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XRP data price is inclusive after 460% surgery within four weeks that he saw it breaking out above $2.8 on December 3 for the first time since 2018. This consolidation saw the price of XRP drop to $2.22 on December 5 Many investors take some profit after the meeting.
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Interestingly, on-chain data shows that XRP whales have taken advantage of this opportunity to store their assets to prevent further price declines. With this in mind, technical analysis of the coin’s price chart shows that the cryptocurrency is on track to break the $5 price level in the next three days.
Technical Analysis Suggests Breakthrough to $5.26 on December 11
Between the background of whale activity and price consolidation, technical analysis now points to the possibility that the price of XRP will exceed the $5 mark within the next three days. This meeting depends on it XRP is breaking through key retracement levels as it did in November.
Interestingly, crypto analyst (CryptoInsightUK) he presented a compelling case on the next price target of the altcoin, citing the historical pattern in the movement of the asset. His analysis, shared on social media X, highlights that XRP’s range-based correction often finds resistance at Fibonacci retracement levels of 0.5-0.618. If these levels are breached, the price tends to quickly rally towards the Fibonacci retracement of 4.236.
During XRP’s last breakout, it took just over three days to reach the 4.236 Fibonacci extension after breaking resistance and retracing. Meanwhile, the price rose from less than $1.46 to $2.9 on crypto exchanges within three days and 17 hours.
Based on the current price chart, XRP has again traded between the 0.5 to 0.618 Fibonacci retracement levels taken from the recent high of $2.9. If the same trajectory were to play out, this should push the price of XRP to another rally to reach $5.26 on December 11.
Such a move will see the price of XRP rise quickly breaking above its current high of $3.40 for about seven days. Interestingly, analyst CryptoinsightUK suggests that the predicted move could happen even faster this time due to increased market velocity.
Whale Accumulation Supports Bullish Price Outlook
XRP’s whale behavior is a key factor reinforcing the bullish sentiment. Fortunately, on-chain data shows significant whale accumulation during the recent price drop, with some investors buying crypto in droves. As noted with Santiment dataXRP addresses holding 1 to 10 million tokens bought over 120 million XRP worth $288 million as of December 5th.
This collection serves a dual purpose. It not only prevents further price declines, but also provides the necessary funds for the next move up.
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At the time of writing, XRP is trading at $2.54.
Featured image from Fortune, chart from TradingView
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