Whale transferred 78M XRP, the rally may soon turn parabolic after the price broke $ 0.3
After a brutal -50% performance in 2019, XRP is back to start the new year. Since the $ 0.17 bottom was set in December 2019, its price has risen 75% to $ 0.30, far exceeding Bitcoin’s 60% increase.
With XRP recently surpassing the key psychological and technical resistance at $ 0.30, some analysts say that token could soon embark on a moonshot move, which will bring significantly higher prices than it is now.
At the same time, Whale Alert reported that 78M XRP had been transferred from Bithumb to an unknown wallet, a clear cumulative move.
— Whale Alert (@whale_alert) February 13, 2020
Some traders believe this is the move of the person who caused the most recent pump of the token.
Could XRP soon explode higher?
At the time of writing, XRP is trading up nearly 8%, with the current price of $ 0.30, a key psychological level.
Trader Smokey explained that the USD pair is exiting the bullish diamond model, and he predicts XRP will start catching up to other major altcoins.
BTC Pair level defended on a closing basis and really nice bounce, USD Pair breaking out of the diamond pattern.
Beautiful stuff. Expecting XRP to want to catch up with other majors. pic.twitter.com/SMocyrlIzM
— TraderSmokey (@SmokeyXBT) February 12, 2020
Analyst Rand is also extremely optimistic about the prospects of XRP. He noted that if token breaks the current price range, it is trading in the range ($ 0.30 – $ 0.31) or more, the price will “moonshot.”
— Crypto Rand (@crypto_rand) February 12, 2020
Rand looks at the fact that this particular price has limited bulls many times, acting as a major resistance at least three times. If XRP closes above $ 0.31 for a few days, then it will rise at least 50% towards the resistance of $ 0.47.
Galaxy, another prominent crypto analyst on Twitter, explained in a recent tweet that a breakout above $ 0.30 is where the fun begins.
— Galaxy (@galaxyBTC) February 12, 2020
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