Ripple’s XRP Aims to Retest ATH in Near Term Fueled by Heightened Demand from Whale Investors

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, but the current momentum surrounding XRP is truly captivating. The recent breakout from a multi-year triangular pattern and the subsequent 200% rally in just three weeks has left me impressed, to say the least.

Following a strong surge out of a long-term triangular formation this month, the cryptocurrency XRP (XRP), supported by Ripple Labs, appears to be under bullish control. Over the past three weeks, the value of XRP has increased significantly by over 200%, trading at approximately $1.51 during the early New York trading session on November 25th.

For the first time since April 2021, the price of XRP is nearly ready to record its largest monthly increase. Additionally, the weekly and monthly RSI (Relative Strength Index) has surged above 70% for the first time in three years, which typically indicates a rise in bullish feelings.

In a significant development, the XRP/BTC pair has bounced back from a crucial long-term support level and has more than doubled in value since then. Currently, Bitcoin‘s dominance seems to be waning on a weekly timescale, which might indicate an impending reversal. As such, it can be reasonably expected that XRP may surpass BTC in the upcoming months.

In simpler terms, it’s predicted that many alternative cryptocurrencies (altcoins) might outperform Bitcoin as we progress through the ongoing bull market. The XRP price, with no significant resistance in the short term, could end up trading near the psychologically significant level of $2 by the end of the week.

$XRP is looking so much good here.

See you at $2 this week.

— Mikybull 🐂Crypto (@MikybullCrypto) November 25, 2024

Top Reasons Why XRP Whales Are Bullish

Based on information from Santiment, it appears that large Ripple investors (often referred to as “whales”) bought over 50 million units of XRP during the weekend. Furthermore, an analysis of on-chain data today showed a significant whale investor withdrawing approximately 149 million XRP from Bybit exchange into an unidentified wallet address. This recent accumulation of XRP by major investors has added strength to the generally positive market sentiment for XRP.

Previously reported by Coinspeaker, a significant surge in interest for XRP appears to be largely driven by the recent shift in leadership at the U.S. Securities and Exchange Commission (SEC).

The triumph of pro-cryptocurrency candidates, with Donald Trump as a key figure, in the recent U.S. elections has been followed by SEC Chair Gary Gensler’s announcement of his resignation, effective from January 20.

The upcoming removal of Gensler is seen as a positive sign for the U.S. cryptocurrency sector, particularly for XRP, since it has faced legal challenges over the last three years.

As an analyst, I’ve noticed that Ripple is making substantial strides in advancing the functionality of its XRPL network, particularly in the area of Web3 capabilities. In simpler terms, this means they are working hard to make the XRPL network more compatible with the next generation of decentralized web technologies.

By 2025, Ripple’s main developers aim to transform XRPL into a multi-chain Decentralized Finance (DeFi) platform. Currently, the Ripple group has introduced the native stablecoin of XRPL, called RLUSD, which is backed by U.S. dollars.

Beyond the continuous implementation of On-Demand Liquidity (ODL) for international transactions, Ripple is optimistic about XRP’s long-term triumph. Notably, this prominent cryptocurrency, valued at over $151 billion in total when fully diluted, has consistently ranked among the top ten most valuable digital currencies, despite encountering legal challenges.

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2024-11-25 14:28