The Main Drivers Behind The 23% XRP Price Rally Revealed

November 6, 2023

Recently, the main players responsible for the recent 23% increase in XRP price were brought to light. The digital asset has since continued with its firm rally over the last 24 hours, arriving at almost $0.72.

Recent Activities Buttress The Price Of XRP

XRP’s 23% price surge took place in the last day and crypto enthusiasts and investors’ belief in XRP has been steadily increasing as whale wallets keep filling up.

According to crypto analytics platform Santiment, wallets holding up to 100,000 to 1 billion XRP have reached their highest point this year, making about 45.8% of the token total supply. Due to this XRP price crossed the $0.68 for the first time since August, indicating an upward trajectory for the crypto asset.

The crypto asset’s potential Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) have not been left out, as they have both presented a bullish signal for XRP price.

XRP’s price movement has been above the 50-day and 200-day EMAs, thereby signaling continued rising momentum. With this technical layout and an RSI that is safely over the 50 mark, buyers appear to be in control, providing a tough basis for future price growth.

In addition, the digital asset’s recent adoption and social media dominance also seem to have contributed to XRP’s price surge lately. This has been the case following the XRP’s recent regulatory approval under the digital asset regime of the Dubai independent financial services regulatory body within the DIFC, the Dubai Financial Services Authority (DFSA).

According to the social dominance metric, the social media discussions encompassing XRP have increased impressively over time, marking its highest level since mid-July.

The crypto asset’s increase in popularity and interest among crypto enthusiasts and investors in the cryptocurrency world is believed to have impacted the price of XRP. This is because social media dominance often paves the way for price trajectory.

Chart Analyst Predicts The Crypto Asset to Reached The $1 Mark

Chart analyst EGRAG once predicted in September that XRP will surpass the $0.65 within the following month, which seems to have come to pass. According to the analyst if XRP crosses $0.65, a path to the $1 mark is wide open.

The analyst has recently shared another prediction on the price of XRP to crossing the $1 mark while comparing the challenges encountered by the asset at its current resistance point to the “Berlin Wall” of resistance.

According to EGRAG, a successful breakout from its current resistance level which is the Berlin Wall, would see the crypto asset approaching the $1.10 to $1.40 price range when this happens.

EGRAG predicts that before XRP breaks above $1, it will retest between the $0.55 and $0.58 range. However, the price range between $1.10 and $1.40 would be confirmed by this retest and a rebound.

XRP trading volume surged to $2.55 billion in the last 24 hours, a noteworthy 169.41% increase from the day before. With XRP’s price currently stable around $0.68, seasoned market analysts are set to provide predictions for the cryptocurrency’s future direction.