XRP Price Rebounds, Fueled by Whales Amid Cooling U.S. Inflation

XRP is currently seeing a notable uptick in its market value, with a more than 2% rise in the last 24 hours, pushing the price to $0.525. This increase is a significant recovery of approximately 25% from a month-ago low of $0.423.

Market Recovery Boosts XRP

The broader crypto market is showing signs of recovery, and XRP is riding this wave, aided by substantial whale activity.

Yesterday’s upward trajectory for XRP is tied to positive shifts in market sentiment and significant acquisitions by large-scale investors, known as whales.

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Recently, the U.S. Consumer Price Index (CPI) data indicated a cooling of inflation, with core inflation climbing just 0.3% to 3.6% in March, the lowest increase since April 2021 excluding food and energy costs.

Source: TradingView

This update has ignited a bullish sentiment among bond traders, who have now moved their forecasts for the year’s first rate cut from November to September, reflecting growing optimism in financial markets.

Following this CPI announcement, XRP’s price has climbed by 5%, suggesting that the reduced rate cut expectations have boosted crypto investors’ confidence, leading to increased buying activity.

Whale Movements Propel XRP

The recent price surge is also closely aligned with notable buying patterns among XRP’s largest holders. Data from Santiment indicates that accounts holding between 1 million and 10 million XRP have collectively increased their holdings by 110 million tokens, valued at around $55 million, over the past two weeks.

Source: Santiment

This whale activity coincides with a 10% price increase for XRP, showcasing strong investor confidence that may stabilize the currency’s market position.

From a technical analysis standpoint, XRP is also showing promising patterns. The currency has been interacting with the lower trendline of a long-standing descending triangle pattern.

As of the latest updates, XRP is aiming to settle above its 200-week and 50-week exponential moving averages (EMAs), located at around $0.55 and $0.60, respectively.

Also Read: ChatGPT Forecasts XRP Price for May 31, 2024

Breaking these levels could position XRP to challenge the upper trendline of the triangle, potentially reaching up to $0.585.

Bold Predictions for XRP

Despite its current gains, XRP’s performance throughout the year has been relatively modest compared to other cryptocurrencies.

Currently trading around $0.51, the asset has seen only slight improvements from last month. However, some market analysts are very bullish about XRP’s future.

A notable prediction from the analyst Dark Defender suggests that XRP could climb to $5.85 and even reach $18.22, supported by a five-phase Elliott Wave structure.

This optimistic scenario hinges on maintaining current price levels between $0.3917 and $0.6649, considered normal fluctuations.

Earlier this year, predictions even stretched as high as $20. Meanwhile, EGRAG CRYPTO has advised the XRP community to remain vigilant as a significant price “ignition” may be imminent.

JackTheRippler’s extraordinary forecast positions XRP to soar to $100, showing a level of optimism unmatched by typical market forecasts.

CryptoBull, in 2023, took this a step further by projecting that XRP could skyrocket to an unprecedented $470 in the future.

Cryptopolitan reporting by Jai Hamid

Source: https://www.cryptopolitan.com/xrp-price-rebounds-whales-cooling-inflation/