- XRP has been predicted to target the $0.63 mark in the near term as the confidence level remains high with the supply dwindling on various exchanges.
- Another analyst foresees XRP hitting $80 by 2025 with her prediction based on the repetition of the previous cycle.
Ripple’s XRP recently enjoyed a brief upsurge to above $0.6, however, the excessive selling pressure forced the price down to below its crucial support level. At press time, XRP was trading at $0.56, declining by 0.6% in the last 24 hours, 4% in the last seven days, and 4.2% in the last 30 days.
Regardless of the current price action, XRP remains bullish with several large liquidation pools found above the current price level. Adding to that, whale activities have been consistently high in the past few weeks.
According to data, the whale-to-retail delta is currently fixed at 30.63, indicating a renewed and growing interest by large investors. This was also confirmed by Santiment data last week, estimating that wallets holding between 1 million to 10 million XRP tokens had reached an all-time high of 7.06 billion coins ($4.42 billion). In August alone, this batch of whales accumulated more than 662 million XRP.
In July 2024, the XRP whale accumulation pace reached its peak with 85% of the total supply. On July 17, wallets holding 10 million to 100 million XRP tokens increased from 260 to 263. Apart from this, the asset has also reached its highest level in terms of social media discussion since January 30.
On-chain Activities Support the Bullish Thesis of XRP
Our review of on-chain activities also supports this bullish thesis, as the total XRP supply on exchanges reduced drastically. According to the report, large wallet investors have shed their holdings while retail investors accumulate the asset. The dwindling exchange supply implies that there is less availability of tokens to sell, reducing severe selling pressure.
In explaining this, analysts hinted that the reason could be attributed to investors holding their tokens in hardware wallets, staking them on decentralized finance platforms, or keeping them in anticipation of a future price surge.
Currently, the Relative Strength Index (RSI) of XRP is around the 52 zone, indicating a bullish momentum. To analysts, the asset could surge by 20% in the near term to target the $0.63 resistance level.
According to crypto analyst Amelie, XRP is bound to cross the $1 zone with sideways triangle patterns and Fibonacci resistance levels supporting this prediction. The analyst divided the XRP cycle into two symmetrical sections with each comprising five phases. These phases are the initial rally, a significant pullback, a minor rally, a sideways triangle, and a final surge.
From the pre-2014 era, the initial surge met the 2017 bull run, which saw the asset recording a significant gain of 30,000% in a few months. According to Amelie, XRP has completed every phase of that cycle apart from the breakout from the sideways triangle which would initiate the explosive run.
The analyst believes that a repetition of the previous bull run could propel XRP to $80 by 2025. In our other publication, another analyst believes that XRP could hit $263 in the next bull run.
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Source: https://www.crypto-news-flash.com/xrp-interest-trends-data-insights-into-recent-bullish-sentiment-and-future-potential/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-interest-trends-data-insights-into-recent-bullish-sentiment-and-future-potential