MEXCHow Long Will XRP Price Rally Continue?
Highlights
- XRP price sure to new all-time high soon supported by strong whale purchases.
- XRP wallets holding 1M-10M tokens have accumulated 679.1M XRP worth $1.66 billion over three weeks.
- Ripple recently unlocked 1 billion XRP against sparking the debate of market dump.
After failing to break past $2.75 this week, the XRP price has been facing some selling pressure while taking support at around $2.40. The rally seems to cool off following 90% weekly gains for XRP along with a four-week continuous rally of over 440%. The one question in investors’ minds is where is XRP heading from here onwards.
How Long Will the XRP Price Rally Continue?
With 440% in the month, this has been one of the longest XRP price rallies in nearly eight years. Prominent market analyst Income Sharks noted that the current streak has lasted for 4 weeks and 2 days, with growing optimism that XRP could continue this bullish trend for a fifth consecutive week. “Maybe this time we can make it to 5 weeks before the red candle comes,” the analyst remarked.
Popular crypto analyst CrediBULL Crypto believes that XRP rally can extend with another 100% gains moving all the way to $4.21. He shared an optimistic outlook for XRP, asserting that the token is in the midst of a significant upward movement. According to CrediBULL, XRP appears to be advancing well into its third subwave of a larger bullish structure.
“The second subwave was short and sweet, while the first subwave of the larger third subwave looks complete,” the analyst noted, highlighting that two more waves within this third subwave could drive XRP to surpass its all-time high (ATH).
Furthermore, the analyst also dismissed the notion of several people calling it the top for XRP. “In my opinion, we’re just getting warmed up. The ascent is going to be pure mania,” the analyst noted.
XRP Whale Activity on the Rise
The XRP price rally extended as the XRP whales purchased a staggering 160 million XRP, worth $380 million, during the last weekend.
XRP has reached its highest levels in nearly seven years, fueled by significant accumulation from wallets holding 1M-10M XRP. Over the past three weeks, these wallets have added 679.1M XRP, valued at approximately $1.66 billion.
Additionally, the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the coin’s eight-year history, reported blockchain analytics platform Santiment.
Ripple Unlocking $1 Billion Worth of Altcoin?
With Ripple’s recent unlocking of 1 billion XRP, the debate has once again sparked as to why Ripple is dumping XRP in the market. The parent firm currently holds 43% of the altcoin supply in the market.
However, it turns out that after Ripple unlocked 1 billion XRP from escrow three days before, it immediately locked 770M XRP coins for another five years. Analyst CrediBULL crypto noted:
“The “Ripple unlocks 1B tokens every month to dump on you” narrative has been repeatedly debunked so many times now that anyone still pushing that narrative at this point has to be doing it for engagement or is simply being willfully ignorant”.
The XRP price is currently trading 12.67% up at $2.73 with a market cap of $155 billion. Also, the daily trading volume has also surged by 54% all the way to $4 billion. The Coinglass data shows that the open interest is up 4% to $4.35 billion hinting bullish sentiment among traders.
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