Recently, there has been a significant increase in the price of XRP, with the digital asset reaching almost $0.72. This surge in price can be attributed to various recent activities and developments.
Recent Activities Boosting XRP Price
XRP’s price surge of 23% occurred within the past day, and this has instilled greater belief in XRP among crypto enthusiasts and investors. One notable factor contributing to this surge is the accumulation of XRP in whale wallets.
According to crypto analytics platform Santiment, wallets holding between 100,000 to 1 billion XRP have reached their highest level this year, accounting for approximately 45.8% of the total token supply. This accumulation has propelled XRP’s price above $0.68 for the first time since August.
In addition to this, XRP recently received regulatory approval from the Dubai Financial Services Authority (DFSA) under the digital asset regime of the Dubai International Financial Centre (DIFC). This regulatory backing has further bolstered confidence in the cryptocurrency.
Increased Social Media Dominance
Social media discussions surrounding XRP have also seen a significant increase, reaching its highest level since mid-July according to the social dominance metric. This rise in popularity and interest on social media platforms has had an impact on the price trajectory of XRP.
Predictions for XRP’s Future
A chart analyst known as EGRAG previously predicted that XRP would surpass $0.65 within a month, which has now come true. The analyst suggests that if XRP crosses this threshold, it could pave the way for a path to reach $1.
EGRAG also shared another prediction, comparing the current resistance point for XRP to the “Berlin Wall” of resistance. The analyst believes that if XRP successfully breaks through this resistance, it could potentially reach a price range of $1.10 to $1.40.
Before breaking above $1, EGRAG expects XRP to retest the $0.55 to $0.58 range. This retest and subsequent rebound would confirm the price range between $1.10 and $1.40.
Trading Volume and Future Predictions
In the last 24 hours, XRP’s trading volume surged to $2.55 billion, indicating a significant increase of 169.41% compared to the previous day. With the current stability of XRP’s price around $0.68, market analysts are poised to provide further predictions for the cryptocurrency’s future direction.
Hot Take: XRP’s Rally Continues with Promising Signs
The recent surge in XRP’s price, fueled by various factors such as whale wallet accumulation and regulatory approval, has brought renewed optimism among crypto enthusiasts and investors. With social media dominance on the rise and predictions from chart analysts suggesting a potential path to reach $1, there is growing excitement surrounding XRP’s future.
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