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Large Investors Shifting From Ethereum to XRP As Technicals Align for Bull Run

Rene Peters Rene Peters
October 11, 2023
Ripple Battles Above Crucial Fibonacci Level as Analyst Signals Resumption of XRP Uptrend

XRP has weathered the recent crypto market downturn and now appears positioned for a bullish reversal, according to analyst Debunk Jelpi.

In a recent tweet, Jelpi noted XRP held crucial support despite bearish conditions. This failed breakdown signals waning downward momentum.

Importantly, XRP was declared not a security in Ripple’s dispute with the SEC, removing a major overhang. As a fast, low-cost transaction network with strong security, XRP is gaining traction for cross-border payments.

Jelpi cited data showing large investors shifting from Ethereum to XRP, with wallets holding 100K to 100M XRP now containing $7.89 billion in coins versus $7.16 billion a year ago.

Meanwhile, trading analytics platform altfins sees XRP trading in an emerging ascending triangle – typically a bullish continuation pattern in the trend direction. A break above $0.55 and the 200-day MA could confirm an upside breakout.

Source: altFINS – Start using it today

altfins estimated near-term support around $0.45 and overhead resistance at $0.55, $0.68, and $0.92. Price action is testing lower support but holding for now.

Both analysts see XRP regaining its bullish footing after the failed breakdown attempt. With strong fundamentals and technicals aligning, XRP appears geared for a trend reversal that could reclaim previous highs.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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