XRP Price Shows Strength Amid Whale Accumulation, Key Support Levels May Influence Move Toward $4
Main Idea
XRP price is rising above $3, supported by whale accumulation and strong support levels, with potential to reach $4 if key levels hold.
Key Points
1. Whale accumulation is driving XRP's price strength, with entities holding 10-100 million XRP increasing their supply to 8.31 billion tokens (14% of circulating supply).
2. XRP Ledger network growth shows heightened demand, with 11,000 new wallet creations on July 18 and an average of 7,500 daily, alongside a 30% gain against Bitcoin in the past month.
3. Key support levels are $2.95 (aligned with monthly VWAP) and $2.80; maintaining these is crucial for upward momentum toward $4.
4. Technical analysis suggests a Wave 3 target near $3.82, with $3 as critical support and $3.3 as resistance, and Elliott Wave analysis indicates potential for XRP to reach $4 soon.
5. Whale accumulation reduces selling pressure, supporting price stability and long-term prospects for XRP.
Description
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