The cryptocurrency market has seen remarkable movements recently, with XRP capturing attention due to its significant price rally. Over the past few weeks, the asset has surged by approximately 300%, reaching levels not seen in seven years.
However, the momentum appears to be slowing, leaving investors questioning whether the upward trend can continue. A crypto analyst suggests that XRP has the potential to achieve a new milestone if it clears a critical price barrier.
Crypto market analyst Ali Martinez recently stated that the asset could climb to $4 provided it breaks through a key resistance level. According to the analyst’s update on December 17, the token, currently trading around $2.6, would need to decisively overcome the $2.6 resistance point to confirm this upward trajectory.
$XRP has been consolidating in this bull flag for a while, but once it clears the $2.60 resistance, I think it’s off to the races, heading toward $4!
You still have time to prepare for this trade. Go to @SimpleFXcom, claim the $5,000 deposit bonus, and trade it. Sign up here:… https://t.co/ZFFk6Q0vCj pic.twitter.com/AotkvkddHv
— Ali (@ali_charts) December 17, 2024
Martinez’s analysis, based on a four-hour candle chart, identifies $2.6 as a significant obstacle. This price level has repeatedly acted as a barrier since December 3, following the token’s rise to $2.9. The token’s recent formation of a bull flag pattern indicates bullish momentum, but breaking the $2.6 resistance is critical to continuing its rally.
Whale Activity Suggests Growing Demand
While XRP consolidates below its resistance level, large investors appear to be accumulating the token. On December 16, Ali Martinez highlighted data from Santiment Feed, revealing that XRP whales had purchased approximately 830 million tokens within 24 hours. This acquisition, valued at nearly $2.2 billion, suggests strong demand from high-net-worth holders.
The accumulation coincides with Ripple’s announcement of the launch of RLUSD which was earlier reported by Times Tabloid. RLUSD is a stablecoin on the XRP Ledger (XRPL) and Ethereum blockchain.
Scheduled for release on December 17, RLUSD aims to enhance liquidity and drive participation in decentralized finance (DeFi) activities. Many market observers believe this development could positively influence the token’s price performance.
Conclusion
The asset’s ability to surpass its $2.6 resistance level will be key in determining whether the asset can reach the $4 price target projected by analysts. The increasing interest from whales and the introduction of RLUSD provide additional bullish indicators.
However, investors should monitor price movements closely, as breaking this key resistance is essential for confirming the next phase of the rally.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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