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XRP rise 414% – Whales are accumulating rapidly, Target 10 USD within reach?
Ripple has outperformed Bitcoin and most other altcoins over the past 5 months with an incredible growth of 414%. The market capitalization of Ripple has also surged from 28 billion dollars to 181 billion dollars, becoming the third largest cryptocurrency. The price increase of XRP began after the election on November 5, paving the way for cryptocurrency-friendly policies under the Trump administration. Amid these achievements, the blockchain analysis platform Alphractal believes that XRP could continue its upward trend and has the potential to reach 10 dollars. More Signs of Price Increase for XRP As of the time of writing, XRP is trading at $3.06 after a slight decrease of 5% in 24 hours. According to Alphractal, this altcoin could create a price surge similar to 2017 and surpass the $10 mark. One of the indicators supporting this bullish outlook is the SMA multiplier. XRP is testing the resistance level at the two-year SMA multiplier, and if it surpasses this level, it could set the stage for a 5-fold increase as seen in 2017.
Analysis also shows that over the past four years, XRP has recorded more green candles than red candles. This indicates the stable accumulation by traders and the increase in global liquidity, which may support a long-term upward trend. Wallet Profit Increase – Is It an Upward or Downward Trend? After recent growth, the number of profitable XRP wallets has increased significantly. According to Alphractal, there are currently over 5,200 addresses holding XRP worth more than 1 million dollars, while more than 860 addresses hold tokens worth over 10 million dollars. These whale wallet addresses are at an all-time high, with holdings values skyrocketing significantly. Positive sentiment driven by increased wallet profits has contributed to the upward momentum of XRP. In addition, short-term holders have been accumulating XRP at a high rate. Historically, short-term holders tend to drive the price up due to increased buying activity. While the behavior of traders supports a bullish argument for XRP, other on-chain metrics suggest that the market may become overheated, leading to a short-term correction. The Net Unrealized Profit/Loss Ratio (NUPL) has surged to 0.63, indicating that XRP is in a high-profit zone. This suggests that this altcoin is transitioning between the Belief Zone and the Denial Zone, with a rise above 0.7 predicted to signal the market peak.
The behavior of long-term holders also indicates that they are taking profits by selling during the price increase. However, XRP continues to maintain an upward trend despite the sell-off by long-term holders, suggesting that there is still strong demand to absorb the selling pressure. This could support the next upward momentum.