Ripple’s (XRP) value has seen a significant surge, soaring beyond the $2.6 mark for the first time since early March. This surprising move comes on the heels of a whale with a commendable track record initiating a sizeable long position nearing $12 million.
Just a few days ago, CryptoPotato reported that XRP’s value had lagged behind other large-cap altcoins such as ETH and DOGE, which saw considerable gains in the previous week. At that point, Ripple’s token was hovering around $2.4, following a modest 9% weekly growth, a marginal increase compared to its peers. However, the SuperTrend indicator flashed a buy signal with a price target of $2.6. In response, XRP ascended beyond the predicted level, peaking at $2.67 (as recorded on Bitstamp) for the first time in over two months.
This 10% daily increase propelled XRP to the position of the third-largest cryptocurrency by market cap, a position that it continually interchanges with USDT due to ongoing market volatility.
The dramatic rise occurred shortly after Lookonchain reported on a significant whale who initiated a $12 million 2x long position on XRP. This same entity also recently went long on ETH, and reported an unrealized profit of $10 million at the time of the report.
Key representatives of the XRP army were quick to recognize the asset’s upward movement before a minor pullback, and proposed the next target ($3) if it can convincingly break past the $2.6 resistance.
