Ripple (XRP) has witnessed a surge in whale activity. According to a tweet by trader Ali, Ripple whales have purchased over 110 million XRP in the past two weeks, amounting to approximately $55 million in total investment.
This substantial accumulation by large investors indicates a growing interest in XRP and suggests a potential bullish sentiment among market participants. Whale activity is often considered a key indicator of market trends, as these high-net-worth individuals have the ability to significantly influence price movements through their large-scale transactions.
#Ripple whales have bought over 110 million $XRP in the past two weeks, totaling around $55 million! pic.twitter.com/yeguiYitcT
— Ali (@ali_charts) May 15, 2024
Rare Indicator Points to Conservative Bull Target of $2.4-$3
Milkybull Crypto, a well-known trader and analyst, has shared a rare indicator that suggests a conservative bull target for XRP in the current cycle. According to the trader, this indicator “never fails” and points to a potential price range of $2.4 to $3 for XRP.
While the specifics of the indicator have not been disclosed, the confidence expressed by Milkybull Crypto has garnered attention from the XRP community. If the indicator proves to be accurate, it would represent a significant increase from XRP’s current price of around $0.50.
Technical Analysis Hints at Potential Breakout and $1 Target
World Of Charts, another prominent trader, has shared a technical analysis of XRP’s price action. The trader notes that XRP is currently testing a trendline, and a successful breakout could lead to a move towards the $1 mark in the coming weeks.
A breakout above a key trendline is often considered a bullish signal, as it indicates a shift in market sentiment and a potential reversal of the previous trend. If XRP manages to break above this trendline and sustain the momentum, it could pave the way for a price rally.
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Daily Technical Outlook Suggests Further Upside Potential
CRYPTOWZRD, a technical analyst, has provided a daily outlook for XRP, indicating a bullish close and the likelihood of a further upside move towards $0.5650 and higher. The analyst expects increased volatility in the coming days and plans to closely monitor the intraday chart formation to identify potential trading opportunities.
The bullish close and the anticipation of further upside movement align with the overall positive sentiment surrounding XRP.
The recent whale accumulation, rare bullish indicator, and positive technical analysis paint a promising picture for XRP’s future price action. With whales investing heavily in the cryptocurrency and analysts pointing to potential breakouts and price targets, the XRP community has reason to be optimistic.
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The post Ripple Sees Over 110,000,000 XRP Whale Accumulation: Rare Indicator that “Never Fails” Suggests the Price Could Hit $3 appeared first on CaptainAltcoin.
