The popular cryptocurrency analyst Ali Martinez shared an interesting analysis of the increased activity of large XRP whales recently, which could indicate the beginning of a significant upturn for XRP to hit the coveted $1 price.
According to Ali, on-chain data for XRP shows that whales have acquired around 11 million XRP tokens in the last week, valued at approximately $6.82 million.
These significant purchases by whales and relevant holders of the Ripple native token could suggest growing confidence in the project and its potential for future appreciation as the future of the SEC lawsuit approaches.
Additionally, it’s worth noting that XRP is trading at $0.6126, 84% below its historical high of $3.84, which was reached on January 4, 2018, according to CoinMarketCap data.
Is XRP gearing up for a massive rally?
As reported by ZyCrypto recently, several analysts are predicting an XRP rally to $1 this December. While some are more cautious in their analyses, all agree that the XRP rally is closer than it seems.
For instance, cryptocurrency trader Be’lakor pointed out on Twitter that XRP appears to be forming a flag pattern, with a price target of $0.90, coinciding with a Fibonacci resistance.
However, Be’lakor cautioned that XRP must first reclaim the $0.67 level to validate this bullish formation. A level that doesn’t seem too challenging to recover, considering the institutional interest in holding the fifth cryptocurrency by market capitalization.
On the other hand, analyst EGRAG CRYPTO highlighted a significant support level around $0.50, which held up despite recent negative news regarding the possible arrest of Changpeng Zhao and the astronomical $4.3 billion fine imposed on Binance for violating money laundering laws in the U.S. According to EGRAG, a mega price surge may be on the horizon, validating Be’lakor’s prediction.
Another of the more sensational predictions, bordering on almost impossible given current regulations, comes from Edward Farina, Head of Social Adoption at XRP Healthcare. He asserted that XRP could skyrocket to $10,000 if Ripple’s payment network, RippleNet, replaces the SWIFT system for cross-border bank transfers.
He reasons that SWIFT handles hundreds of trillions of dollars globally. Therefore, even if a small fraction of that activity shifts to RippleNet using XRP, it could potentially send XRP to the moon based on the principles of supply and demand. Will this happen in the future, or is it another crypto enthusiast’s fallacy?
No recommendations or advice regarding investments are made in this article. Readers should perform their own due diligence before making any investment or trading decisions because of the inherent risk in these activities.
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