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XRP: Bullish Breakout with $600 Target Amid Elon Musk Rumors and Whale Activity
Elon Musk's Potential Investment
Recent rumors indicate that Elon Musk is contemplating a massive $104 billion investment in Ripple's XRP to help transform X (formerly Twitter) into an "Everything App" that combines social media, payments, and commerce. This speculation arose from a post on Binance Square, highlighting Musk's interest in using XRP for fast transactions and effective payment solutions.
Market Impact
If this investment goes through, it could significantly enhance XRP's market presence and credibility, similar to the impact Musk had on Dogecoin, which saw major price increases after his endorsements. Analysts believe the price of XRP could rise toward its all-time high of around $3.40, with some optimistic predictions suggesting it could even reach $600 per coin due to increased adoption and institutional interest.
Whale Activity in XRP
Amid these rumors, there has been noticeable whale activity in the XRP market. Recently, a Ripple whale purchased about 18.78 million XRP for around $27.2 million, indicating strong interest and confidence in XRP, especially considering ongoing legal developments surrounding Ripple Labs.
XRPUSD retraces to the broken level ($1.27), confirming that the breakout was genuine. It hits a high of $1.633 and is currently trading around $1.39055. Any daily close below $1 would confirm a further minor bearish trend. The pair is trading above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart.
Resistance and Support Levels
The immediate resistance is around $1.70; a breach above this level could propel the pair to $2. Any breach above $2 confirms major bullish continuation, making a jump to $3 possible. On the downside, immediate support is at 1.27, with potential declines targeting 1/1/0.85/0.74/0.74/0.6800/$0.6300.
Market Indicators Point to Bullish Sentiment
- Directional Movement Index: Bullish
- CCI (50): Bullish
It may be a good strategy to buy on dips around $1.50, with a stop loss set at $1 and a target profit of $3/$3.40.
