The post Why Is XRP Price Up Today, $5 Possible By December? appeared on BitcoinEthereumNews.com.

The XRP price has witnessed significant gains today, providing a bullish outlook for the crypto even as the broader crypto market witnesses a retracement led by Bitcoin. With XRP looking so bullish, crypto analyst Dark Defender has predicted that the crypto could reach $5 by December. Why XRP Price Is Up Today The XRP price is up over 6% today, thanks to several recent developments. First, XRP whales are actively accumulating the crypto token, indicating a bullish sentiment among these investors toward the coin. CoinGape reported that XRP whales bought over 250 million coins over the weekend. This accumulation trend has brought about significant buying pressure for XRP, contributing to today’s price surge. Furthermore, activity in the derivative market indicates that investors are bullish on the crypto. Coinglass data shows that the XRP futures open interest has surged on the top exchanges, with traders betting massively on the crypto. For instance, the open interest on ByBit has surged by almost 5% to $682 million. The open interest on OKX is also up by 8% and has risen to $126 million. Thanks to this, XRP’s open interest recently surged to a record high of over $2.50 billion. Another reason why the XRP price is up is its fundamentals. Ripple has recently secured several partnerships that will increase the crypto’s utility. Today, Ripple announced the first tokenized money market fund on the XRP Ledger (XRPL). With such a bullish outlook for XRP, crypto analyst Mikybull Crypto predicted that the coin could reach $2 this week, which would be a great way to close the monthly candle. Crypto analyst CrediBULL Crypto also suggested that the $2 target before the end of this month was possible. In an X post, he said that XRP looks “fantastic” at its current levels as long as the Bitcoin…

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Filed under: News - @ November 25, 2024 10:27 pm