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Sunday, April 14, 2024

XRP Price Pumps: Will Ripple Reclaim Market Cap Rank From Solana?

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XRP tokens, the native cryptocurrency for the cross-border Ripple Labs network, have traded sideways in a narrow band with support around $0.62 since mid-November.

At the same time, SOL used the opportunity, surged by an impressive percentage, and surpassed XRP in terms of market cap ranking.

Ripple’s Turn Next After Solana?

But the XRP price tested at $0.68 once on Friday, Dec. 8, before falling back to support lines, and resistance was again tested at $0.64 on Christmas Day. With a 74% volume surge on Christmas and a two-week record high of $0.6433 according to CoinGecko data, is Ripple set to rally again like it did in October?

If it does, Ripple could reclaim its market cap rank from Solana after losing the fifth place to the low-fee Ethereum competitor in December. (ChatGPT predicted the SOL-XRP market cap flipping in November.)

Here are two signals that Ripple could make some more waves soon:

Two Bullish Points in XRP Price News

1. Whales bought over $200 million worth of XRP this week.

Ripple wallets holding 1 – 100 million XRP tokens swelled with 320 million coins added from Sunday, Dec. 17 to Friday, Dec. 22. The XRP price surge over the holiday break may have happened as a result of these whale moves diminishing supply and led other market participants.

Meanwhile, a Solana whale recently moved 500,000 SOL, worth some $47,042,615 at the time, from an unknown wallet to Coinbase, according to Whale Alert.

There’s no telling for sure what they’ll do with their SOL on Coinbase, but ostensibly, the move onto an exchange is for selling or trading to scoop some profits on SOL price.

2. Ripple technical analyst charts a bullish XRP price trend.

Egrag Crypto, a popular XRP technical analyst on the social media platform X (formerly Twitter), has charted a long-term trend channel with a $1.00 target by the summer of 2024.

“The trend is your friend,” Egrag reminds followers in a note on the chart analysis, asking rhetorically, “If you can’t spot this up-trend, what more can I do for you?”

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