XRP Price Surges Over 200% Amid Increased Whale Accumulation
Ripple Labs-backed XRP has shown strong bullish momentum after breaking out from a multi-year triangular pattern. Over three weeks, the price increased by over 200%, reaching approximately $1.51 on November 25. XRP is nearing its largest monthly candlestick since April 2021, with the weekly and monthly Relative Strength Index (RSI) exceeding 70% for the first time in three years, indicating bullish sentiment.
The XRP/BTC pair has bounced back from a critical multi-year support level, more than doubling in value. With Bitcoin dominance suggesting a potential reversal, XRP is expected to outperform BTC in the coming months. Altcoins are anticipated to perform better than Bitcoin during the remaining macro bull market, positioning XRP to potentially close the week around the psychological target of $2.
$XRP is looking so much good here.
See you at $2 this week. pic.twitter.com/uLiOF4CtGw
— Mikybull 🐂Crypto (@MikybullCrypto) November 25, 2024
Top Reasons Why XRP Whales Are Bullish
On-chain data from Santiment indicates that Ripple whales acquired over 50 million XRP units recently. A whale investor withdrew more than 149 million XRP from Bybit exchange to an unknown wallet, contributing to a bullish outlook due to significant whale accumulation.
Heightened demand for XRP correlates with a leadership change at the United States Securities and Exchange Commission (SEC). Following pro-crypto leaders' recent electoral victories, SEC Chair Gary Gensler announced his resignation effective January 20. This development is perceived as favorable for the crypto industry, especially for XRP, which has faced legal challenges for three years.
Ripple continues to advance its XRPL network to enhance Web3 capabilities, aiming to establish XRPL as a multichain DeFi platform by 2025. The team launched the XRPL’s native stablecoin, RLUSD, backed by US dollars. Additionally, the On-Demand Liquidity (ODL) program for cross-border payments supports long-term confidence in XRP's success. With a fully diluted valuation exceeding $151 billion, XRP remains among the top ten most valuable digital assets despite ongoing legal issues.