Ripple (XRP) price smashed through the critical $0.65 resistance over the weekend as the bulls edge closer to the $0.70 territory
Crypto whales have been spotted buying 1.26 billion XRP coins within the last two weeks.
Technical analysis indicators are pointing toward further XRP price gains this week.
Ripple (XRP) price smashed through $0.68 on Monday morning, bringing its November gains to 13%. On-chain data trends have revealed the major drivers behind the ongoing price rally.
Crypto Whales Bought XRP Coins Worth $850M in the Last Two Weeks
Crypto whales have been spotted buying XRP aggressively over the last two weeks, driving a blistering start to November 2023. According to recent on-chain data trends, bullish trading activity from a group of strategic crypto whales has been pivotal to this XRP price rally.
Between October 24 and November 6, crypto whales (wallets holding 100,000 to 1 billion) acquired 1.26 billion XRP, to bring their cumulative holding to a new 2023 peak.
The chart below illustrated how XRP price entered a bullish reversal around October 24, just as the whales started buying.
Ripple (XRP) Whales Wallet Balances vs. Price | Source: SantimentThe newly-acquired 1.26 billion XRP are worth approximately $850 million, when valued at the current market price of $0.68. This large investment within just two weeks has evidently put upward pressure on XRP price, driving it above the critical resistance zone at $0.65.
And with the whales’ total holdings now at a 2023 peak of 27.05 billion XRP, it shows that they are positioning for more price gains. Also, the whales’ influence could trigger strategic retail investors could be convinced to make significant investments in the days ahead. This could further propel XRP price closer to the $0.70 mark.
XRP Price Forecast: Can it Reach $0.70?
After breaking through the $0.65 territory, XRP price now faces minimal obstacles on the road to $0.70. From an on-chain perspective, the increased whale demand will likely intensify the bullish momentum this week.
The Parabolic SAR (Stop and Reverse) technical indicator data also support this bullish narrative. The Parabolic SAR highlights the potential reversal points in an ongoing price trend.
As of Monday, November 6, the XRP Parabolic SAR indicator points toward $0.59. Considering this is well below the current price of $0.68 it indicates as short-term bullish momentum.
Hence, if XRP price can clear the $0.70 resistance, the bulls could target $0.75.
Ripple (XRP) Price Prediction | Source: TradingViewOn the downside, if the bears capitalize XRP’s overbought status, the could attempt to force a price retracement below $0.55. However, the bulls will likely mount a significant support buy-wall around the $0.59.