal.
Despite the price hovering in an overbought range and the potential for a correction, investors and long-term holders appear to be accumulating the token, according to on-chain analytics firm CoinGlass.
Data shows that over $32 million worth of XRP has flowed out of exchanges in the past 48 hours. This substantial outflow suggests potential accumulation. It could create buying pressure and support further upside momentum for XRP price.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
