The popular cryptocurrency, XRP Coin, which has been heavily affected during the legal process, has started to rise again. The price has surpassed $0.7. Although there haven’t been any major developments in the macro perspective, we have entered an important week for XRP Coin. So, what do the current data tell us about the price of XRP Coin? What was the reason for the surge?
Why is XRP Coin Surging?
The XRP price made a rapid start to November 2023, achieving double-digit gains. We mentioned earlier that the price could be further driven up by whale sentiment. With the successful overcoming of the supply zone along with increasing demand, the popular cryptocurrency is now aiming for higher peaks.
According to data from Santiment, whales holding between 100,000 and 1 billion XRP coins purchased 1.26 billion XRP between October 24th and November 6th. As a result, their cumulative balance reached the 2023 peak. The fact that the balance has reached the peak at the current price indicates that this group expects a sharper rise. At the same time, the resistance levels are weakening due to the decreased ready supply on exchanges.
The size of purchases made at the current market price amounts to a total of $850 million. This large-scale purchase, which took place within two weeks, helped overcome the $0.65 resistance area.
XRP Coin Price Predictions
We mentioned that the Ripple Swell event, which will take place on November 8th and 9th, could contribute positively to the price. Investors who have been expecting a major announcement until the announcement we made yesterday may continue to show demand. Such large-scale events are prone to big announcements, and the XRP Coin community’s expectations are exactly in this direction.
However, if the event fails to meet expectations, things can turn around. Another detail that makes November 9th important is that it is the deadline for determining the meeting dates between the SEC and Ripple. If the parties do not determine the settlement meeting schedule regarding the lawsuit, the judge will do it.
Speaking of the price, we mentioned that closing above $0.578 could target $0.7 and $0.84. XRP Coin has reentered the uptrend range and reached the middle line. The next target should be closing above $0.7, then surpassing $0.84 and $0.935. After that, it is likely that we will see new highs above $1. Short-term potential pullbacks should not go beyond $0.63.
