- XRP surges 30%, breaking its 2021 high, fueled by whale accumulation of $3.8B.
- Key support levels at $2.8 and $2.5 may provide re-entry opportunities for bulls.
- Fibonacci target of $4.3, but overbought RSI signals potential for a price pullback.
Ripple’s XRP has hit a 7-year high, breaking past $3 after months of quiet trading. This sudden surge has caught the market’s attention, with a 30% jump in price. What’s driving this momentum? A significant part of the move comes from whale accumulation. Over the last two months, whales have scooped up $3.8 billion worth of XRP.
Whales Fuel XRP’s Bullish Breakout
XRP’s impressive rise owes much to whale activity. Blockchain analytics firm Santiment reported that whales have purchased 1.43 billion tokens in just two months. This surge in demand has lifted XRP beyond its 2021 cycle high of $3, setting the stage for even higher gains.
At press time, the price of XRP sits at $3.2, which is a key level. This price point means anyone who bought at the 2021 top is now breaking even. However, the big question is whether XRP can go higher. Some analysts believe the next target could be $3.4. This would bring XRP even closer to its all-time high.
Potential Cool-Off and Key Support Levels
The surge might attract profit-taking. If that happens, the price may cool off before continuing upward. The fair value gap—FVG, at $2.8, along with the 50-day EMA at $2.5, could offer support for a potential re-entry. Using the Fibonacci retracement tool, the next bullish target sits at $4.3.
But the daily RSI has moved into overbought territory, so a pullback isn’t off the table. The liquidation heatmap hints at a possible cool-off. It shows liquidity pockets at $2.9 and $2.8, which match the FVG. These levels could act as short-term support.
On the upside, liquidity has built up around $3.2. A short squeeze could push XRP higher, potentially taking the price beyond its previous all-time high. Keep an eye on these critical support and resistance levels as the market moves forward.
The post XRP Hits 7-Year Peak Over $3 as Whales Add $3.8B – What’s the Next Move? appeared first on Cryptonewsland.
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