XRP, the cryptocurrency, has been facing some challenges in maintaining its stability in recent weeks. Its value has dropped by 3.7% in the span of two weeks. However, experts believe that XRP is on the verge of a significant price increase.
Analyst Javon Marks conducted a technical analysis and pointed out that XRP has been holding a resistance zone for several months, which he refers to as a “hidden bullish divergence setup.” He noted that a similar pattern in 2017 led to a 63% price increase in less than a year.
Marks wrote, “XRP is holding the line! One of the last times we saw a hidden bullish divergence setup like this, prices skyrocketed over 63,000% in less than one year. We might be at that breaking point again. If XRP hasn’t made a name for itself yet, it’s about to do so now.”
Another cryptocurrency analyst, Mikybull Crypto, emphasized that XRP is currently at a level similar to what was observed in 2017 and 2020, which triggered a major recovery. He questioned whether this time would be any different.
As of now, the price of XRP is quoted at $0.5219, with a 0.5% increase in the last 24 hours.
Despite the price stability, large-scale investors have been actively buying XRP. These investors, known as “whales,” have caused notable fluctuations in the token’s price. This activity coincides with Ripple’s legal battle against the SEC, which has increased market volatility.
Whale Alert, a monitoring system, reported that these large investors have been both selling and accumulating XRP. Two particular whales were responsible for significant transactions. One of them moved 58.19 million XRP to the Bitstamp and Bitso exchanges.
It’s important to note that the opinions expressed in this article are for informational purposes only and should not be considered financial advice. Investing or trading cryptocurrencies carries a risk of financial loss.