Key Takeaways
- XRP whales with +1 million tokens hit a record high, underscoring conviction amongst large players. With Swissblock flagging a likely explosive XRP breakout, will the altcoin cross $4?
Ripple [XRP] has shown great price strength after Bitcoin [BTC] hit a new ATH of $118K.
So far this week, XRP has gained 22%, jumping from $2.24 to $2.97, just an inch away from tagging $3.0.
Analysts now believe XRP could lead a likely altcoin season similar to last November, with a 55% upside potential.
Can XRP surge above 4?
During the 11th of July’s XRP pump to near $3, CryptoQuant analyst JA Maartunn said that the rally was fueled by speculation, going by the 26% surge in Open Interest (OI).
Source: CryptoQuant
However, looking at the bigger picture, the overall weekly rally could be part of a larger incoming surge.
Peter Brandt, a renowned trader and analyst, stated that the altcoin could eye $4.4, suggesting a potential 55% pump based on a bullish pattern formation. He said,
“Following the April false breakout the chart has formed a dramatic and highly rare continuation compound fulcrum that has the implications for $XRP to trade at $4.4”
Source: Peter Brandt/X
He added that the projection would be invalidated if XRP closed below this weekly low of $2.2.
Swissblock’s impulse alert flashes again
A similar bullish outlook was shared by Swissblock analysts, a trading and on-chain analytics firm built by the team behind Glassnode.
Swissblock co-founder, Yann Allemann, noted that their models had flagged XRP as a potential leader in the upcoming altcoin season. He said,
“We saw our long impulse signal triggered at the moment (November) when Ripple started to break out. We are starting to see the first innings of that”
Source: Swissblock
The Impulse indicator tracks trading opportunities and whether to go long or short. The last time the signal was triggered (for going long), XRP posted over 400% gains.
With the Bitcoin dominance dropping about 2% in the past two weeks, this altcoin season setup could be crucial to track.
Market positioning amongst large players also pointed towards an explosive breakout. Santiment data showed that XRP wallets with 1 million XRP or more hit a record high of 2,743.
Source: Santiment
Collectively, these large players controlled over 47 billion XRP and were gaining supply dominance. Santiment added,
“Not only are there more XRP whales than ever, but the total supply they hold is also increasing. This dual trend is a very positive sign for the fourth-largest crypto asset.”
Taken together, the above data sets suggested XRP could push higher, especially in a broader altcoin market surge. But a dip below $2.2 could stall the outlook.