Ripple whales bag 130 million XRP coins, indicating heavy bets on the crypto’s recovery.
XRP price recorded a robust recovery after falling to as low as $2.9 earlier this week.
It’s worth noting that the recovery in the Ripple coin comes amid a broader crypto market recovery, indicating renewed interest from market participants.
During writing, BTC price was up over 0.80% and hovered near $118k, while ETH price rested near $3,800.
This indicates that the investors are once again entering the market after the latest pullback in the assets.
Notably, the surge in XRP also comes amid heavy bets from Ripple whales recently. It indicates that the recent correction in Ripple coin has allowed more investors to enter the market at a lower price.
Meanwhile, the rebound in the altcoin’s price appears to have bolstered the confidence of market pundits.
A renowned analyst recently predicted a potential 4000% breakout in XRP price, citing historical trends.
The broader crypto market rally suggested market participants are regaining confidence in the digital assets space.
Amid this, most of the top altcoins, including Ethereum, XRP, Solana, and others, recorded significant recovery today after a recent pullback.
XRP price was up over 0.28% and traded at $3.18, after falling to as low as $3.01 in the last 24 hours. However, the 24-hour high of the crypto was recorded at $3.21.
However, despite the recovery, the crypto’s trading volume fell 35% to $6.2 billion, indicating slow trading activity as compared to yesterday.
Despite that, the derivatives and on-chain data indicate that the crypto might continue to move north.
According to CoinGlass data, XRP Futures Open Interest rose nearly 3% to $9.07 billion, indicating soaring investors’ confidence.
Besides, the relative strength index (RSI) of the asset stayed at 58.
The RSI indicates that the crypto is at a neutral state now. Having said that, market experts said that the crypto might record more gains in the near future.
Besides, the investors are also betting heavily on the crypto.
In a recent X post, analyst Ali Martinez has highlighted the buying pressure of XRP. The expert said that Ripple whales have bagged 130 million XRP from yesterday, taking the buy-the-dip opportunity.
Amid the ongoing recovery, a renowned analyst has predicted a robust surge ahead for the XRP price, citing historical trends.
Expert EGRAG CRYPTO has made a bullish prediction for the crypto, forecasting a potential 4,000% rally in the asset’s value.
According to the analyst’s recent X post, XRP’s current chart pattern on the weekly timeframe is showing a promising bullish crossover between the 21 Exponential Moving Average (EMA) and 55 Simple Moving Average (SMA).
Historically, similar crossovers have led to significant price surges. In March 2017, he noted that the bullish crossover resulted in a staggering 40,000% pump.
Simultaneously, another crossover in August 2020 led to a 750% increase. The analyst notes that the current cycle, starting from October 2024, has already seen a 560% pump.
Based on these historical trends, EGRAG CRYPTO projects potential future gains. If XRP achieves just 10% of the 2017 cycle’s pump, it could translate to a 4,000% increase.
Alternatively, if it doubles the performance of the 2020 cycle, a 1,500% rise could be expected.
Although these forecasts have gained traction, investors should note that historical performance doesn’t guarantee future trading.
Read more on The Coin Republic
