XRP Surges Over 5% and Breaks Psychological Resistance at $0.60
While many cryptocurrencies are experiencing a slowdown in their previous gains, XRP continues to charge ahead. In the last 24 hours, XRP has surged over 5% and has finally crossed the critical psychological resistance level at $0.60 for the first time in months.
The last time XRP traded above this level was in August before taking a dive on August 16. However, in recent days, XRP has made a strong upward push, as indicated by the charts on November 1.
XRP Price Analysis
Currently, XRP is trading at $0.6008, marking a 5.08% increase compared to other cryptocurrencies that are relatively stable. Moreover, this price represents a weekly gain of 10.51% and a monthly gain of 15.26%.
Notably, whale transactions involving XRP valued at over $1 million have reached a three-month high in the second half of October. These transactions coincided with a 25% surge in price within just 12 days.
In addition, there has been an all-time high of 277,620 ‘shark’ and ‘whale’ crypto wallets holding at least 10,000 XRP tokens according to Santiment.
Predictions and Potential Factors
CoinCodex’s AI algorithms forecast that the price of XRP will continue to rise in the coming months, reaching $1.696 on May 15, 2024. In the near future, they expect XRP to hit $0.80 on November 6 and remain in the $0.70 – $0.80 range until mid-December.
The ongoing legal battle between Ripple and the SEC, along with its partnership with Uphold, a crypto trading platform, could further contribute to the strengthening of XRP.
Hot Take: XRP’s Bullish Surge Continues
XRP is defying the market slowdown as it surges over 5% and breaks through the critical resistance level at $0.60. This marks its highest trading price since August. The recent increase in whale transactions and the record number of ‘shark’ and ‘whale’ wallets holding XRP tokens suggest growing investor interest in the cryptocurrency. CoinCodex’s AI algorithms predict a continued rise in XRP’s price, reaching $1.696 by 2024. With ongoing legal developments and key partnerships, XRP’s bullish momentum shows no signs of slowing down.
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