Ripple Whales Invest $850M in Two Weeks
The price of Ripple’s XRP cryptocurrency has seen significant gains in November, with a 13% increase in the first week. This surge in price can be attributed to aggressive buying by large investors known as crypto whales. Data from Santiment shows that these whales have been acquiring large amounts of XRP over the past week, with their cumulative balances reaching a new peak for 2023. The acquisition of 1.26 billion XRP, worth approximately $850 million, has put upward pressure on the price and pushed it above the critical resistance zone at $0.65.
Ripple Swell Event Could Boost Price
Ripple is set to host the “Swell” event in Dubai this week, which is a digital asset conference featuring industry leaders and innovators in blockchain technology. As the event approaches, XRP has received increased media hype, leading to a rise in its social dominance metric. Investors are likely to hold out before selling their XRP holdings in anticipation of important announcements or partnerships that could impact the price. With rising whale demand and positive expectations surrounding XRP, it is expected that the price will continue to rise towards $0.70.
XRP Price Prediction: Reclaiming $0.70 Could Lead to More Gains
After surpassing the $0.65 mark, XRP now faces minimal resistance on its way to $0.70. The Parabolic SAR indicator suggests that the bullish momentum is still growing, with potential reversal points indicating further upward movement. However, if bears take advantage of XRP’s overbought status, they may attempt to push the price below $0.55. Nevertheless, there is strong support around the $0.59 area that could prevent a significant downward swing.
Hot Take: XRP Price Surges as Whales Invest and Ripple Swell Event Approaches
The price of Ripple’s XRP has seen a significant increase in November, thanks to aggressive buying by crypto whales and the upcoming Ripple Swell event. These factors have propelled the price above key resistance levels and are likely to drive it towards $0.70. As investors anticipate important announcements and partnerships at the event, XRP’s bullish momentum is expected to continue. However, bears may attempt to push the price down, but strong support levels should prevent a major decline. Overall, XRP is experiencing positive market sentiment and is set for further gains in the near future.
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