Ahead of the highly anticipated crypto bullish breakout in the fourth quarter, Ripple Labs-backed XRP has signaled an early exit from macro consolidation. The large-cap altcoin, used by Ripple to streamline cross-border payments, has attracted more attention from speculative investors, more so institutional traders seeking to diversify into the crypto space.
Furthermore, the XRP market has significantly matured in its ten years of existence and has deep liquidity from different centralized and decentralized exchanges.Ā
XRP Price Ready for LiftoffĀ
The large-cap altcoin, with a fully diluted valuation of about $64 billion and a daily average traded volume of around $3 billion, closed last week above the 200 Moving Average (MA) for the first time since April, thus signaling a potential bullish breakout.Ā
From a technical standpoint, XRP price has already broken out of a macro falling logarithmic trend after consolidating in a macro triangular pattern for over six years.Ā
Having closed last week above 64 cents, XRP price is well positioned to rally to the next major psychological target around $1. However, a retrace below the support/resistance level of around $0.58 will push the XRP price further below. Thus the XRP/BTC pair potentially retesting its multi-year low of about 0.0000071.
Whales Relentlessly AccumulateĀ
According to on-chain data analysis from Santiment, crypto whales accumulated over 470 million XRP, worth around $300 million, in the past ten days. For instance, over $56 million worth of XRP has been withdrawn from the Upbit crypto exchange in the past 24 hours.
The sharp uptick in XRP whale accumulation could further spell bullish sentiment in the fourth quarter, which is largely expected to be bullish.Ā
Factors Fueling Bullish SentimentĀ
Moreover, XRP is free from SEC shackles, and Ripple has significantly increased XRPL development in line with Web3 demand.
Additionally, the crypto market is gradually following a Gold bullish breakout ahead of the upcoming U.S. 2024 general election amid the shifting economic outlook.
Following the announcement of its entry into the stablecoins market, Ripple has accelerated its RLUSD minting process on XRPL, thus increasing its overall on-chain activity.
