In summary
Whales $XRP have accumulated XRP worth $3.8 billion over four days, fueling optimism about a possible breakout to ATH.
Despite signs that the market may have peaked, the resilience of XRP and the activity of whales indicate further price potential that could bring it closer to its ATH.
XRP is trading at $3.13, which is 16.8% lower than its ATH; surpassing the $3.41 mark may lead to further growth, but falling below $2.95 could halt the rally.
The price of XRP has fluctuated recently, having slightly decreased over the past few days. Nevertheless, the cryptocurrency remains near important resistance levels, and whales are actively accumulating XRP despite signs of a potential market peak.
The prospect of growth to an all-time high (ATH) remains strong, although the current market situation may pose challenges for further growth.
XRP investors remain optimistic
Currently, XRP is on the brink of a potential market peak, as over 95% of its circulating supply is in profit. Historically, when such a significant portion of the supply is in profit, the market often reaches a peak, which typically signals a reversal.
However, XRP has historically shown resilience to market peaks, maintaining an upward trend without significant declines. This unique characteristic of XRP suggests that it may withstand typical market behavior, and optimistic investor sentiment may contribute to further price growth.
The macro dynamics of XRP are fueled by increased whale activity. Over the last four days, addresses holding between 100 million and 1 billion XRP have accumulated over 1.2 billion XRP worth nearly 3.8 billion dollars.
The sharp increase in the number of 'whales' indicates that large investors are confident in the future potential of XRP and are preparing for further growth. The recent price drop has likely triggered FOMO (fear of missing out), prompting 'whales' to increase their positions in anticipation of future price growth.
This optimism could become a key catalyst for the price growth of XRP, as these large holders may provide significant support during periods of volatility.
The price of XRP is sending mixed signals.
XRP is currently trading at $3.25, having decreased slightly over the last four days. The altcoin remains 16.8% below its peak value of $3.66, which investors are targeting. Sustained bullish sentiment combined with whale accumulation keeps the price within a potential breakout range.
If the efforts of whales are successful, the price $XRP could rise to $3.41. If the $3.41 level becomes a support level, XRP may continue to rise to its ultimate high of $3.66. Such a scenario would signal a sustained bullish trend with strong support from both major holders and retail investors. The $3.41 support level will play a crucial role in maintaining the price growth of XRP.
However, if $XRP encounters bearish signals from the market as a whole or pressure from retail investors, the price could drop to $2.95 or even lower. This would invalidate the optimistic forecast and raise concerns about the sustainability of the upward trend.