Ripple’s XRP price is moving towards the target suggested by the bullish triangle pattern it is trading in. With support from investors holding XRP, this altcoin is getting closer to achieving its bullish target.
Whales increase buying of XRP
Whales buying more XRP are creating a sharp increase in price. Over the past seven days, addresses holding between 1 million and 10 million XRP have purchased more than 90 million tokens, worth $48 million. This brought their total XRP holdings to 3.7 billion.
These whales often have a significant influence on the price of XRP. Accumulation often leads to a recovery, while selling can lead to an altcoin correction. In the case of Ripple, this could be the first positive sign, reinforcing the altcoin’s attempt at a recovery on the daily chart.
Retail investors are also showing support for the price increase, as there is a significant increase in the number of addresses participating in trading on the network. The number is up 28.8% over the past week, suggesting investors are expecting further price increases.
This optimism expressed by investors holding Ripple’s native token could serve as a key factor driving the XRP price to maintain its recent upward momentum and continue to grow in the near term.
XRP price forecast: Breakout
XRP is currently trading at $0.54 and is seeing a rebound from support at $0.51. This also signals a breakout from the symmetrical triangle pattern, where XRP has been consolidating for nearly three weeks. This accumulation pattern suggests a 27% increase to $0.65 for XRP.
Related: XRP Has Recovered But Trader Sentiment Remains Low
However, to achieve this, the altcoin needs to break through and turn the resistance levels at $0.57 and $0.62 into support. Under the optimism of Ripple investors, the $0.57 level could be broken in the coming days, paving the way for a 7% increase in XRP.
Conversely, if it loses the critical support at $0.51, XRP price could drop to $0.47. If this support also breaks, it will negate the bullish outlook and could potentially push the altcoin down to $0.42.
