XRP has recently been trading sideways, hovering near its all-time high (ATH) of $3.66. Despite a slight downturn, the altcoin’s price remains poised for a possible reversal, with accumulation picking up pace.
This shift in market sentiment could propel the XRP price to its ATH, further fueling optimism.
XRP Investors Begin Accumulating Again
XRP has been seeing significant inflows in the past three days. Over 163 million XRP, worth around $519 million, have been accumulated by investors. This buying surge suggests that a wave of optimism is returning to the market, signaling that investors are positioning themselves for a potential price increase.
This behavior is consistent with a bullish outlook for the altcoin, with many investors opting to retain their positions rather than sell. This accumulation is likely to act as a reversal trigger, driving XRP toward its ATH.
Sponsored
The NVT ratio, a crucial indicator for assessing cryptocurrency valuations, is at a four-month low. This suggests that XRP is not overheated and has room for growth. The low NVT ratio indicates that the altcoin’s current price is justified by its network activity, making it more likely to see price appreciation without excessive speculation.
As the market remains in a healthy state, with strong accumulation and a balanced NVT ratio, XRP is positioned to continue rising. This will provide a solid foundation for the altcoin’s price movement in the coming days.
Is XRP Price Heading Towards Another All-Time High?
XRP is currently trading at $3.17, which places it 15.3% away from reaching its ATH of $3.66. With the ongoing accumulation and positive market sentiment, there is a high probability that XRP will continue its upward movement. The support at $3.17 is crucial, and securing it could lead to further gains.
If XRP can reclaim support at $3.38, it will be well-positioned to push past its ATH and reach new highs. This would mark a significant milestone for the altcoin, setting the stage for further price gains.
However, should the investor sentiment shift and selling pressure increase, XRP could face a decline. If the price falls below $3.00, it could slide to $2.96 or lower, invalidating the bullish thesis.
source: https://beincrypto.com