In a splendid move, the most popular cross-border payment token, XRP, registered itself as the 3rd largest token, surpassing the $100 billion market cap before the monthly close. The token surpassed giants like Solana, BinanceCoin, and Tether, indicating a strong bullish momentum towards the crypto. Multiple factors have driven the XRP price rally, such as legal optimism, ETF speculation, and a strong rise in trading activity, particularly in the South Korean exchanges.
Alongside this, whale movements have reached highs, with billions of tokens being transferred here and there and another billion being unlocked. As per the data from Whale Alert, more than 2 billion XRP tokens have been unlocked from Ripple’s escrow in the past 24 hours.
Besides, over a billion XRP have been transferred from other unknown wallets to Ripple and exchanges like Binanace & Upbit. The unlock from the escrow is a scheduled event to manage supply and support the ecosystem, which has historically not caused any major disruptions within the market but triggers the XRP price volatility. The price has launched a 300% rise in the past few days, regardless of the choppy behaviour of other popular tokens like Bitcoin or Ethereum.
Therefore, now that the market participants have become bullish on XRP, the question arises whether the price will mark a new ATH at $5 before the end of 2024.
The recent price action suggests the price has gained enough momentum with the volume reaching above $28 billion, 18% more than the 2021 bull run volume. This indicates the bulls have shifted their focus onto the token, and hence a new ATH could be imminent.
The monthly chart of the XRP price offers a ‘Dejavu’ moment as it underwent a similar price action. After a couple of prolonged accumulations, the price has triggered a breakout, and hence the outcome is also expected to mirror the previous rally. With this, the possibility of the XRP price smashing a 2-digit figure and reaching the first pitstop at $11 appears to be highly viable. However, it appears to be an interim target, as the real bull run to $30 may succeed if the XRP price follows the previous pattern, marking the top of the ongoing run.
Credit: Source link
