Why Is XRP Price Up Today, $5 Possible By December?

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As a seasoned crypto investor with a knack for spotting trends and reading charts like a seasoned tarot reader, I find the recent bullish surge of XRP extremely intriguing. The 6% jump today, coupled with the accumulation by whales and the surge in open interest on derivatives exchanges, paints a compelling picture of a coin primed for growth.

Today, the value of XRP has experienced substantial increases, pointing towards an optimistic trend for the digital currency. This bullish sentiment comes despite a general pullback in the cryptocurrency market, primarily driven by Bitcoin. Notably, crypto expert Dark Defender anticipates that XRP could potentially reach $5 by December.

Why XRP Price Is Up Today

Today, the value of XRP has surged by more than 6%, largely due to some recent positive events. To begin with, significant XRP investors, often referred to as ‘whales’, are amassing the digital currency, suggesting they’re optimistic about the coin’s future. According to CoinGape, these whales purchased over 250 million XRP tokens during the weekend.

The increasing accumulation pattern is leading to considerable demand for XRP, fueling today’s price spike. Additionally, trading in the derivatives market suggests that investors have a positive outlook towards cryptocurrency.

Data from Coinglass indicates that the demand for XRP futures contracts has significantly increased on leading exchanges, as traders are heavily investing in this cryptocurrency. For example, the open interest on ByBit has spiked by nearly 5%, reaching approximately $682 million. Similarly, OKX’s open interest has climbed by 8% to reach $126 million. This surge has propelled XRP’s total open interest to an all-time high of over $2.50 billion.

The rise in XRP’s price can be attributed to its strong underlying factors. Lately, Ripple has been successful in forming several partnerships that will enhance the cryptocurrency’s functionality. Today, Ripple unveiled the launch of the first tokenized money market fund on the XRP Ledger (XRPL), which is another factor contributing to its price increase.

Based on his optimistic perspective, crypto expert Mikybull Forecast indicates that XRP could hit $2 by the end of this week, making for a strong close to the monthly chart. Similarly, fellow analyst CrediBULL Forecast proposes that a $2 target for XRP before the end of this month is plausible.

In a recent post, he expressed his opinion that XRP is looking exceptional at its current prices, provided Bitcoin’s price doesn’t dampen the celebration. He further predicted a potential rise towards the upper limits of $1.60 and above, suggesting this could even be the beginning of a more significant upward trend for XRP. The analyst concluded by expressing his belief in this bullish outlook for XRP.

A Rally To $5 By December Is Possible

In a recent post on X, crypto expert Dark Defender proposed that the price of XRP might surge up to $5 by December’s end. This prediction is based on an Elliot Wave theory breakdown of the cryptocurrency market. The chart he included illustrates that the potential peak for this Wave 5 impulsive move lies at $5.8.

Offering additional information about XRP’s recent price movements, Dark Defender pointed out that the cryptocurrency has been hovering near the Fibonacci level of approximately $1.44 for several days. He further stated that XRP is aiming for a price range between $1.88 and $2.17, with the 5th sub-wave potentially driving this trend.

According to the graph he provided, reaching these current levels could potentially lead to an additional surge towards the $5 mark. But as Dark Defender pointed out, for this bullish trend to be confirmed, XRP needs to surpass $1.44 and maintain that level for at least the next two days.

According to his study based on the Elliot Wave theory, the analyst has recently forecasted that the price of XRP might reach around $18 by the next year. However, crypto expert Egrag Crypto foresees a potential rise in XRP’s value up to $27, contingent upon Bitcoin’s price movement.

In a recent post on platform X, Egrag Crypto predicted that if Bitcoin reaches $250,000, XRP could potentially rise to $27. But, the analyst cautioned that for this to happen, XRP must surpass the wick (or shadow) at approximately 0.00004270 on the chart comparing XRP and Bitcoin, in order to meet its double-digit price target.

He added that the ultimate goal is a close above $0.00011. Interestingly, XRP could soon reach double digits, as Egrag Crypto predicts that the crypto will be $13.2 when the Bitcoin price is $120,000.

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2024-11-25 20:18