XRP Price Prediction 2024: XRP Price Juggling Between Pivotal Range-Here’s When it May Break Out
The post XRP Price Prediction 2024: XRP Price Juggling Between Pivotal Range-Here’s When it May Break Out appeared first on Coinpedia Fintech News
The market conditions have become less favourable for the bulls as the XRP price is unable to reach $1.5, which happens to be one of the crucial resistances. Meanwhile, the XRP holders continue to remain in profit as they booked nearly $2 billion in gains as the price surged to a three-year high. Besides, the on-chain data suggests profit-taking has reached a peak this week of over $1.9 billion, the highest since 2021, which could raise some concerns for the next price action.
However, the rally appears to be consolidated, indicating a quick rebound could be fast approaching as the number of traders on the platform has been constantly growing.
Source: Coinmetrics
The active address count underwent a parabolic recovery and surged magnificently since the start of the month and reached levels above 92K. This suggests a huge rise in the trading activity, which has kept up the volatility of the token with a decent rise in the trading volume. Besides, the rise in whale activity suggests the token has more room to swell as the accumulation has reached its peak.
Source: Coinmetrics
The above chart shows the address count of the wallets holding over 1 million XRP tokens. The levels maintained a decent rise since the start and witnessed a steep rise in the past week. This suggests the platform remained active largely due to the whales, which suggests the price could undergo a fresh rise and head towards new highs. The XRP price rally is accumulating strength above the gains, indicating another 30% rise could be underway.
The XRP price rally suggests the price is preparing for the next bullish action, as it has been doing since the rebound from the levels below $0.5. The price rose by over 30% and was later consolidated for a while within a tight range. Currently, the price appears to have reached the end of the consolidation and could trigger a fresh rise anytime from now. On the other hand, the volume plunged hard, and after experiencing an extreme squeeze, the levels are expected to explode, causing a notable rise in the buying pressure.
This could be when the XRP price rally could get triggered and rise by another 30% to reach levels close to $2.