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Cryptocurrency News Articles

XRP Whale: XRP Is Ready to Pump Hard, Targets $2.95

Dec 27, 2024 at 04:02 pm

The pseudonymous XRP Whale on X boldly claimed, “XRP is ready to pump hard.” The analyst pointed out a symmetrical triangle formation in the token’s charts to support the analysis.

XRP Whale: XRP Is Ready to Pump Hard, Targets $2.95

A popular XRP (CRYPTO: XRP) pseudonymous personality on Friday boldly claimed that the token is ready for a rally.

The analyst pointed out a symmetrical triangle formation in XRP’s charts to support the analysis.

According to the crypto personality’s post this Friday, XRP’s break above the $2.5 resistance could send it rallying to $2.95.

The anonymous investor also noted a decreasing volume in the digital asset, which reinforces the prediction.

$XRP IS READY TO PUMP HARD!#XRP 🚀🌖 pic.twitter.com/xm27aUfDNt

However, the token appears to be moving in tandem with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and other mainstream altcoins.

With that, some of XRP Whale’s commenters emphasized that the token should diverge before any breakouts will occur.

XRP PerformanceAs of Friday morning, December 27, XRP price is down to $2.18. A significant decline from the token’s $2.86 top by the start of the month.

To breach the level XRP Whale indicated, the crypto asset must at least gain momentum for a climb of nearly 15%.

Some say that the token’s price may have been influenced by indecisiveness in the market. In this case, it’s not always a bad thing for XRP as it could only mean that its market is in the state of equiblibrium.

However, if XRP’s momentum continues to wane and slips under $1.80, it could hit a bad spot at the 50 exponential moving average (EMA) and other historical supports.

The break could bring more significant corrections up ahead and trigger considerable selling pressure, which could further drag prices down.

A Silver LiningDespite the neutral-to-bleak outlooks in the short-term charts, the long-term prospects of the token remain bright. The next year mainly paints a favorable period for the digital asset.

Ripple USD (RLUSD), a stablecoin issued using the XRP Ledger (XRPL) and Ethereum chains, has recently launched in several exchanges. This immediately boosted its exposure and positions it for broader adoption when Ripple Payments integrates it next year.

Another much-awaited milestone in the crypto asset’s ecosystem is the arrival of XRP exchange-traded funds (ETFs) in the US.

The country, being the home of the largest capital markets in the world, could significantly amplify demand for the token, similar to what the existing Bitcoin and Ether ETFs are doing in the area.

So far, four financial institutions have already filed for XRP ETFs in the US.

These include Bitwise Asset Management, Canary Capital, 21Shares, and WisdomTree, with more anticipated to join the competition once regulatory clarity and better crypto rules are in place upon Donald Trump’s assumption in office as the 47th US president.

News source:blockzeit.com

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Other articles published on Dec 28, 2024