Ripple-backed XRP has been consolidating between $0.52 and $0.60 since mid-July. With a fully diluted valuation of approximately $58.6 billion and an average daily trading volume of $1.5 billion, the large-cap altcoin has faced strong resistance from a long-standing macro falling logarithmic trendline.
Why Is XRP Price Lagging?
Investors are eagerly awaiting a breakout as Ripple pushes forward with its XRPL development plans, which include the integration of smart contracts and a Web3 infrastructure.
It's Looking Bullish Hereon!
On-chain data from Santiment shows that XRP whales have been actively accumulating, purchasing over 380 million XRP tokens—worth more than $228 million—over the past ten days. This surge in whale activity signals strong investor confidence in the altcoin's future price potential.
XRP Breakout Incoming?!
Prominent Ripple enthusiast and crypto analyst, Egrag Crypto, has pointed out that XRP is poised for a significant price surge, citing Elliott Wave analysis. According to him, the altcoin has been building momentum in the fourth Elliott Wave for months.
The analyst also highlighted that XRP has maintained strong support around the 1.618 Fibonacci extension on the monthly chart, setting the stage for the next major rally.
XRP/BTC Pair Retests Lows
XRP’s BTC pair has recently retested multi-year lows, positioning the altcoin for potential gains against the US dollar in the near term. With the US dollar index weakening, the ongoing macro crypto bull run could provide the perfect environment for XRP to finally break out of its current range.
Will XRP's time to shine finally come?