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XRP (XRP) Price: Technical Analysis Shows Potential 10% Rise to $3.30 Level
Ripple’s native cryptocurrency, XRP, is on the cusp of a significant rally as its price approaches a crucial resistance level. Based on recent whale activity and technical analysis, this article will explore the potential for a short squeeze that could propel prices up by 10% to reach the $3.30 level.
The cryptocurrency has been trading near the $3 mark, defying recent losses in the wider market. The price action is being driven by rising whale activity, with large holders actively accumulating XRP assets. Whale Alert detected a massive transfer of 20 million XRP worth $58.6 million from Upbit to an unknown wallet, indicating that whales are increasing their exposure to the asset.
Moreover, data from CoinGlass reveals that spot exchanges have experienced net outflows of 29.38 million XRP over the past 24 hours. This phenomenon is consistent with long-term holders withdrawing their assets as they take profit and rebalance their portfolios. The accumulation strategy indicates a strong possibility of continued upward momentum.
In the short term, a bearish scenario remains plausible if the price fails to hold above $3 and breaks below the $2.72 level. However, this event would likely lead to deeper losses, invalidating the bullish setup in progress.
In the event that the resistance at $3 is successfully breached, XRP’s price has potential to rise by 10% and reach $3.30. This assessment is supported by a green Supertrend signal, which suggests returning bullish sentiment.
To confirm a sustained rally, however, it will be essential for XRP to break above $3.45. At this level, the cryptocurrency would liquidate all short positions according to Bitget data, effectively validating the bearish setup and potentially leading to further losses if not confirmed by additional price action.
In conclusion, given the increasing whale activity and a rising tide of short positions, there is strong potential for XRP’s price to rise 10% to $3.30 if it holds above the critical $3 level.
Source: blockonomi.com
