The Main Drivers Behind The 23% XRP Price Rally Revealed
Recently, the main players responsible for the recent 23% increase XRP price were brought to light. The digital asset has since continued its strong rally over the past 24 hours, reaching nearly $0.72.
Recent activities support XRP price
XRP’s 23% price rise took place on the last day and itrypto enthusiasts and investor confidence in XRP has been rising steadily as whale wallets continue to fill up.
Related reading: Is an XRP Price Rise Imminent? Expert looks at 1,500% rally signal from the past
According to the crypto analysis platform Feelingwallets holding between 100,000 and 1 billion XRP reached their highest point this year, accounting for approximately 45.8% of the total token supply. Due to this, XRP price crossed the $0.68 mark for the first time since August, indicating an upward trajectory for the crypto asset.
The crypto asset’s potential exponential moving averages (EMA) and relative strength index (RSI) were not left out, as they both presented a bullish signal for the XRP price.
XRP Price Movement has been above the 50 and 200 day EMAs, thus signaling continued upward momentum. With this technical setup and an RSI safely above the 50 mark, buyers appear to be in control, providing a solid foundation for future price growth.
Furthermore, the recent adoption of the digital asset and dominance of social media also appear to have contributed to the XRP price surge in recent times. This was the case following the XRP’s Recent Regulatory Approval under the digital assets regime of Dubai’s independent financial services regulator within the DIFC, the Dubai Financial Services Authority (DFSA).
By the measure of social dominance, social media discussions surrounding XRP have increased impressively over time, marking its highest level since mid-July.
The growing popularity and interest in the crypto asset among crypto enthusiasts and investors in the cryptocurrency world is believed to have impacted the price of XRP. Indeed, social media dominance often sets the stage for price trajectory.
Chart Analyst Predicts Crypto Asset To Hit $1 Mark
EGRAG graphic analyst once predicted in September, XRP will surpass $0.65 the following month, which appears to have happened. According to the analyst, if XRP rises above $0.65, the path to the $1 mark is wide open.
The analyst recently sharing another prediction on the price of XRP until crossing the $1 mark while comparing the challenges faced by the asset at its current resistance point to the “Berlin Wall” of resistance.
According to EGRAG, a successful breakout of its current resistance level, namely the Berlin Wall, would see the crypto asset move closer to the $1.10 to $1.40 price range when this occurs.
EGRAG predicts that before XRP rises above $1, it will retest between $0.55 and $0.58. However, the price range between $1.10 and $1.40 would be confirmed by this retest and a rebound.
XRP trading volume surged to $2.55 billion in the last 24 hours, a remarkable 169.41% increase from the previous day. With XRP price currently stable around $0.68, seasoned market analysts are set to provide predictions on the future direction of the cryptocurrency.
Featured image from YouTube, chart from Tradingview.com
