The post This is When Ripple (XRP) Price May Enter the Top 5! appeared first on Coinpedia Fintech News
In a recent update, Ripple stated that it intends to bring Ethereum Smart contracts to the XRP ledger, allowing users to interact with ETH dApps. With the move, market participants anticipate that XRP will outperform popular cryptos in the coming days. But the question remains: Is the current rate sufficient, or is a stronger bull run required?
The XRP price from the past couple of weeks has been displaying enough strength despite the market conditions remaining pretty bearish. Meanwhile, the bears are also constantly hindering the progress of the rally below $0.4, due to which the price is trading within an ascending triangle. While the major cryptos are believed to test the lower support, the XRP price in contrast may leap long to reach $1 very soon.
Ripple’s bullish technical setup signifies the accumulation range is underway. Mainly, the XRP’s mean coin age which is the average of all the tokens present on the chain measured by the purchase price has been on a rise since September. This suggests that the users have been consistently holding the tokens regardless of the market sentiments.
Additionally, huge whale transfers were detected across Bitstamp, Bitso & other crypto exchanges that account for millions. The investors have possibly moved a total of $126 million worth of XRP. This has significantly reduced the pressure of huge selling over the period. Therefore, most of the fractals, on-chain & technicals, are pretty bullish which may lead to a notable XRP price rally ahead.