Originally published on: December 09, 2024
The recent drop in XRP price to $2.16 has stirred the crypto world, but three compelling charts suggest that the historic rally isn’t over yet. Despite a 16% pullback from its multi-year highs, XRP’s future looks bright.
Firstly, whale accumulation signals confidence in XRP’s potential. Large investors have been buying the dip, accumulating a significant amount of tokens. Whale addresses holding between 1 million and 10 million XRP increased their holdings by 120 million XRP, valued at $288 million.
Secondly, there has been a significant decrease in XRP supply on exchanges, indicating a lack of intention to sell by whales. This suggests strong upside potential for XRP as investors hold onto their tokens.
Lastly, XRP Ledger’s activity has hit a 33-month high, with active addresses and transactions surging. This suggests growing user engagement with the network, fueling speculation that XRP could hit all-time highs in the short term.
Veteran trader Peter Brandt’s chart points to a massive breakout in XRP’s market capitalization, with a bullish target of $146 billion, surpassing its previous all-time high. Crypto analysts are optimistic about XRP’s potential, with some setting double-digit price targets.
With analysts predicting a potential climb to $5, and beyond, XRP’s rally is far from over. As always, readers are reminded to conduct their research before making any investment decisions. Stay tuned for more insights and analysis on the crypto market.