Ripple Whales Return to Push XRP Prices Higher
XRP looks primed for higher highs as the buying pressure behind it increases.
- Ripple's XRP token is up more than 17% in the last 24 hours.
- The upward price action is supported by large whales that are accumulating.
- Further buying pressure could see XRP rise to $1.25.
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Market participants are rushing into positions as cryptocurrencies surge to higher highs. XRP is one of the altcoins that has taken the lead in the recent run-up, fueled by massive buying pressure from whales.
XRP Resumes Uptrend
Ripple’s XRP token is breaking out.
The asset entered a brief consolidation period after moving past the psychological $1 resistance level on Aug. 11. Its price action was characterized by a series of lower highs and higher lows, leading to the formation of a symmetrical triangle on the 4-hour chart.
A sudden spike in buy order has allowed XRP to break out of the consolidation pattern in the last few hours. By measuring the height of the triangle’s y-axis and adding it to the breakout point, the technical formation projects a nearly 20% target.
Further upward pressure could catapult XRP towards $1.25.
Behavior analytics platform Santiment shows that the sixth-largest cryptocurrency by market cap has the buying pressure it needs to achieve its upside potential. Based on the supply distribution, the number of addresses holding more than 1 million XRP tokens has surged by nearly 4.4% in the last three days.
Roughly 14 whales have joined the Ripple network since Aug. 10.
The growing number of large investors backing Ripple may seem insignificant at first glance. Still, when considering these whales hold over $1.17 million in XRP, the sudden spike in buy orders is substantial.
As long as the $1.14 support level continues to hold, the bullish thesis will prevail. Failing to hold above this crucial support level may lead to a spike in profit-taking that pushes XRP to the next significant demand barrier at $1.05.