Ripple (XRP) Bullish if It Remains Above Key Resistance Level

TL;DR

• XRP has experienced a positive weekly trend, with one analyst observing that it has remained above a significant resistance level for over seven years.
• Increased whale activity may indicate a bullish sentiment for the asset’s potential surge.

Is XRP Continuing to Trend up?

While XRP has lagged behind many other prominent cryptocurrencies in terms of growth, it remains positively positioned on a weekly basis, currently priced around $0.59 (according to CoinGecko).

Various analysts suggest that the token’s price is set for a further upward movement. X user EGRAG CRYPTO noted that XRP has traded above a key resistance level referred to as “Bifrost Bridge” for the last 2,650 days.

“For nearly 2,650 days, XRP has not closed more than HALF of a candle body or any substantial portion of it within the Bifrost Bridge. What does this signify? It indicates that XRP is in a solid uptrend with strong foundations, not violating any structures on higher time frames. From the breakout in April 2017 until today, XRP has been on a consistent UP trend,” the trader elaborated.

The analyst asserts that a bullish trend is likely to occur as long as the asset maintains a price above the $0.28 threshold. “All other factors are merely noise—more opportunities to accumulate or trade alternative coins for XRP, similar to my strategy of realizing certain percentage gains,” EGRAG CRYPTO commented.

In contrast, Ash Crypto – a well-known X user with over one million followers – forecasted that Ripple’s native asset could climb to the $3-$5 range within the next six to ten months. The trader also anticipated Bitcoin (BTC) reaching heights of up to $250,000 during the same timeframe.

Whale Activity on the Rise

Recent modest price increases for XRP coincide with heightened activity among whales. X user Ali Martinez reported that these large investors acquired over 380 million tokens in the past ten days. This total amounts to approximately $224 million at current market rates.

This shift may positively influence XRP’s price for two key reasons. First, it reduces the number of tokens available on the market, which, combined with steady demand, could facilitate a price increase (at least according to basic economic principles).

Secondly, the whales’ actions may convey assurance, drawing in more investors into the ecosystem and heightening purchasing pressure.