XRP is gaining momentum, following the lead of Bitcoin and other major altcoins. Prices are retesting the crucial $0.55 level, which buyers need to overcome. To reverse the losses of early October and fuel a sustained uptrend, XRP must continue its rally with rising volume. If the market maintains this momentum, XRP’s price could surge past $0.66, mirroring the gains seen in Q3 2024.
Ripple Whales Buy Big
Over the weekend, whale accumulation played a significant role in shaping market dynamics. Data from Santiment shows that whales purchased over 40 million XRP coins. This significant buy signals a potential upward price move as larger investors position themselves for gains. Meanwhile, institutional investors outside the United States are showing increased interest. Though the U.S. lacks a spot XRP ETF, investors from other regions invested $1.1 million in XRP exchange-traded products (ETPs). The recent inflows into these products indicate rising institutional demand for XRP.
Price Predictions and Outlook
XRP/USD is preparing for potential gains after several days of sideways movement. Should prices close above $0.55 today, it will likely extend to $0.66, targeting the highs of September. However, the market remains cautious, as the downtrend from early October persists. This bearish sentiment will shift only if it reverses its losses from October 2 and breaks above the $0.60 level. Until then, immediate support remains at $0.50, providing a buffer for potential pullbacks.
Currently, traders remain cautiously optimistic, largely due to Ripple’s positive legal developments. Ripple’s cross-appeal against the U.S. SEC has boosted market sentiment. After several days of consolidation, the breakout on October 14 lifted hopes for further gains. This breakout could form the foundation for another significant leg up in the near term. XRP has already risen nearly 2% in the past day, with trading volume exceeding $1.1 billion. If this trend continues, we can expect trading volume to match or exceed levels from August 7 and 8.
Read Also: Ripple CEO Blasts SEC Over Appeal Against XRP Legal Victory