XRP price has already retested the peak of the 2021 bull run and on-chain data shows that whale investors are relentlessly buying more.
After a bullish breakout from a multi-year triangular pattern earlier this month, Ripple Labs-backed XRP XRP $2.99 24h volatility: 2.0% Market cap: $178.50 B Vol. 24h: $5.65 B has signaled the bulls are in control. In the last three weeks, XRP price has rallied more than 200% to trade at about $1.51 on Monday, November 25, during the early New York session.
For the first time since April 2021, XRP price is on the brink of printing the largest monthly candlestick. Moreover, the weekly and monthly Relative Strength Index (RSI) has rallied above the 70% level for the first time in three years, suggesting the onset of bullish sentiment ahead.
Most importantly, the XRP/BTC pair has rebounded from a crucial multi-year support level and since more than doubled in value. With Bitcoin BTC $115 074 24h volatility: 0.3% Market cap: $2.29 T Vol. 24h: $45.70 B dominance, in the weekly time frame, suggesting an imminent reversal ahead, it is safe to assume that XRP will outperform BTC in the coming months.
Moreover, the diminishing return dictates that most altcoins will perform better than Bitcoin in the remaining part of the macro bull market. Without a major resistance in the short time frames, the XRP price is likely to close the week trading around the psychological target of $2.
$XRP is looking so much good here.
See you at $2 this week. pic.twitter.com/uLiOF4CtGw
— Mikybull 🐂Crypto (@MikybullCrypto) November 25, 2024
Top Reasons Why XRP Whales Are Bullish
According to on-chain data provided by Santiment, Ripple whales purchased more than 50 million XRP units over the weekend. Earlier today, on-chain data analysis revealed a whale investor who withdrew over 149 million XRP from Bybit exchange to an unknown wallet address. The notable whale accumulation of XRP in the recent past has bolstered the underlying bullish outlook.
As Coinspeaker previously reported, the heightened demand for XRP has majorly been inspired by the leadership change of the United States Securities and Exchange Commission (SEC).
Following the resounding victory of pro-crypto leaders in the recently concluded United States election led by Donald Trump, currently SEC Chair Gary Gensler recently announced that he will resign on January 20.
The imminent ouster of Gensler has been viewed as a bullish factor for the crypto industry in the United States especially for XRP, which has been under legal scrutiny for the past three years.
Meanwhile, Ripple has made significant development progress on the XRPL network to enhance its Web3 capabilities.
For instance, Ripple’s core developers have been working on making XRPL a multichain DeFi platform by 2025. Already, the Ripple team has launched the XRPL’s native stablecoin backed by US dollars dubbed RLUSD.
In addition to the ongoing adoption of the On-Demand Liquidity (ODL) program for cross-border payments, Ripple is confident in the long-term success of XRP. Furthermore, the large-cap altcoin, with a fully diluted valuation of over $151 billion, has remained among the top ten most valuable digital assets even during its legal tribulations.
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