XRP has experienced a significant price surge in November, with a nearly 200% increase in just two weeks. This rally has seen the altcoin reach a four-year high of $1.63, resulting in substantial unrealized profits for holders. Despite this, whale activity in the market suggests that there may be further upward momentum.
Whales have been accumulating XRP, with over 50 million XRP being bought over the weekend. This indicates a strong interest from large players who believe that the uptrend will continue. The current price of XRP stands at $1.5, halfway between its 2018 high above $3 and the 2021 cycle top of $2. The $2 price target is seen as the immediate bullish target for XRP if the uptrend persists.
Technical indicators such as the Stochastic RSI and On-Balance Volume show strong buying pressure and the potential for XRP to reach $2 or even higher targets. However, there is a slight challenge for bulls as last week’s candlestick closed below $1.5, indicating a struggle for this level. The key level for bulls to watch is $1.4, which could act as a re-entry point for buyers and push the price higher towards $1.96.
There is also a build-up of leveraged long positions below $1.5, which could attract market makers looking to sweep for liquidity. On the flip side, leveraged short positions are parked above $1.6, suggesting a potential liquidity sweep before XRP reaches $1.9. Overall, XRP seems poised for further upside potential, especially considering the increased whale demand in the market.
In order for the uptrend to be validated, XRP needs to decisively break above $1.5. It is important to note that the information provided in this analysis is not financial advice and is solely the opinion of the writer. As XRP continues to show signs of strength and bullish momentum, investors and traders should keep a close eye on key levels and indicators to gauge the potential future price movements of the altcoin.
