XRP price has been displaying immense strength by holding the lower support levels firmly in case of an extended bearish action. With the beginning of bearish September, it was expected that the price may break below the lower support but the past week’s trade revived bullish hopes and the possibility of reaching $0.65 if the upcoming weekly trade turns in favour of the bulls.
Having said that, is this a good time to accumulate XRP? Will the XRP price reach $1 before the end of 2024?
The XRP price volatility has been peaking nowadays by reaching levels above 1 and also plunging below 0.5 in less than a month. This may suggest a huge impact on the value of the token, but in reality, the price is expected to remain consolidated within a narrow range as the retail traders do not appear to be keen on accumulating XRP.
The addresses holding above 1M XRP and 100K XRP have been constantly rising, suggesting a constant accumulation by the whales. The address count holding 1M XRP has been raised from close to 2000 in March to above 2200. While the address count holding 100K XRP has surged from 32,500 to 33,500 at the same time. Interestingly, the active address count, which indicates the number of addresses interacting with the platform, has remained within a consolidated range while the supply active ever has been witnessing a steep drop.
The supply active ever is the number of addresses that have been interacting with the platform at least once in the given stipulated time, or it can be termed a unique address count. This usually suggests an interest of the market participants in the token, which has been constantly dropping since February 2024. Does this imply that the XRP price may not reach $1 in 2024?
The XRP price in the weekly chart has bounced from the lower support, demonstrating the significant strength of the bulls. The 10% rise in the week suggests the bulls are poised to maintain a healthy upswing. However, the current trade setup does not offer a validation of a bullish reversal as the technicals remain neutral at the moment.
The upcoming weekly close is expected to have a major impact on the XRP price rally, as a rise above the pivotal resistance at $0.63 may validate a trend reversal and a probable move to $0.75 in the first few days of Q4.
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