As the purchasing pressure behind XRP grows, it appears that it will reach new highs.
As cryptocurrencies reach new highs, market players are racing to get in on the action. XRP is one of the cryptocurrencies that has risen to the top in the current run-up, fuelled by enormous whale purchasing pressure.
The price of XRP has resumed its upward trend.
Ripple’s XRP cryptocurrency is gaining traction.
The asset entered a brief consolidation period after breaking over the psychological $1 resistance level on August 11. Its price movement was defined by a series of lower highs and higher lows, culminating in forming a symmetrical triangle on the 4-hour chart.
In the last few hours, a significant increase in purchase orders has helped XRP break out of its consolidation pattern. The technical formation forecasts a roughly 20% goal by measuring the height of the triangle’s y-axis and adding it to the breakout point.
XRP may reach $1.25 if there is more upward pressure.
Santiment, a behavior analytics tool, indicates that the sixth-largest cryptocurrency by market capitalization has the necessary purchasing pressure to reach its upside potential. According to the supply distribution, the number of addresses holding more than 1 million XRP coins has increased by approximately 4.4 percent in the previous three days.
Since August 10, about 14 whales have joined the Ripple network.
At first sight, the rising number of big investors backing Ripple may appear modest. Even still, given that these whales own roughly $1.17 million in XRP, the rapid increase in buy orders is significant.
The bullish thesis will be successful as long as the $1.14 support level holds. Failure to hold above this critical support level might trigger a wave of profit-taking, pushing XRP towards the next major demand barrier at $1.05.