As anticipation builds for a potential crypto bull run in the fourth quarter, Ripple-backed XRP is already showing signs of breaking out of its long consolidation. The large-cap altcoin, used by Ripple for cross-border payments, has captured more attention from speculative investors, particularly institutional traders diversifying into crypto.
But what exactly is driving this surge in attention, and could XRP be poised for a significant price increase? Read on to find out.
Over its ten years in the market, XRP has matured significantly, now benefiting from deep liquidity across centralized and decentralized exchanges. With a fully diluted market value of about $64 billion and an average daily trading volume of $3 billion, XRP’s recent performance is notable. Last week, it closed above its 200-day Moving Average (MA) for the first time since April, indicating the potential for a bullish move.
Technically, XRP has already broken out of a long-standing falling trendline, after consolidating in a triangular pattern for over six years. Having ended last week above $0.64, XRP is now positioned to target $1. However, a dip below the key $0.58 support/resistance level could push the price down further, possibly leading to a retest of the XRP/BTC pair’s multi-year low of 0.0000071 BTC.
On-chain data from Santiment shows that crypto whales have accumulated over 470 million XRP—valued at around $300 million—over the past ten days. In fact, more than $56 million worth of XRP has been withdrawn from the Upbit exchange in the last 24 hours alone, reflecting strong demand from large holders.
This surge in whale activity signals growing bullish sentiment, with expectations of further upward momentum in the fourth quarter.
Several factors are contributing to the positive outlook for XRP. Now free from SEC legal pressures, Ripple has ramped up development on the XRP Ledger (XRPL) to meet growing Web3 demand. Additionally, the broader crypto market is moving alongside gold’s bullish trend ahead of the 2024 U.S. elections, driven by a shifting economic landscape.
Ripple’s recent entry into the stablecoin market has also increased on-chain activity, particularly with the accelerated minting of RLUSD on XRPL.
Will XRP’s recent momentum lead to a new all-time high? We can only hope and wait for time to reveal the answer.
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