XRP/USD Surges Over 400% This Month

As the XRP/USD chart indicates, Ripple's token price has soared by more than 400% since the beginning of the month, reaching price levels last seen in 2018. This significant growth began in early November as a response to the Republican victory in the US elections.

Meanwhile, the XRP/USD rate has been growing much faster than Bitcoin and Ethereum. As a result, Ripple has climbed to third place in the cryptocurrency market cap rankings, overtaking the stablecoin Tether (USDT).

Can XRP's price exceed the psychological level of $3 per token and break its all-time high of around $3.3?

Data from CryptoQuant raises some concerns – it points to activity among whales (large token holders), who are actively transferring their XRP to exchanges. This could be a sign that whales are preparing to sell, taking advantage of the XRP/USD rally to secure profits.

In the meantime, technical analysis of the 4-hour XRP/USD chart shows a bullish picture:
→ The price is forming a steep upward trend (shown in blue);
→ The price remains in the upper half of the channel, with the median acting as support (indicated by an arrow);
→ The RSI has not dropped below the 40 level for nearly a month.

However, the price approaching key levels and potential token sales by large holders could lead to a shift in sentiment and the formation of a critical peak, as has occurred in the past, analysts at CryptoQuant note.