Key Takeaways
- The multiple bullish breakouts in XRP hint that the asset is poised for a 7% jump and may reach the $3.20 level.
- With a 2.10% price increase, XRP has flipped USDT to become the third-largest cryptocurrency.
- XRP whales have purchased 250 million tokens over the past 24 hours.
As October kicks off, XRP has printed multiple bullish patterns on its four-hour chart, signaling a massive rally could be on the horizon. Thanks to a 7.80% price uptick in the last two trading days, as per TradingView data.
Current Price Momentum
Today, XRP has printed a 2.10% gain and is trading at the $2.99 level. This decent jump has strengthened the asset’s price action. With this gain, XRP has flipped USDT to become the third-largest cryptocurrency, with a market cap of $182.10 billion, followed by USDT at $175 billion.
XRP Price Action and Upcoming Levels
TimesCrypto technical analysis reveals that XRP is in an uptrend and poised to continue its upward momentum. On the four-hour chart, the asset has recently broken out of a bullish inverted head and shoulders pattern, a descending trendline, and the 200-Exponential Moving Average (EMA).
Following the breakout, XRP has opened the door for a massive rally. Current price action and key levels hinting that the asset could see a 7% jump and potentially reach the $3.20 level.
XRP’s bullish thesis will only hold as long as it remains above the $3 level; if the asset falls below this level, it could experience a price correction or sideways momentum in the coming days.
At press time, the technical indicator Average Directional Index (ADX) has reached 29.13, above the threshold of 25, indicating that XRP is currently experiencing strong trend momentum and that the ongoing price movement may continue in the current direction.
Whales Scoop 250 Million XRP
Adding to the bullish strength, whale accumulation has also positioned XRP to continue its gains throughout October. Recently, a well-followed crypto analyst shared Santiment data revealing that whale wallets holding 100 million to 1 billion XRP have purchased 250 million tokens over the past 48 hours.
It shows that long-term holders have already begun preparing for October, as the month has a history of positive gains.
Traders’ Strong Belief in Long Positions
Given the current market sentiment, it appears that traders are closely following the trend as bets on the long side continue to rise. At press time, derivative tool Coinglass reveals that XRP’s major liquidation levels stand at $2.919 on the lower side and $3.099 on the upper side.
At these levels, traders are over-leveraged, having built $120.06 million worth of long positions and $46.89 million worth of short positions. Looking at these values, it appears that bulls are back in dominance, with a strong belief that XRP price won’t fall below the $2.919 level anytime soon.
