XRP Price Forecast: Whales Open $25M in Long Positions, Signal Push Toward $5.9 Target
news
2 min read
XRP Price Forecast: $25M in Longs Signal Push Toward $5.9 Target
The XRP price forecast has taken a significant turn as whales open over $25 million in long positions, signaling a push towards the $5.9 target level. This move is backed by fundamental and technical analysis, further solidifying the potential for XRP to break above its current consolidation range.
As we dive into the data, it’s essential to note that XRP is currently trading at $3.15 after experiencing a minor 0.22% decline on July 30. Despite this slight dip, the token has been surging since last week, with a remarkable 61% increase and reaching a high of $3.66. This bullish momentum has not gone unnoticed by market participants.
In fact, whales have opened over $25 million worth of long positions ahead of the U.S. crypto policy report’s scheduled release. This level of whale accumulation is often seen as a precursor to significant price action, as it reflects a strong confidence in XRP’s near-term direction.
Further reinforcing this narrative is the data from Coinglass, which reveals that seven out of eight leveraged trades on Hyperliquid are long positions, indicating an overwhelming bullish bias. This aligns with ongoing whale accumulation patterns, often seen before substantial price rallies.
In terms of technical analysis, chart formations are also lending credibility to the notion of a continued upside potential towards the $6 region. The MACD remains in positive territory, suggesting sellers are still limited and unable to dampen the token’s current momentum.
The $5.9 target level seems within reach, as the market prepares for the release of the U.S. crypto policy report. This upcoming update may have a significant impact on XRP’s market outlook, given its origins in the United States. Experts anticipate a favorable or neutral stance from the White House, which could amplify the current bullish sentiment surrounding Ripple’s flagship token.
The $5.9 target level is now within striking distance as the XRP price forecast becomes increasingly optimistic about the token’s potential to retest previous highs.
Source: coincentral.com
