A month ago, when the price of XRP was stagnating around the $ 1 mark, people in the industry began to equate cryptocurrency with a stablecoin. However, in the 15-day period from October 27 to November 10, XRP rose 42%.
Microtrends rarely stay consistent in the crypto space. To keep up with that tradition, XRP eventually fell from a 2-month high of $ 1.30 to a local low of $ 1.04 in November.
XRP dances to the tune of the whales
XRP whales, once considered to be “hibernating”, have slowly started functioning again. For example, just one day ago, a whale transferred over 12.7 million XRP worth about $ 14 million from the CoinOne exchange to an unknown wallet. So far, these tokens are still in the recipient’s wallet.
Source: Whale Alert
The price of XRP has always responded to whale transfers, and this time it was no different. The past 28 hours have been pretty exceptional for XRP as it’s up 10%.
At this point, some might argue that a single transfer can’t do anything and that the price hike is just a passing cloud. So let’s go back to April 25th when a whale was moving about $ 15 million worth of XRP.
XRP saw a fairly long green candle on April 26th and eventually rebounded over 36% that day. The upward trend continued over the next few days. Something similar is to be expected this time too.
Overall, the whale trade has been increasing since July. In addition, a number of spikes have been noted on the chart so far.
The stars are aligned in favor of XRP
Aside from the massive natural growth in trading volume, most XRP indices are showing bullish signs at the time of writing. The coin age has been moving north for some time. The advancing age is a sign that the old coins have started to close and long-term investors are in accumulation mode. This sign is pretty good for the XRP rally.
The MVRV price of the day has also started moving in positive territory, making XRP a lucrative investment option right now. As this metric continues to rise in the coming days, new entrants will automatically be drawn to the coin.
In addition, the intensity on the DAA – Price Divergence Chart increased in the past week.
While the whales may have supported XRP against its monotonous downtrend, the positive state of other indicators should help the coin continue its uptrend. As such, it is only a matter of time before XRP breaks the $ 1.50 mark and climbs higher.
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According to Ambcrypto