XRP Price Prediction: Ripple Token Soars 9% In A Week As Whales Move In, But Traders Are Eying This ICO With An 816% APY
The XRP price rose 9% in a week and 2% in the last 24 hours to trade at $0.6481 as of 03:13 a.m. EST on trading volume that fell 1% to $2.4 billion.
This comes as crypto analyst Ali Martinez, with 72.9k followers on X, shared data from Santiment showing that whales have purchased more than 470 million XRP in the last 10 days.
Could the recent upsurge in whale activity mean a positive outlook for the XRP price?
XRP Price Aims For A Bullish Trend Continuation
After a slight uptrend in September, the XRP price went into consolidation, trading roughly between $0.57 and $0.60, according to data from GeckoTerminal .
Recently, there has been a breakout above this consolidation range, signaling a potential start of a new bullish trend as the price of XRP rose through a parabolic curve.
The XRP price is now trading above the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bullish stance. The 50-day SMA was previously acting as resistance, but now the price is far above it, indicating bullish momentum.
Moreover, the Relative Strength Index (RSI) seems to be soaring towards the 70-overbought region, currently at 69, which is a confirmation of the asset being under intense buying pressure.
The Moving Average Convergence Divergence (MACD) (blue line) is above the signal line (orange line), which is a bullish indicator. This indicates that the momentum is in favor of buyers. The green bars on the histogram also show that the XRP price is on positive momentum to the upside.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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