XRP Hits $2 Milestone Again, Eyes $3 Target
XRP, the native token of Ripple, has once again crossed the $2 level for the second time since Jan 2018, marking a significant milestone for the digital asset. With its impressive performance, many in the crypto community are speculating that the bullish momentum will push XRP towards the $3 mark in the near future.
Will the XRP Price Rally Continue?
Following XRP’s recent surge past $2, there has been a surge in participation from whales and investors, sparking a debate on whether the rally will sustain or if a price correction is on the horizon.
$256M of XRP Inflow, Sell-off Incoming?
Recent data from on-chain analytics firm Coinglass reveals that whales and institutions have been moving substantial amounts of XRP to exchanges, with a total inflow of $256.30 million in the past three days. Such large inflows often precede sell-offs, indicating a potential price decline in the near term.
Traders Strongly Favor Long Positions
Traders are showing a strong bias towards long positions, with the XRP Long/Short ratio currently standing at 1.98 on the four-hour timeframe. This indicates a bullish sentiment among traders, with 66.5% holding long positions compared to 33.5% holding short positions. This data suggests that bulls are currently dominating the market and could support XRP’s rally towards $3.
XRP Technical Analysis and Price Targets
While on-chain metrics indicate bullish control, the activity of whales and the significant inflow of XRP to exchanges suggest a potential price correction in the coming days. CoinPedia’s technical analysis predicts that XRP could reach $3.15 in the near future, following its breakout above $2. However, a minor correction or retest may occur before the rally continues.
XRP Price Prediction
At the time of writing, XRP is trading around $2.17, with a price gain of over 15% in the past 24 hours. Despite the positive momentum, trading volume has decreased by 14%, indicating lower participation from traders and investors. This could potentially impact the sustainability of XRP’s rally towards $3.
