Key Takeaways
- Ripple CEO Brad Garlinghouse confirms interest in buying Circle’s USDC with $20 billion.
- Whale activities for the last month increased, with over 900 million XRP purchases made.
- XRP’s price faces strong resistance at $2.5 for a bullish price rally towards $3 and possibly a new all-time high.
Ripple (XRP) continues to make the headlines in the media following a renewed market rally across the crypto market. The price of XRP has defended its key support zone of $2 in the last few weeks. However, despite several attempts to break above this area, the price faces minor resistance to the upside of $2.5.
The Ripple team is strongly interested, as confirmed by Brad Garlinghouse, its CEO. They are interested in making Circle’s USDC an offer to buy its company in a deal that would be around $20 billion after an initial offer of $5 billion was rejected.
Ripple’s purchasing of Circle’s USDC could ignite a strong fundamental advantage for its native token XRP. A similar case was seen during the launch of XRP’s stablecoin (RLUSD), which generated much buzz in the crypto space and positively impacted the price of XRP towards a high of $3.4.
Fundamental news has all favored XRP in the last few months, with increasing interest from institutions and whales in the past weeks, but the price of XRP has struggled to break out to the upside.
Whale Activities Increase for XRP as Price Eyes $3
Ali Martinez, in his recent post on XRP on-chain activities, has identified over 900 million XRP whale purchases in the last month following strong bullish price action and fundamental news favoring the XRP token.
Although the price of XRP hasn’t matched expectations recently, whale activities are a sign that the price could be primed for a strong price rally to the upside in the coming weeks as the price faces rejection to trend upwards around a region of $2.5.
XRP Price Analysis For Today
Source – XRP 1D Price Analysis From TradingView
Following a strong price bounce from the key zone of $1.6 and reclaiming its support area of $2, the price of XRP has struggled to show signs of bullish price action to the upside. Price trades between $2.1 and $2.33, just above its 50-day and 200-day EMAs (Exponential Moving Averages), which act as support for price.
The price of XRP must rally to the upside of $2.5 and flip this zone to support the price’s continuation of a bullish price action towards $3, with a new all-time high expected. If XRP continues to trade below the $2.5 zone, there is a high chance that the price will return to its support of $2, where it has traded for weeks.
Overall, price action remains neutral despite strong fundamental news and whale activities. To confirm a bullish rally for XRP, the price of XRP must rally above the $2.5 resistance with volume.
