The crypto markets remain close range as the bears appear to have held the top cryptos under their respective resistance. However, being a little different from the other market trends, the XRP price is displaying notable bullish momentum, which is much needed to maintain a significant upswing until the end of the 2022 trading period.
Furthermore, sharks and whales continue to accumulate the coin in large numbers, anticipating a bull run.
A huge uptick in the Whale accumulation was witnessed in recent times, which may be due to the positive outcomes expected from the Ripple vs SEC lawsuit. As per the data from Santiment the whale and the Shark addresses holding XRP within the range of 1 million to 10 million have been on the rise.
The number of whale addresses has recently surged to an all-time high of 1617 and the percentage of supply held by these addresses has reached a new high of around 7.23%. Additionally, the continued rise in XRP prices may have also influenced whales and sharks to accumulate more.
The XRP price is displaying a notable bullish momentum despite the entire market including the Bitcoin price facing some turbulence in clearing the interim resistance.
XRP price has displayed extreme volatility in either direction over the past few days which has forced the price to break important levels from time to time. The FTX debacle pulled the price down from the falling wedge, but it just ended up being a fake out as the coin recovered in no time, leaving the bears trapped.
Currently, the XRP price is heading towards the north, trading along the lower trend line which is acting as a strong support level, ever since the price flipped from the bottom.
The price may witness a significant upside rally in the coming days but it is likely to trade with the lower support. The current attempt to breakout from the falling wedge may eventually result in the price moving towards the initial target of $0.36, and later, if the bears remain calm, it may take the next target at around $0.37, which it aims to re-target. Have to get A level above $0.4 before the annual trading close in 2022.
