Ripple Labs’ XRP has experienced an impressive rally driven by whales hoarding more coins and increased trader activity. The past 48 hours saw an incredible 13% increase in XRP price, which takes the 7-day increase to 29%.
Such a rise has consecutively outperformed Bitcoin and Ethereum, making XRP the best-performing coin for the week within the crypto market.
Santiment data shows whale wallets holding over 1 million XRP now control 45.61 billion tokens, the highest level since June 2018. Over two years, these wallets added 3.44 billion XRP, marking an 8.16% increase. This accumulation highlights rising confidence among large investors.
The spike in whale activity also comes as the trading volume rose to $12.6 billion over a day. This trend is tied to Ripple’s partial victories in court, which improved overall market sentiment and increased XRP demand.
Analysts Project Further Gains for XRP
XRP’s breakout has drawn the attention of prominent traders. DonAlt, a veteran crypto analyst, calls XRP a “monthly breakout” opportunity. He identified key resistance levels at $1.50 and $3.60—two and four times its current price.
Despite his critical view of XRP’s fundamentals, DonAlt also considers XRP a solid short-term trading opportunity. He expects traders who were around in 2017 to be more familiar with tokens like XRP and Dogecoin, which are popular among retail traders.
Mikybull Crypto offers an even more optimistic outlook. He predicts XRP could reach new all-time highs by March 2025, driven by sustained momentum and increased adoption.
The technical indicators of XRP demonstrate bullishness. The RSI still sits within the overbought range, suggesting a solid buying zone. This signals a continuation of the bull trend and is further confirmed by a Golden Cross in the daily chart where the 50-day EMA crosses over most recently at around 36,500 to 43,270.
Testing critical resistance at the moment, XRP is trading at about $2.41. Analysts will even see XRP at $5 in the near future if this bullish trend continues. On the other hand, a correction might send the price to support at $1.5 or $0.9, respectively,
XRP Path to $5
Whale activity and strong trading volumes indicate sustained interest in XRP. Coupled with positive market sentiment and technical signals, the coin is well-positioned to test $5 in the short term.
Whether Ripple’s XRP can sustain this momentum depends on broader market trends and investor confidence. The rally reflects a renewed focus on XRP’s market potential.
At the time of writing, XRP is trading at $2.4, reflecting a sustained bullish trend as it approaches critical resistance levels.