Important Ripple (XRP) Metric Hits Its Highest Level in 2023: Details
TL;DR
- XRP price exceeds $0.70, outshining other cryptocurrencies with significant holding by large investors and a recent spike in social media discussions.
- XRP’s performance, with over a 25% gain, eclipses Bitcoin’s 2% rise, reflecting a standout rally in the crypto market.
- Analyst predictions suggest further growth for XRP, with ambitious price targets up to $18.22, supported by optimistic technical analyses.
XRP Whales on the Move
Ripple’s coin – XRP – has been crypto’s rock star in the past few weeks, with its price recently spiking above the coveted level of $0.70. The asset’s rally coincides with an increased activity coming from large investors.
As revealed by Santiment, wallets holding between 100K and 1 billion coins currently control almost 46% of the token’s total supply (the highest mark since the beginning of the year). Besides that, November 5 witnessed the largest spike in XRP discussion rate since mid-July.
#XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG
— Santiment (@santimentfeed) November 6, 2023
The asset’s recent price explosion comes amid a broad crypto market revival. However, most coins, including Bitcoin (BTC), find it hard to match XRP’s pace. The primary cryptocurrency has risen around 2% in the past week, whereas Ripple’s token has jumped by over 25%.
One Super Bullish XRP Prediction
Numerous analysts believe that XRP’s uptrend could continue in the near future, with some envisioning impressive new heights. The X (Twitter) user Dark Defender recently suggested that the assets could skyrocket to $5.85 and even surpass $18 should it overcome some important “short-term” targets:
“I don’t think XRP will stay long around the $1 level since the Sub-Wave 3 has 3 main targets: $1.88, $5.85 & $18.22 Par/SAR indicator is expected to turn green soon, which will add volume to the move. We are above Ichimoku in the weekly, which is positive,” the analyst surmised.
Those curious to find out how XRP could perform in the remaining months of the ongoing year could take a look at our dedicated video below:
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