XRP Whales Accumulate: $4 Price Target?
XRP (XRP) experienced a breakout, surging to $3.03 before a slight pullback. Despite this, analysts remain optimistic, pointing to strong technical indicators and whale accumulation.
XRP Technical Analysis
Veteran trader Peter Brandt noted a "highly rare continuation compound fulcrum" pattern, suggesting a potential rise to $4.47.
Whale Activity on the Rise
On-chain data from Santiment reveals a surge in XRP whale wallets (holding over 1 million XRP), reaching a new all-time high of 2,743 on Friday. This indicates strong confidence among large holders.
Key Price Levels to Watch
XRP's price retraced from $3 resistance, with an expected support level at $2.65.
Potential Scenarios:
- Bullish: A rebound from $2.65 could signal a rally above $3, potentially reaching $3.40. Persistent buying pressure might push it toward $4.
- Bearish: A drop below the 20-day EMA ($2.49) could lead to a range-bound movement between $2 and $3.
Currently, the 4-hour chart shows support at the 20-EMA. However, a negative RSI divergence suggests weakening momentum. A break below the 20-EMA could lead to a pullback to $2.65.
A strong bounce off the 20-EMA would indicate buying support, potentially driving the price above $3 and towards $3.40.
Disclaimer: This is not investment advice. Trading involves risk. Conduct your own research before making any decisions.
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