XRP, the cryptocurrency, has been making efforts to maintain stability despite experiencing significant drops in recent weeks. Over the course of two weeks, the value of XRP has fallen by 3.7%. However, experts believe that the eighth largest cryptocurrency on the market is poised for a price increase.
Analysts have assessed the current movement of XRP and predict that the token is on the verge of a significant rise later this month. Javon Marks, an analyst, highlighted in a technical analysis shared on June 3 that XRP has been holding a resistance zone for several months, which he referred to as a “hidden bullish divergence setup.” Marks pointed out that in 2017, a similar pattern resulted in a 63% price increase in less than a year.
In a tweet, Marks wrote, “XRP (Ripple) is holding the line! One of the last times we saw a hidden bullish divergence setup similar to this, prices were up over +63,000% in less than one year, and we may be here again, right at the breaking point. If XRP hasn’t made a name for itself yet, it looks like it’s about to do so now.”
Another cryptocurrency analyst, Mikybull Crypto, emphasized that XRP is currently at a level comparable to what was seen in 2017 and 2020. He questioned, “XRP is currently at a level in 2017 and 2020 that triggered a major recovery. Will this time be different?”
As of the time of publication, the price of XRP was quoted at US$0.5219, showing a 0.5% increase in the last 24 hours.
Despite the price stability, large-scale investors continue to buy XRP. Recent activity from these major XRP holders, also known as “whales,” has resulted in notable fluctuations in the token’s price. These movements, totaling more than 320 million XRP, occurred amidst Ripple’s ongoing legal battle against the SEC, leading to increased market volatility.
According to the Whale Alert monitoring system, these large investors engaged in a combination of selling and accumulating XRP. Two particular whales were responsible for significant transactions. One of them, identified by the address “…Rzn,” moved 58.19 million XRP to the Bitstamp and Bitso exchanges in separate transactions.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be taken as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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