beincrypto.com
$XRP has recently broken through its month-long resistance at $2.73, a move that positions the altcoin for a potential new all-time high ($ATH).
Currently trading at $2.85, $XRP is only 16% away from its $ATH of $3.31. However, whale accumulation could hinder this upward trajectory.
$XRP Traders Are Highly Bullish
$XRP’s Open Interest (OI) has surged to an all-time high of $5.99 billion, reflecting increased trader participation. The OI rise is a strong indicator of market optimism, with traders pouring funds into $XRP, anticipating further gains.
In the past 24 hours alone, a 12% price rise has driven an $800 million increase in OI. This significant inflow highlights the growing confidence among investors, boosting expectations for $XRP to achieve a new $ATH in the near term.
Whale behavior is playing a pivotal role in $XRP’s price dynamics. Wallets holding between 10 million and 100 million $XRP historically show an inverse correlation to price trends. These whales recently sold 21 million $XRP worth $60 million within a week, fueling the current price rise.
However, their holdings are now increasing, signaling accumulation. This shift could introduce selling pressure, potentially slowing $XRP’s momentum. Historically, whale accumulation has correlated with price corrections, making their current stance a key factor to watch.
$XRP Price Prediction: New $ATH Ahead
$XRP is just 16% away from its $ATH of $3.31, with the price now trading at $2.85. The recent breach of the $2.73 resistance marks a significant milestone, setting the stage for further gains.
For $XRP to achieve its $ATH, a retest of $2.73 as support is critical. Establishing this level as a solid foundation would enable a gradual rise toward $3.31, supported by strong market sentiment and trader participation.
However, if $XRP loses the $2.73 support, it risks falling back into a consolidation range above $2.18, as observed in the past. Such a move would delay a new $ATH and invalidate the current bullish outlook, leaving investors cautious.