You are here: Home / News / XRP Bulls Target $2 as Whale Accumulation, RSI Signal Explosive Breakout
XRP has experienced impressive bullish momentum over the last few days, with analysts forecasting a rally to $2. The altcoin’s strong performance is supported by whale accumulation and technical indicators suggesting a potential explosive breakout. XRP’s recent rally began in early November, signaling investor confidence and sustained upward momentum.
The price of XRP has increased by a remarkable 30% in the last week. The cryptocurrency has demonstrated its robustness by surpassing several other cryptocurrencies in the market. Currently the tokens stands at a price level of $ 1.47 with a 5% daily rise. On November 28, 2024, Armando Pantoja has predicted that $XRP will increase to $2. He cited bullish patterns, whale activity, and neutral MACD/RSI indicators.
$XRP to $2 isn’t even a question. $8-20 is inevitable
1. Bullish patterns = long-term setup
2. Whales accumulating hard
3. MACD cooling off + RSI neutral
4. $1.60, then no resistance to $2
5. FOMO incoming, Sentiment flippingMiss this #XRPHOLDERS, and you’ll chase it later. pic.twitter.com/HCvoyiwWX9
— Armando Pantoja (@_TallGuyTycoon) November 27, 2024
RSI and Technical Signals Indicate Bullish Sentiment
The bullish trend in XRP is demonstrating upward movement, which is evident in the XRP price trend of consistency in making higher highs and higher lows, especially after the breakout above a right resistance zone. A strong recovery above $1.25 has been recorded, and now the price is beginning to move down as $1.30 is an important support level.
The token has shown some significant momentum over the past week, however, it has mostly stayed at the price range of $0.65 to $0.45 during 2024. The monthly chart indicates that the tokens price may be on the verge of a steep rise after breaking away from the long-standing downward trend of three and a half years in Q3.
Whales Ripple have been obsessively accumulating XRP and recently bought millions of tokens. According to Santiment, during a market dip, more than 250 million XRPs were bought, thus triggering a price rally of 200% this month. Whale Alert drew attention to several notable transfers, one of them being the 149 million XRP ($227 million) transaction from Bybit to a private wallet.
Additionally, the market turned even further bullish when some on-chain information showed a transfer of 58 million XRP, worth $87 million, from Binance to a whale wallet. This major accumulation sends the message that confidence is gradually burgeoning with the digital currency among the biggest of the investors sharing a view point that the market is set for a further upward climb.
Analysts Predict XRP Price Could Reach $2
CrediBull, a cryptocurrency expert, has presented a comprehensive technical analysis highlighting XRP’s strong bullish structure on X. He points out that the token is presently going through a distinct 5-wave impulse move, a pattern frequently observed during long-term upward rises. CrediBull predicts a possible spike above $2 in the upcoming weeks, a significant milestone for the altcoin if it maintains important support levels.
Regarding the CrediBull announcement that $XRP below $1.05 could indicate a larger Wave 2 correction, which could potentially be the next major upward impulse (Wave 3), on the flip side, if the token stays above $1.05, that could mean a longer fifth subwave has been thrusting the price to $2 or more before any retracement.
Furthermore, this analysis reinforces the supposition that the present rally could be the launchpad of a more comprehensive long-term uptrend. Investors are watching for major support levels as a sign that the rally continues.
Related Reading | Russia Approves New Crypto Tax Law as Bitcoin Hits Record Highs
