- XRP has made over six bullish breakout attempts since late July, signaling a possible move above the $2-3 range soon.
- Institutional demand for XRP surges as Grayscale XRP Trust sees significant investor interest.
XRP’s trajectory has been under great attention, particularly after numerous efforts to break out of its current trading pattern. According to prominent analyst Javon Marks, XRP has attempted at least six bullish breakouts since late July 2024, all within the limits of a Symmetrical Triangle pattern.
$XRP has attempted a bullish breakout about 6 times or more since late July 2024 and with signals pointing towards a return back above $2-3, a holding and sustained breakout may be a matter of time and closer than many think!
In any moment, we can see XRP completely 'rip'… https://t.co/4XS2uQuRtL
— JAVON⚡️MARKS (@JavonTM1) September 25, 2024
XRP Bullish Potential: A Breakthrough Could Be Imminent
Marks believes that signals point to a possible return to the $2-3 range, meaning that a sustained breakthrough could be just a matter of time. He continues:
“In any moment, we can see XRP completely ‘rip’ higher, sparking an extreme level of growth that many have been long-awaiting.”
This bullish outlook has encouraged speculation that a huge price increase is inevitable, as many in the crypto world eagerly anticipate XRP’s next major move.
Meanwhile, Ripple’s whale behavior has had a huge impact on XRP’s current momentum. As we previously reported, these huge investors collected nearly 380 million XRP in just 10 days, for a total worth of around $228 million.
This aggressive buying binge by whales demonstrates a strong conviction in XRP’s future development potential and reinforces the view that a bullish breakout is on the way.
In addition to whale movements, institutional demand for XRP has recently increased dramatically. Grayscale XRP Trust, which has piqued the interest of significant institutional investors, has played an important role in fuelling this demand.
As CNF reported, the net asset value (NAV) of this trust increased by more than 11% within one week of its inception. This tremendous rise implies that there is a lot of interest from institutions looking to join the XRP ecosystem, which could indicate that they are preparing for the expected bull run.
Meanwhile, as of writing, XRP is trading about $0.5850 after moving sideways over the previous few days.
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