As of December 11, 2024, XRP, the native token of Ripple Labs, is under the spotlight in the cryptocurrency world. Despite a noticeable price drop over the past day, the digital asset is attracting significant interest from major players in the crypto space.
Whales’ Rising Interest in XRP
The current bearish sentiment across the cryptocurrency market is regarded by many experts as a typical price correction. However, this scenario is seen by others as an opportune moment for investment. The industry continues to receive backing from influential figures, including pro-crypto President Donald Trump and the newly elected Chair of the Securities and Exchange Commission (SEC). With this backdrop, participation from cryptocurrency whales and institutional investors has surged dramatically in the past 24 hours, as highlighted by on-chain analytics firm Coinglass.
XRP Exchange Outflows Spike to $213 Million
In the midst of the current price decline, XRP has experienced a significant exchange outflow amounting to $213 million within the last 48 hours. This substantial movement coincides with the selling pressure affecting XRP and the broader cryptocurrency market. In the crypto sector, “outflow” refers to the transfer of digital assets from exchanges to private wallet addresses. Despite this, prominent investors and industry leaders interpret this large outflow as a strategic buying opportunity, indicating a potential upward trend in the near future.
XRP Technical Analysis and Upcoming Levels
Amid the optimistic sentiment in the market, XRP is currently retesting its previous breakout at the $2 level, showing signs of a price reversal and suggesting possible upward momentum in the days ahead. Based on recent price movements, there is a strong likelihood that XRP could experience a surge of at least 30%, potentially reaching the $2.90 mark soon. According to Trading View, XRP’s Relative Strength Index (RSI) is currently at 62, indicating that the asset is not overbought, leaving ample room for further price increases.
Current Price Momentum
Currently, XRP is trading around $2.25, marking a 2.5% decline over the past 24 hours. Nonetheless, the asset has shown significant recovery within the same timeframe. Additionally, its trading volume has skyrocketed by 108%, reflecting heightened engagement from traders and investors compared to previous days.
