Ripple (XRP) Price Eyes $1 After 93% Surge Prediction – Is the Bull Run Here?

Ripple (XRP) Price Eyes $1 After 93% Surge Prediction

Ripple (XRP) prices have shown resilience recently, trading around $0.58 as Ripple expands its offerings into stablecoins and custody services. Meanwhile, whale transaction tracker account Whale Alert highlighted an unknown wallet transferring 100 million XRP, sparking market speculation about potential sell-offs.

Despite this, XRP recorded a 2.7% price spike on Sept. 20, reflecting bullish sentiment as investors await further regulatory developments. Additionally, a technical setup has raised hopes of XRP price crossing above the $1 mark for the first time since Dec. 2021.

XRP Price Forms Bullish Pattern

Meanwhile, the XRP USD pair is moving inside a bullish technical setup called the ‘Inverse head and shoulders pattern.’

The inverse head and shoulders (IHS) pattern signals a bullish reversal, often appearing after a downtrend. It consists of three consecutive lows, with the middle (the head) being the lowest point. The two higher troughs on either side form the shoulders, and the peaks between them create a neckline.

Ripple XRP USD price $1
XRPUSD pair formed a bullish setup with a 93% upside target. Source: Tradingview

The neckline acts as critical resistance, and a new upward trend begins when the price breaks above it.

Each successive low shows weakening bearish momentum. The left shoulder forms as the first attempt to reverse the downtrend, but the price dips further to form the head. The right shoulder represents the final low, after which the price rises without reaching the head’s low.

Traders often enter long positions once the price breaks through the neckline, anticipating further gains.

Per the rules of technical analysis, measuring the distance from the head to the neckline and projecting it upward from the breakout point determines the pattern’s price target.

As such, the XRP USD pair could rally over 93% to reach the pattern’s projected price target near $1.1. Breaking over the $1 price level after nearly 3 years would certainly attract buyers to the market.

Supply Distribution and Futures Data Adds To Bullish Cues

The XRP supply distribution data provides a bullish narrative for the token’s price trajectory. Large holders, owning between 10 million and 100 million XRP, have steadily increased their holdings over the past few months.

Ripple XRP USD price $1
XRP supply distribution by balance of addresses. Source: Santiment

The trend shows continued confidence in XRP, as these significant players often accumulate ahead of major price movements. While some whales (100 million to 1 billion XRP holders) have been selling, this activity has been inconsistent, indicating tactical profit-taking rather than a broader loss of market confidence.

The rising accumulation from large holders could lead to a bull market, signaling that smart money is positioned for future gains.

Meanwhile, the XRP futures market presents equally optimistic signals. Elevated open interest implies growing interest from traders and institutional investors. The rising open interest often precedes significant price movements as more participants engage in the market.

XRP USD coin price
XRP OI-weighted funding rate. Source: Coinglass

Additionally, the funding rates have mostly been positive, reflecting that traders are willing to pay a premium to hold long positions, further reinforcing the bullish outlook.

While some brief periods of negative funding have emerged, these have been short-lived, suggesting temporary corrections rather than sustained bearish sentiment.

Taken together, the accumulation by large holders and the strong futures market participation present a compelling case for the Ripple token’s price to rally, potentially crossing the $1 mark in the event of a broader market uptrend.

These indicators reveal that the token could see significant gains if favorable market conditions align soon.

Leave a Comment

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com