Ripple’s XRP/USD rally is increasingly gaining momentum amid whale accumulation and increased optimism from traders.
What Happened: XRP surged 22% on Friday, bringing its seven-day gains to 57%. The seventh-biggest cryptocurrency in the world has outperformed the two cryptos over the past week.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| XRP XRP/USD | $0.8786 | $50 billion | 22.2% | +58.9% |
| Bitcoin BTC/USD | $88,310.05 | $1.75 trillion | -0.8% | +15.9% |
| Ethereum ETH/USD | $3,029.91 | $364.9 billion | -2% | +3.4% |
Trader Notes: In a podcast update, vetern crypto trader DonAlt identified XRP as being in a monthly breakout phase.
He highlighted resistance levels at $1.50 (2x the current price) and $3.60 (4x).
While not a fan of XRP fundamentally, he sees it as a strong trading opportunity. DonAlt also predicts the return of 2017-era traders who feel comfortable trading XRP.
In his latest tweet, DonAlt stated that Dogecoin and XRP are the retail coins of old, outlining his entry levels for trading the altcoin.
Another trader, Mikybull Crypto, foresees a massive rally taking XRP to new all-time highs by March 2025.
Statistics: Santiment data reveals wallets holding at least 1 million XRP now control a combined 45.61 billion tokens, the highest since June 2018. Over the last two years, whales and sharks accumulated an additional 3.44 billion XRP, reflecting an 8.16% increase.
What’s Next: The future of Ripple is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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