INSUBCONTINENT EXCLUSIVE:
Key point:XRP (XRP) broke out from its long-term range on Friday and soared to $3.03 on Monday
which could propel the price to $4.47.XRP whales also seem to be bullish on the prospects of a further rally
According to the onchain analytics platform Santiment, whale wallets holding over 1 million XRP soared to a new all-time high of 2,743 on
the overhead resistance of $3, but the pullback is expected to find support at $2.65.XRP/USDT daily chart
Source: Cointelegraph/TradingViewIf the price rebounds off $2.65, it suggests that the bulls are trying to flip the level into support
That enhances the prospects of a rally above $3
If that happens, the XRP/USDT pair could surge to $3.40
Sellers are expected to fiercely defend the $3.40 level, but the rally could extend to $4 if the bulls persist.This optimistic view will be
negated in the near term if the price turns down and plunges below the 20-day exponential moving average (EMA) ($2.49)
That could keep the pair range-bound between $2 and $3 for some time.Related: XRP price can see 'quick' run to new all-time highs if price
breaks $3XRP/USDT 4-hour chart
Source: Cointelegraph/TradingViewThe pair is taking support at the 20-day EMA on the four-hour chart
A minor negative is that the RSI has formed a negative divergence, signaling weakening momentum
If the price dips below the 20-day EMA, the pullback could reach $2.65.Conversely, a solid bounce off the 20-day EMA suggests buying on dips
The bulls will then try to thrust the price above the $3 resistance
If they succeed, the pair may jump to $3.40.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
