Whales uploading to XRP, aiming for $ 0.30

XRP started the week with a bang, with prices rising more than 2% on the last day. Additional buying pressures could push Ripple’s cryptocurrency out of a two-month correction.

Bullish breakout on XRP’s Horizon

XRP has undergone a brutal correction in the past couple of months relative to the rest of the market. The cross-border remittance token saw its price plummet more than 30% after the coin moved from a high of $ 0.33 in early August to a recent low of $ 0.22.

A parallel descending channel has developed over the past two months on the 1-day chart of XRP. A descending line rejected bullish price action while a parallel trend line at the lower end of the channel kept falling prices at bay.

The most recent rejection from the upper limit of the channel suggested that this cryptocurrency was set to retrace further. Today’s bullish price action could have invalidated the pessimistic outlook.

If demand continues to rise, XRP may have the strength to break the general resistance and turn the 50 and 100-day moving averages into support. Under such circumstances, prices could rise by more than 20% towards the next area of ​​interest, around $ 0.30. This goal is determined by drawing a parallel line equal to the width of the channel.

The Santiment Holders Distribution Index adds credit to the bullish outlook. The behavior analysis company has seen a sizable increase in the number of addresses holding 1 million to 10 million XRPs.

About 14 new whales have joined the network since October 13, while prices were dropping.

This sort of bullish divergence between prices and the number of XRP whales on the network is an uplifting sign for investors. Increased buying pressure may soon be reflected in prices and lead to a breakout of the previously mentioned parallel descending channel.

While the data seems to suggest that XRP’s bearish trend is coming to an end, investors need to pay close attention to the 50-day and 100-day moving averages. Failing to turn these resistance obstacles into support could be followed by a significant correction.

If that were to happen, the international settlements token would likely revert towards the 200-day moving average at $ 0.225 or the lower boundary of the parallel channel at $ 0.20.