XRP/USD Surges Over 400% This Month
As the XRP/USD chart indicates, Ripple's token price has soared by more than 400% since the beginning of the month, reaching price levels last seen in 2018. This significant growth began in early November as a response to the Republican victory in the US elections.
Meanwhile, the XRP/USD rate has been growing much faster than Bitcoin and Ethereum. As a result, Ripple has climbed to third place in the cryptocurrency market cap rankings, overtaking the stablecoin Tether (USDT).
Can XRP's price exceed the psychological level of $3 per token and break its all-time high of around $3.3?
Data from CryptoQuant raises some concerns it points to activity among whales (large token holders), who are actively transferring their XRP to exchanges. This could be a sign that whales are preparing to sell, taking advantage of the XRP/USD rally to secure profits.
In the meantime, technical analysis of the 4-hour XRP/USD chart shows a bullish picture:
The price is forming a steep upward trend (shown in blue);
The price remains in the upper half of the channel, with the median acting as support (indicated by an arrow);
The RSI has not dropped below the 40 level for nearly a month.
However, the price approaching key levels and potential token sales by large holders could lead to a shift in sentiment and the formation of a critical peak, as has occurred in the past, analysts at CryptoQuant note.
Read more: https://fxopen.com/blog/en/oa-xrp-usd-surges-over-400-this-month/
Text source: Forex Trading Blog
