Digital payments company Ripple’s cryptocurrency, XRP, has attracted the attention of crypto investors since its launch. massive thrust last week. From the previous pullback support of $1.28, XRP price increased by 118% to $2.785. The high-momentum rally supported by the Fillion ETF, whale accumulation, and increased volume suggest the potential for an extended rally. Will it last?
According to CoingeckoXRP market cap stands at $160.7 billion, recently surpassing Stable attachment. Additionally, 24-hour asset volume stands at $49.7 billion, seeing a 383% jump since yesterday.
- XRP price rally accelerates further as WisdomTreeFunds files S-1 for XRP spot ETF.
- The 160 million XRP purchased by crypto-whales since last weekend demonstrate the confidence of large investors in their continued growth.
- The coin’s price is about to fall temporarily to recover the exhausted bullish momentum.
XRP Price Analysis: Rounding Breakout Points Below $3 and Above
Since last month, the price of XRP has seen a parabolic rise from $0.49 to $2.78, a growth of 466%. The momentum rally was fueled by broader market growth, US section results, rumors that the SEC may drop the lawsuit against Ripple and the ETF buzz.
An analysis of everyday life reveals a traditional reversal pattern called the bottom rounding pattern.
The chart pattern typically shows a gradual decline in price, forming a rounded bottom, followed by a steady rise, creating a “U” shape on the chart.
On December 1, the coin’s price made a massive breakout from the $1.96 neckline of the rounded bottom pattern, accentuating a major trend change. Without volume weakness, the altcoin will likely surpass the $3 barrier.
If this trend continues, the asset could lead to a next rally to $3.62, indicating a potential growth of 38.2%.
Ripple Whale Accumulation and EMA Support Levels
During the weekend, Ripple whales took a major step by acquiring an additional 160 million XRP tokens, valued at approximately $380 million, according to Alichart’s tweet. The chart highlights a sharp increase in whale activity, suggesting increased confidence and accumulation among large holders.
As whale buying hints at the potential for an extended uptrend, the momentum indicator reaches the overbought region in the daily chart or medium-term trend. This XRP price indicator is about to experience a temporary pullback to regain exhausted bullish momentum.
#Ripple whales bought another 160 million $XRP this weekend, valued at around $380 million! pic.twitter.com/6AeHwZRVRk
– Ali (@ali_charts) December 2, 2024
Thus, the coin price could seek support between $2.2 and $1.96, coinciding with the 20-day exponential moving average.