The price of Ripple (XRP) experienced a notable surge in November, with gains of up to 16% and a high of $0.72. However, it has since retraced and is currently trading at $0.678. Market enthusiasts and experts are closely monitoring XRP as it remains in the spotlight.
Michaël van de Poppe, CEO and founder of MN Trading, recently took to Twitter to express his observations regarding the token’s price movement. He noted that it had been on a rally in recent weeks, experiencing a correction from $0.93 down to $0.45 before bouncing back. Van de Poppe suggested that if the token were to correct towards $0.54, it could present another buying opportunity for investors.
One significant factor contributing to this recent surge is the increased activity of crypto whales in the XRP market. Crypto whales, referring to individuals or entities holding substantial amounts of the token, have been actively accumulating digital assets over the past two weeks, sparking a strong start to November 2023. On-chain data trends indicate that the bullish trading activity of these strategic crypto whales has played a pivotal role in driving the price rally.
Between October 24th and November 6th, crypto whales, defined as wallets holding between 100,000 to 1 billion XRP, acquired a staggering 1.26 billion XRP, leading to a new peak in their cumulative holdings for the year 2023. Notably, this surge in whale activity coincided with its shift towards a bullish trend around October 24th, as indicated by the price chart.
XRP: EGRAG CRYPTO’s Fractal Analysis
EGRAG CRYPTO, a prominent crypto analyst, also shared insights on the current state of the Ripple’s native token. In a tweet, they highlighted the importance of distinguishing between short-term fluctuations and long-term trends. They emphasized that XRP is currently taking a breather, setting the stage for a healthier long-term outlook.
EGRAG CRYPTO then delved into a discussion on fractal patterns and their impact on XRP’s growth. The analyst stressed the importance of gradual and sustained growth for XRP, focusing on the starting price as a key factor. They explained that a smaller starting price can lead to higher price goals when achieving significant percentage gains. For example, if XRP starts at $0.50 and experiences a 10X increase, it will reach $5, whereas a 10X increase from a starting price of $1 would result in a price of $10.
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