XRP has climbed 70% from its previous accumulation zone, according to market analyst Crypto Patel, who says the $1 to $1.20 range is critical to the top altcoin’s next major move.
Presently trading at $1.37 per CoinGecko data, XRP is well above the accumulation zone between $0.75 and $0.95 identified by Crypto Patel.
Notably, the analyst has identified the $1 to $1.20 zone as a potential re-entry zone, depending on whether XRP can hold support around the psychologically important $1 level.
If bulls successfully defend this threshold, the cryptocurrency could resume its upward trajectory, with long-term targets of $10 and $20.
Nevertheless, if XRP loses the $1 support level, Crypto Patel expects a wait-and-see approach to take center stage, as a potential return to the earlier accumulation zone could trigger instead of chasing the price lower.
As price action continues to play out in the XRP market, whales are watching from the sidelines, contemplating the next move, as reported by ZyCrypto.
Decade-Old XRP Ledger Vulnerability Raises Security Questions
The XRP Ledger is drawing notable attention after researchers discovered a serious security vulnerability dating back to 2015.
At the nick of time, researchers demonstrated a flaw that could have let attackers create and spend XRP without properly funding it, threatening the network’s fixed supply of 100 billion tokens. Reports indicated the exploit could have enabled the creation of as much as 18 trillion XRP.
An emergency software fix was released on September 25 after researchers demonstrated the exploit, and Ripple said there was no evidence the vulnerability had been exploited on public networks.
Therefore, the disclosure underscores the importance of ongoing security reviews as blockchain networks evolve.