As the third-largest cryptocurrency by market capitalization, XRP continues to capture attention due to substantial whale activities and its overall robust performance. However, recent whale movements have raised eyebrows among XRP enthusiasts. A significant amount of XRP tokens, reportedly valued at nearly one hundred million dollars, have been offloaded onto the Coinbase exchange by crypto whales, sparking concerns within the community.
XRP Whale Dumps $95.5 Million in Tokens
On December 13, 2024, the blockchain transaction tracker, Whale Alert, reported that 39.43 million XRP tokens worth $95.5 million were transferred from an undisclosed wallet to Coinbase. This activity by a whale suggests a bearish sentiment, which seems counterintuitive given the otherwise bullish outlook surrounding XRP. This raises intriguing questions about whether this whale is privy to information that could predict a potential decline in XRP’s value.
$55 Million of XRP Outflows
Interestingly, this whale transaction contradicts current on-chain metrics, which appear optimistic. According to Coinglass, an on-chain analytics firm, XRP’s spot inflow and outflow data demonstrate that exchanges are consistently experiencing notable outflows. This trend suggests a possible upward rally, indicating that it could be an opportune time for investors to buy.
Data from Coinglass shows that exchanges have seen a substantial $55 million XRP outflow over the past 48 hours, reflecting a strong interest and confidence among long-term holders.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis reveals that since early December 2024, XRP has been trading in a pattern of lower highs and lower lows. Currently, it is consolidating near the upper boundary of this trend. This phase of price consolidation may signal the end of the bearish trend, potentially ushering in a bullish phase.
According to Trading View analysis, if XRP manages to break out of its consolidation zone and sustain a four-hour candle closure above the $2.50 mark, it could surge by 15%, reaching approximately $2.90 in the forthcoming days. Conversely, if it breaks down and closes below the $2.30 level, the price might decrease by 15%, potentially hitting the $2.00 level shortly.
Current Price Momentum
At present, XRP is trading around $2.42, with no significant price movement over the past 24 hours. During this period, the trading volume has significantly dropped by 40%, pointing to reduced participation from traders and investors following the recent sharp price fluctuations.
These developments in XRP’s market dynamics underscore the complexity and unpredictability of cryptocurrency markets. Investors and traders are advised to stay informed and exercise caution while making investment decisions.
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