XRP's Price Poised for a New Peak at $3.75: Factors Driving the Bonanza
The cryptocurrency market continues to show signs of volatility, with XRP being no exception. In the past few days, there have been some notable developments in the XRP market that could shape its future price action.
Currently, the XRP price hovers around $3.10, a 2.8% increase over the past day and a 3.2% rise over the past week. The trading volume stands at a substantial Rp 81,46 Trillion. The market cap of XRP is Rp 3.024 Trillion, with a circulating supply of Rp 59,77 Million.
One of the key factors influencing the XRP price is the behaviour of long-term holders (180-365 days). On September 16, these holders sold approximately 12.59 million XRP, a significant amount compared to the usual trading volumes. However, two days later, the number of XRP sold by long-term holders dropped dramatically to 118,000 XRP.
This selling activity has weakened the bullish scenario for XRP, particularly if the XRP price drops below the support level of $2.94. If this happens, the bullish scenario will be further weakened, and the price could potentially fall to the lowest point of the pattern head at $2.69, which could invalidate the bullish scenario altogether.
However, there is a potential bullish reversal pattern developing in the form of an inverse head-and-shoulders pattern around the $3.21 level. If XRP manages to break $3.21 convincingly, it could push the XRP price to historic highs. Based on head-to-neck measurements, the upside potential of this breakout is projected towards a target of around $3.75.
The bullish technical setup could be strengthened by demand from short-term holders, as the percentage of XRP held by investors for 1 week to 1 month has increased from 2.61% on September 7 to 4.88% on September 17. Similarly, the percentage of XRP held by investors for 1-3 months has grown from 8.97% in mid-August to 11.12% on September 17.
It's important to note that crypto trading activities carry a high risk and volatility. Always do your own research and use cold cash before investing. As always, stay informed and make wise decisions.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Skechers Debuts First American Stores Focused on Athletic Footwear Performance
- Budget discrepancy jeopardizes highway projects' financial support
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
