XRP, the native token of Ripple Labs, is making waves in the cryptocurrency market, drawing significant attention from investors and traders alike. As the ongoing bull run continues, XRP’s impressive performance has captivated the interest of crypto whales, signaling strong market sentiment and potential for substantial price gains.
Ripple Whales Make Major Moves
On December 18, 2024, a prominent crypto expert revealed on X (formerly Twitter) that crypto whales had purchased a staggering 30 million XRP tokens, worth approximately $78 million, within the past 24 hours. This surge in whale activity follows a massive acquisition of 920 million XRP tokens from Binance, reported by CoinPedia on December 16, 2024. The heightened buying pressure is seen as a positive signal for the market, as it suggests strong upside momentum and presents a potential buying opportunity for investors.
Whales have purchased an additional 30 million $XRP in the last 24 hours! pic.twitter.com/YDACwEsKM1
— Ali (@ali_charts) December 17, 2024
XRP Price Momentum and Market Activity
Currently trading at around $2.65, XRP has experienced a 6.10% surge in the past 24 hours. During the same period, its trading volume has risen by 41%, indicating a notable increase in investor participation. This surge in activity comes at a crucial time, as Ripple Labs is set to launch the Ripple USD (RLUSD), which has contributed to the growing interest in XRP. The combination of increased whale activity and the upcoming RLUSD launch has shifted market sentiment, fostering a bullish sideways trend for XRP.
XRP Technical Analysis: A Bullish Outlook
According to technical analysis, XRP has recently broken out of a bullish flag and pole price action pattern on the daily time frame. If the token can maintain its upward trajectory and close a daily candle above the $2.67 level, experts predict a potential 79% price increase, with the asset possibly reaching $4.50 in the near future. This breakout presents a key opportunity for traders and investors looking to capitalize on XRP’s growth.
Additionally, XRP’s Relative Strength Index (RSI) currently stands at 66, well below the overbought zone, suggesting that the asset still has room to rise further before hitting resistance.
Also Read: Ripple’s RLUSD Stablecoin Launches on Uphold: Rewards, Security, and a Boost for XRP Holders
As Ripple Labs continues to innovate and major whales increase their holdings, XRP appears poised for significant price movement in the coming weeks, making it a token to watch in this ongoing bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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