XRP has experienced a strong rally, reaching a 43-month high with a current trading price of $1.84. This rise represents a significant increase of over 267% this month alone.
The growth is attributed to XRP's strategic role in the crypto payment market, attracting institutional interest, and improved sentiment following favorable regulatory developments in the US.
Whales have accumulated over $1.12 billion worth of XRP, indicating strong confidence in its long-term potential. However, concerns about profit-taking could cause a market pullback.
Despite these concerns, the altcoin remains on a potentially upward trajectory, especially if XRP can turn the $2.00 resistance level into support. This could attract more investors and propel the price upward, setting the stage for multi-year highs.
Market analysts suggest that while short-term volatility is possible, the overall outlook for XRP remains bullish. It has the potential for further growth in the coming weeks.
