After rising to $3.03, XRP continues to draw attention from experts and traders. Increased whale wallets create support for further price increases.
XRP's Rise and Whale Market
XRP broke out of its long-term range and reached a high of $3.03. However, a subsequent pullback has occurred, which may indicate profit-taking among investors. Analysts like Peter Brandt note that XRP has formed a 'highly rare continuation compound fulcrum' pattern on the chart, which could propel the price to $4.47. Additionally, according to analytics platform Santiment, the number of whale wallets holding over 1 million XRP has risen to a new all-time high of 2,743.
Current Support and Resistance Levels
XRP has pulled back from the overhead resistance of $3. The next expected support level is at $2.65. If the price rebounds from this level, it suggests that bulls are attempting to flip this level into support, enhancing possibilities of a rally above $3. The $3.40 level is likely to be fiercely defended by sellers; however, if bulls can push further, a rally to $4 could occur.
Price Predictions for XRP
The optimistic view will be negated in the near term if the price drops below the 20-day exponential moving average at $2.49. That would keep the XRP/USDT pair range-bound between $2 and $3 for some time. On the 4-hour chart, the pair is finding support at the 20-EMA, although a negative divergence has formed in the RSI, signaling weakening momentum.
The current situation surrounding XRP showcases interest from major investors along with key support and resistance levels that will dictate further market movements. Investors should closely monitor developments.
