XRP Price Recovery Teases a Bull Cycle

XRP price recovery hints at a potential bull cycle aimed at reaching the $3.87 mark for a breakout rally.

Current Market Overview

With Bitcoin trading near the $89,000 mark, XRP has experienced a 24% surge in the past week. Despite this, the XRP price trend has shown significant fluctuations and is currently hovering slightly above the $2.50 psychological threshold.

Market capitalization stands at $146 billion, but XRP saw an intraday pullback of nearly 3%. However, the chances of a post-retest reversal suggest a powerful bull run for XRP prices.

XRP Price Analysis

The daily chart of XRP indicates a bullish breakout from a local resistance trend line, a formation within a larger right-angle ascending broadening wedge. The current intraday candle reflects a lower price reaction, with a 24-hour low of $2.37. Currently, XRP trades at $2.52, signaling a potential post-retest bounceback.

Whale Activity in XRP

According to data from Nansen.ai, a crypto whale has recently deposited 2.65 million XRP tokens valued at $67.65 million, marking their first deposit in 2.3 years.

> A whale deposited 26.5M $XRP worth $67.65M into #Binance after 2.3 years, gaining $56.87M in profit.
The whale accumulated 25.12M $XRP ($10.77M) from #Binance between April 22, 2022, and Nov 24, 2022, at an average price of $0.429. The whale then added these XRP to a liquidity pool.

Potential Price Targets

As XRP hints at a post-latest reversal, profit booking by the dormant whale raises concerns over potential consolidation or decline. Nevertheless, technical analysis suggests a bullish rally could occur, possibly targeting the $3.87 mark. This price projection is based on trend-based Fibonacci levels, countered by a crucial support level at the $2.14 demand zone, followed by the $2.00 psychological mark.