XRP has recorded its highest point in 3 years, showing a strong upward trend. According to the latest data, this altcoin is currently trading around $1.84, and has risen more than 267% this month alone.
The growth of XRP is being driven by various factors, particularly its role in the cryptocurrency payment market, which is attracting the attention of institutions and strengthening its long-term outlook.
XRP Price Rapidly Growing
The growth of XRP's price is due to increased demand, but the altcoin's upward trend is also the result of a general change in sentiment towards cryptocurrency assets. Juan Pellicer, senior researcher at IntoTheBlock, discussed this topic with BeInCrypto.
"XRP has shown exceptional price performance over the past 2 weeks, consistently outperforming many major cryptocurrencies. This performance is likely to continue to be supported by its strategic position in the global cryptocurrency payment infrastructure and improved sentiment following positive regulatory developments in the US. The government's increasingly constructive stance on cryptocurrencies has created a favorable environment for XRP's adoption strategy." - Juan Pellicer, Senior Researcher at IntoTheBlock
Over the past 2 weeks, whale activity has been prominent in the XRP market. Those holding between 1 million and 10 million XRP have accumulated over $112 million of the altcoin.
This large-scale accumulation suggests strong institutional and investor confidence, especially as XRP approaches $2.00. The whales' strategy indicates their belief in the long-term potential of XRP, which is essential for the stability of the altcoin.
However, this large-scale accumulation has raised concerns about profit-taking. Many market observers speculate that whales may start to realize their gains once XRP reaches key price levels, which could lead to a price decline.
But since the altcoin season has not yet fully started, whales are likely to maintain their positions and avoid early sell-offs. This could help maintain the upward momentum of XRP in the short term.
XRP Price Forecast: Strong Resistance at $2.00 - Breakthrough Key
XRP's price has surged over 267% this month, reaching $1.84 currently. The altcoin is approaching the psychological resistance level of $2.00, which has historically been a price point that has triggered major market movements. Reaching this level would be an important milestone, indicating market optimism and the potential for continued growth.
If XRP successfully transitions $2.00 as support, increased demand could further drive the price higher. Support at this price point would attract more investors, setting the stage for a push to even higher levels. Considering the current momentum, XRP could target new all-time highs in the coming weeks.
However, if the market experiences a broader correction or profit-taking spreads among whales, XRP could experience a price decline. In such a scenario, support at lower levels would be crucial to maintain the overall bullish outlook. For now, XRP's price trajectory is positive, and it has significant potential for further growth in the short term.
