The cryptocurrency associated with Ripple Labs, XRP, has had a recent dramatic price increase. This has put it in the spotlight of attention from investors and analysts.
Veteran chart analyst Peter Brandt expressed hope on XRP’s future. On January 12 he uploaded a graphic illustrating a clear bull flag breach in XRP’s daily range, suggesting a confident rising trend for the digital asset. Previously wary about XRP, Brandt today sees it as the “leader of the pack” and expects a market cap rise by 2025. Driven by XRP’s present strong trend, he has set a temporary price objective of $3.4.
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This has also been partly helped by massive accumulation by the whales, major XRP’s holders. Since November 12, 2024, Wallet with one million to ten million XRP has seen roughly 37% rise in balance. Across all XRP, that comes to almost $3.8 billion.
Whale activity helps to explain XRP’s recent price volatility. Especially wallets between 1 million and 10 million XRP have gathered around 1 billion tokens during a 48-hour period, suggesting great faith in the future of the cryptocurrency. The resolution of the continuous dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) excites market players as well. Many think that a positive result might result in XRP’s regulatory climate being more friendly. Further creating a lot of buzz is the prospect of an XRP-based exchange-traded fund (ETF) approval, hence expanding XRP’s general acceptance.
Technical indications of XRP point to more rises to be expected from the currency. Traders have started purchasing after the breakout over the 8-day simple moving average and above the upper trend line of a symmetrical triangle. With an average true range (ATR) of 0.1777, the volatility is higher and bigger price swings in the next days seem possible.
The average directional index (ADX) value of 15.48 alludes to XRP’s uptrend gathering speed with space for future strengthening. Analysers warn, meanwhile, that XRP must surge over the $2.50 mark if the positive perspective is to continue true; failure to sustain this level could invalidate patterns and lead to a trend reversal.
Market confidence has been raised by expected resignation of SEC Chair Gary Gensler and the selection of a more crypto-friendly successor. Investors expect a shift in regulatory perspective will benefit XRP and the whole cryptocurrency industry.
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Driven by whale accumulation, hopeful technical patterns, and good regulatory prospects, XRP’s stands out among the cryptocurrencies with its recent price increase. XRP remains a cryptocurrency to track in the next months while Ripple maintains expanding its ecosystem and application.
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