XRP, the token of Ripple, is demonstrating signs of resilience in the market, with a 2% increase over the past 24 hours. Analysis shows the activity of large investors and identifies key support levels.
Whales Continue to Accumulate XRP
Certain indicators suggest that XRP price may continue its uptrend despite fears of possible future sell-offs. For instance, Santiment's Supply Distribution metric shows a steady rise in the supply held by addresses with balances between 10 million and 100 million XRP. These addresses now hold 8.31 billion XRP, a new monthly high, representing 14% of the total circulating XRP supply.
Whales did not sell during the drop to $2.95 last week but accumulated XRP, indicating that most remain bullish.
Key Support Levels on the Way to $4
Many market analysts believe XRP will revisit its multi-year highs of $3.66, but several key support levels need to be defended first. Data from Cointelegraph Markets Pro and TradingView shows that the XRP price bounced off a key demand zone above $3 after sweeping around the $2.95 level.
Analysts note that the $2.95 local level coincides with the monthly volume-weighted average price (VWAP), asserting that the $2.80 range could represent the bottom boundary.
Analyst Predictions and Growth Expectations
Several analysts predict a $4 price for XRP in the near future. Pseudonymous analyst XForceGlobal states that XRP is in the 'most profitable phase' and could reach $4. Various opinions are also expressed about strong technical analysis and positive market sentiment that could drive the price to $4 or higher.
XRP shows signs of an uptrend due to whale accumulation and support from large investors. Monitoring key levels may help determine the direction of future price changes.
