Home Altcoins News XRP Hits Seven-Year High at $3.10: Could $10 Be the Next Milestone

XRP Hits Seven-Year High at $3.10: Could $10 Be the Next Milestone

XRP future

XRP has been making waves in the cryptocurrency world, hitting a seven-year high of $3.10, a price point not seen since 2018. This remarkable surge is part of a broader 30% gain over the past two weeks, signaling a strong bullish momentum that has set the digital asset apart from other major cryptocurrencies. But with whales accumulating large amounts of XRP and technical indicators pointing to further gains, the question on everyone’s mind is: could XRP be heading toward a $10 price target?

Whale Accumulation: A Key Factor Behind XRP’s Surge

XRP’s recent price rally has been heavily influenced by substantial whale accumulation. In the past two months alone, large investors, also known as whales, have added 1.43 billion XRP tokens to their holdings. This represents a 37.4% increase in whale positions, with investments ranging from $2.75 million to $27.5 million per wallet, depending on the current market value.

Whales are often seen as the driving force behind significant price movements in the cryptocurrency market, and their ongoing accumulation of XRP signals a strong belief in the token’s future potential. Despite earlier price peaks in December, these whales have continued to increase their positions, showing confidence in the digital asset’s long-term growth.

Bull Pennant Formation: Could $10 Be on the Horizon?

Technical analyst Ali Martinez has identified a “bull pennant formation” on XRP’s price chart, a pattern that suggests the possibility of further upward movement. A bull pennant typically indicates that a price rally is likely to continue, with the token potentially breaking out to new highs.

Martinez’s analysis, supported by on-chain data, reveals that over 1.10 billion XRP tokens were purchased in just the past week. This buying pressure is further supported by comparisons to XRP’s behavior in 2017, when a similar consolidation phase preceded a major price rally. Given that XRP has now spent roughly 30 days consolidating, some analysts are expecting the same type of explosive movement that occurred during its previous rally.

Resistance and Support Levels: What’s Next for XRP?

As XRP pushes toward new highs, it faces critical resistance at the $3.00 level, which has proven difficult to maintain since 2018. Recent price action shows XRP briefly surpassing $2.89 before settling around $2.75, suggesting that buyers are attempting to establish this as a new support zone. If XRP can maintain its position above this support level, the next target could be the $3.10 mark, followed by the potential for even higher prices.

In the short term, however, there are some mixed signals. The TD Sequential indicator, a tool used by traders to identify potential reversals, has displayed a sell signal on the 4-hour chart. This could suggest that XRP may experience a brief correction before continuing its upward trajectory. Nevertheless, the strong buying pressure from whales and positive technical patterns indicate that XRP’s bullish momentum may continue in the longer term.

XRP Outperforms the Market

XRP’s performance over the past week has been nothing short of impressive. While major cryptocurrencies like Bitcoin and Ethereum have seen more modest price movements, XRP has outperformed them with a 17% gain over the past seven days. This outperformance has strengthened XRP’s position among the top 30 cryptocurrencies by market cap, and its rising market capitalization is a clear sign of growing investor confidence.

On-chain analytics firm Santiment has reported that whale accounts have maintained steady buying pressure throughout the past two months, even during periods of price volatility. This ongoing accumulation further suggests that whales believe XRP has significant upside potential.

The Path to $10: What’s Next for XRP?

With the combination of whale activity, strong technical indicators, and a bullish market sentiment, many analysts are starting to speculate that XRP could eventually reach $10. While this price target may seem ambitious, the current price action and on-chain data support the possibility of continued gains.

However, XRP still faces short-term challenges, particularly in breaking through the $3.00 resistance level. If it can establish this level as support and maintain upward momentum, the path to $10 could become clearer. Investors will be watching closely to see if XRP can sustain its bullish trend and break through key price points in the coming weeks.

Conclusion: Is XRP Poised for More Gains?

XRP’s recent surge to $3.10 marks an impressive milestone, but this could just be the beginning. With strong whale accumulation, positive technical indicators, and a bullish market sentiment, XRP has the potential to continue its upward movement. If the current trend holds, the $10 price target may not be as far-fetched as it seems.

As XRP consolidates above its support levels and faces resistance at $3.00, the next few weeks will be critical in determining whether this surge can continue. Investors and analysts alike will be closely monitoring XRP’s price action to see if it can break through key resistance levels and reach new all-time highs.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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