XRP price gears up for likely massive upswing, what to expect
- XRP whales continued accumulating the altcoin in its downward trend.
- Experts believe XRP price is on track to witness a massive breakout, identify bullish pattern on the chart.
- XRP price remained largely unchanged, continuing its downward trend on Tuesday.
XRP price is in a downward trend despite accumulation by large wallet investors and the appearance of a bullish pattern on the altcoin’s price chart. Experts have predicted a massive breakout in the asset’s price, citing price rallies in 2017 and 2021.
Also read: XRP price reveals Ripple bulls big picture plans for holders and it includes 50% rally
XRP whales scoop up the altcoin, buying the dip
Large wallet investors in the XRP community, continued accumulating the altcoin, increasing the token’s holdings in their portfolio, based on data from crypto intelligence tracker Santiment.
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XRP whales continue accumulation
Whales holding between 1,000,000 to 10,000,000; 100,000 to 1,000,000 and 10,000 to 100,000 continued accumulating XRP tokens. This is typically considered a bullish sign for XRP. Accumulation by whales implies that there is a reduction in XRP holdings across exchanges and a subsequent decline in selling pressure.
XRP holders and large wallet investors are closely watching the price chart for signs of a breakout in the altcoin.
XRP continued its downward trend, can the altcoin recover?
Jaydee, a crypto analyst and expert evaluated the XRP dominance and price chart. The expert notes that XRPLedger’s native token recently tested its dominance on the five-year trendline. A clean break and retest of Fibonacci levels within the orange box in the chart below would validate the bullish thesis for XRP.
Market cap XRP dominance chart
Past the orange zone and the 3% dominance line will fuel Jaydee’s bullish thesis for XRP. The expert notes that every time the 21-week Moving Average crosses above the 50-week, there is a massive run up in XRP price.
The XRP/USD price chart below shows the previous two instances where the 21-week MA crossed over the 50-week, and the XRP price rallied to new highs. On April 10, 21-week MA crossed over 50-week one more time and Jaydee predicts a bullish breakout in XRP price.
The target for XRP price is its 2021 highs of $1.5 and $2, as seen in the price chart below.
XRP/USD 1W price chart
A decline below the $0.28 level could invalidate the bullish thesis and trigger a correction in the altcoin.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
