Ahead of the long-awaited 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, especially institutional traders looking to diversify into the crypto space.
Furthermore, the
XRP price ready for launch
The large-cap altcoin, with a fully diluted valuation of about $64 billion and daily average trading volume of about $3 billion, closed above the 200 Moving Average (MA) last week for the first time since April, signaling a possible bullish breakout. .
From a technical point of view, XRP price has already broken out of a macro declining logarithmic trend, after more than six years of consolidation in a macro triangle pattern.
After closing above 64 cents last week, the push further down. So the XRP/BTC pair may be retesting its multi-year low of around 0.0000071.
Whales pile up relentlessly
According to on-chain data analysis from Santiment, crypto whales have collected more than 470 million XRP in the past ten days, worth approximately $300 million. For example, more than $56 million worth of XRP has been withdrawn from the crypto exchange Upbit in the past 24 hours.
The sharp rise in XRP whales accumulation could further strengthen sentiment in the fourth quarter, which is largely expected to be bullish.
Factors fueling bullish sentiment
Furthermore, XRP is free from SEC shackles and Ripple has significantly expanded XRPL development in line with Web3’s demand.
Furthermore, the crypto market is gradually following a bullish breakout in the gold sector ahead of the upcoming 2024 US general election amid the changing economic outlook.
After announcing its entry into the stablecoins market, Ripple has accelerated its RLUSD mining process on XRPL, increasing its overall on-chain activity.
