Ripple (XRP) Slips 5% Weekly But Analysts See Potential for a New ATH

TL;DR Some analysts believe XRP can soon climb to uncharted territory with the recent whale accumulation supporting the bullish case. However, XRP exchange balances continue to rise, signaling possible sell ￰0￱ It Time for the Bears to Step Back? Ripple’s cross-border token has retraced by over 5% in the last seven days, currently trading at around $2.85 (per CoinGecko’s data). Moreover, this valuation represents a solid 22% decline compared to the all-time high of around $3.65 registered in ￰1￱ the downtrend, multiple market observers remain optimistic on ￰2￱ Tony (who has over 540,000 followers on X) claimed the bulls might get “back in play” if the token closes the week above $2.90.

The analyst with the moniker Hardy suggested XRP “looks primed for a move.” They touched upon the asset’s performance since July to predict a breakout to the upside of this falling ￰3￱ and FOUR | Crypto Spaces also chipped ￰4￱ former expects a “great storm” this year that will make XRP experience a “parabolic” ￰5￱ latter claimed the asset’s price action “confirms a healthy, impulsive move, targeting potential resistance level at $5.06.” CRYPTOWZRD gave their take, too, recently, outlining similarities between XRP’s recent consolidation and the one observed in 2017, which was followed by a massive bull run: “XRP is following the 2017 Bull Run Structure ..

after this consolidation phase we will see a parabolic rally to $4.50 and ￰6￱ Pays.” Examining These Factors Towards the end of last month, the popular X user Ali Martinez revealed that large investors (known as whales) have shown renewed interest in XRP, purchasing 340 million tokens (worth just below $1 billion) in the span of two ￰7￱ of that type are considered bullish for the price since they reduce the amount of coins on the open ￰8￱ may also encourage smaller players to hop on the ￰9￱ after, Martinez weighed in again, presenting a possible path for XRP for the near ￰10￱ his view, the three stages include defending $2.70, breaking above $2.90, and then targeting a new peak of $3.70.

It is important to note that some indicators signal a bearish perspective, and the increasing amount of XRP tokens stored on leading crypto exchanges is among the ￰11￱ stash held on Binance, for instance, has surged to a new all-time high of over 3.55 billion ￰12￱ switch from self-custody toward centralized exchanges is often viewed as a pre-sale step, which could spell trouble for the ￰13￱ Reserves on Binance,) Slips 5% Weekly But Analysts See Potential for a New ATH appeared first on CryptoPotato .