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- Top analysts have speculated on a potential rally for Ripple Labs-linked XRP.
- Key onchain technical indicators validate the $5 long-term target.
The broader crypto market, including Ripple Labs’ associated XRP, has experienced sideways movements in the past few days. Despite the bearish sentiments, XRP still holds strong support levels that could ignite a price rally.
XRP Break Out of a Symmetrical Triangle Pattern
As of this writing, XRP price was trading at $2.2, down 2.97% in the last 24 hours and 6.8% within the past week. Brett, a popular crypto analyst on social media platform X, disclosed that XRP has broken out of a symmetrical triangle pattern in its price movements.
“You didn’t survive the whole XRP bear market to get shaken out in the middle of the bull market. Don’t give up now,” Brett advised XRP investors in an X post.
The analyst claims XRP will climb higher if the bulls dominate the price movement. According to Brett, the next key support to watch lies between between $3.62 and $4.3. The analyst sees a possibility of XRP rallying toward $5.73 if it breaks out of the key support levels.
You didn’t survive the whole #XRP bear market to get shaken out in the middle of the bull market!
Don’t give up now!$XRP 🚀🌖 pic.twitter.com/vNTubLiUTf
— Brett (@Brett_Crypto_X) December 19, 2024
Moreover, current XRP technical indicators show a bullish divergence. Some traders took advantage of the recent XRP price decline to accumulate more. The Stochastic Relative Strength Index (RSI) line quickly moved north and crossed above the signal line. This suggests potential future gains if bulls continue to outnumber bears.
However, the RSI is at 46, meaning sellers are still in control and preventing price movement. Consequently, buying pressure must increase for the uptrend to restart. Another metric confirming the bullish indicator is the Awesome Oscillator (AO).
While the AO histogram bars have flipped positive, they remain in negative territory. This indicator suggests that although XRP shows signs of a reversal, additional purchases are required to validate the upward trend.
Traders are advised to monitor the $2.2 critical support level. A decline below it might trigger panic and lead to an XRP drawdown
A surge in Ripple XRP Whales Activity
Amid this bearish sentiment, data from Whale Alert showed large XRP transfers from the Ripple ecosystem.
A well-known whale address recently moved $11 million worth of XRP to the Bitstamp exchange. This transfer has raised concerns and discussions within the crypto market. Some market analysts claim the movement indicates that whales are preparing to sell their XRP holdings.
CNF reported earlier this month that XRP whale deposits into Binance have peaked at a six-month high. The report noted that about 2.66 billion XRP coins were sent to the exchange over the past 30 days. This movement points to increasing interest among XRP holders.
Historically, whales have played a role in increasing XRP’s price. Large outflows from exchanges are associated with the accumulation of assets and, therefore, bullish. With the recent spike in whale activity combined with the bullish technical indicators, XRP’s rise to $5 does not seem impossible.
