XRP Price Explodes Hitting 3-Month High As Whales Scoop The Token, Here’s What Next

XRP price continued with the rally over the weekend, leading altcoins while Bitcoin stalled to consolidate below $35,000. The cross-border money remittance token’s market value increased by 23% in a week, achieving a three-month high of $0.73 for the first time since late July.

XRP Price Prediction: Is XRP Ready For Gains Above $1?

XRP price has completed a 61.8% recovery from its lowest price point in August based on the Fibonacci retracement levels. This remarkable move implies that the uptrend could be nearing a pullback, as traders consider locking in the gains.

However, according to the Moving Average Convergence Divergence (MACD) indicator, XRP still has the momentum to keep the uptrend intact. In other words, traders would be willing to ride the uptrend further as long as the blue MACD line holds above the red signal line.

At the same time, the green histograms above the neutral area, reinforce the bullish thesis.

Adding credibility to the bullish outlook in XRP price is a bullish cross on the chart. As the 50-day Exponential Moving Average (EMA) (red) flips above the 100-day EMA (blue), a golden cross pattern would compel traders and investors to keep buying XRP, not afraid of sudden pullbacks.

The next action XRP takes could determine the direction the token takes; either to close the gap to $1 or to trim gains and consolidate before the next breakout.

In case XRP rises above the immediate resistance at $0.75 as highlighted by the 74.3% Fibonacci retracement level, traders will rally behind the uptrend for gains above $1 assured that the uptrend will not suddenly snap.

The second scenario would be XRP price failing to break above the immediate hurdle of $0.75. Such a situation could distort the uptrend, as traders interfere with the momentum as they rush to book profits, thus adding to the selling pressure.

If XRP corrects below the short-term support at $0.7, investors may need to start acclimatizing to more losses likely to bring into the picture the local support at the 38.2% Fibo around $0.61.

Whales Rally Behind XRP

Blockchain data analytics platform Santiment revealed on Monday that wallets holding between 100k – 1 billion XRP tokens have been increasing their exposure to the remittance token such that they “now hold their highest level in 2023.

🥳 #XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG

— Santiment (@santimentfeed) November 6, 2023

If the buying spree continues, XRP will continue to be among the best-performing cryptos. The token’s market cap briefly surged earlier today, toppling Binance Coin (BNB) to become the fourth-largest crypto indicating that the force behind XRP is stronger now.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.