In the midst of the ongoing bullish market trend, XRP, the native cryptocurrency of Ripple Labs, is capturing significant attention. Its remarkable performance has not gone unnoticed, especially among major investors, commonly referred to as crypto whales. These investors are making strategic moves that are influencing XRP’s market dynamics.
Ripple Whales Make Significant Purchases
On December 18, 2024, a notable figure in the cryptocurrency space shared insights on X (formerly known as Twitter), revealing that crypto whales have acquired 30 million XRP, valued at $78 million, within a span of just 24 hours. This substantial acquisition follows a previous purchase of 920 million XRP tokens from Binance, reported by CoinPedia on December 16, 2024. This buying spree indicates a robust buying pressure, suggesting a potentially favorable market trend for XRP in the near future.
The timing of these significant purchases coincides with the upcoming launch of Ripple USD (RLUSD), which has seen XRP’s price rise sharply.
Current Momentum in XRP’s Price
As of now, XRP is trading around $2.65, marking a surge of over 6.10% in the past 24 hours. This period has also seen a 41% increase in trading volume, highlighting growing interest among investors and traders. The recent whale activity and the anticipated launch of RLUSD are contributing to this heightened interest, fostering a bullish sentiment in the market.
The developments at Ripple Labs are catalyzing a shift towards a bullish sideways trend, reflecting growing confidence in XRP’s potential.
Technical Analysis and Future Levels for XRP
Expert technical analysis indicates that XRP has successfully broken out from the bullish flag and pole price action pattern on the daily chart. If XRP manages to close a daily candle above the $2.67 threshold, it could potentially soar by 79%, aiming for the $4.50 level in the foreseeable future. This analysis, sourced from Trading View, suggests a promising buying opportunity for traders and investors who are keen on capitalizing on this trend.
Moreover, XRP’s Relative Strength Index (RSI) currently stands at 66, which is still below the overbought territory. This suggests that there is still ample room for XRP to increase in value, further supporting the bullish outlook.
In conclusion, XRP’s current trajectory, bolstered by strategic whale purchases and impending developments at Ripple Labs, presents a compelling narrative for potential growth. Investors and traders are closely monitoring these trends, eager to seize opportunities as they unfold.
