The recent crypto market rally that came with the economic change in the US, Ripple $0.59022 Labs-backed XRP’s attempts to break beyond critical resistance levels are triggered. One of the altcoins that draws the most volume, XRP Coin, has been trying to gain strength against BTC lately.
Technical Outlook for XRP/BTC Pair
The XRP/BTC pair, which has been stuck in a downtrend in recent years, recently tested an important support level and recovered from there. In terms of technical analysis, if history repeats itself, the XRP price will 
$63,421 It is expected to bounce back towards previous all-time highs against the US Dollar. Such a scenario could trigger a major XRP bull run against the US Dollar amid the global de-dollarization story accelerated by the BRICS movement.
“History doesn’t always repeat itself, but it often adapts. A move similar to 2017 seems likely this cycle.”
— Mikybull Crypto (@MikybullCrypto)
The weekly chart of XRP against the US Dollar is showing a bullish divergence forming a Head and Shoulders Overturning (TOBO) pattern and the Relative Strength Index (RSI). A stable close above the 200-week moving average could take the XRP price to the next liquidity range above $0.70.
Whale Investors’ XRP Movement
According to on-chain analysis, XRP whales have been busy accumulating more XRP at lower prices recently. Market analysis platform Santiment revealed that over the past ten days, whale investors have purchased over 380 million XRP worth over $228 million.
“Ripple whales bought over 380 million XRP in the last 10 days, worth about $228 million!”
— Ali (@ali_charts)
Demand for XRP among institutional investors is expected to grow exponentially as Ripple further develops its cross-border payments. Ripple has partnered with global financial institutions to transform cross-border payments using XRP through its On-Demand Liquidity (ODL) program.
Expanding Ecosystem
Following Ripple’s remarkable growth, Grayscale Investment has announced that its recently introduced Grayscale XRP Trust is now open to eligible investors. Grayscale offers institutional investors the opportunity to purchase securities that track the Coindesk Ripple Price Index (XRX).
Over the past year, Ripple core developers have been working on developing the XRPL network to power scalable, secure, and cost-effective web3 protocols. The Ripple team aims to create value for XRP by enabling XRPL usability, especially by supporting EVM protocols in the near term. Ripple has already launched an XRPL native DEX and AMM, and will soon launch its fiat-backed stablecoins.
The ongoing development of XRPL will play a critical role in XRP’s long-term adoption and bullish outlook. The increasing interest from whales and institutional investors is strengthening XRP’s position in the market at large, while technical indicators are also pointing to a potential price rally. Ripple’s strategy focused on innovation and partnerships with global financial institutions are seen as the cornerstones of XRP’s future success.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
