Ripple’s native cryptocurrency, XRP, is capturing significant attention due to its intriguing market activities, especially among large investors known as whales and institutions. This growing interest has contributed to a notable increase in the altcoin’s price, especially in the last 24 hours, making it a focal point for cryptocurrency enthusiasts and investors alike.
Whale Adds 111 Million XRP Amid Price Decline
On November 20, 2024, Whale Alert, a renowned whale transaction tracker, reported a substantial transaction involving XRP. A whale transferred approximately 110.93 million XRP tokens, valued at around $123.59 million, from Binance. The identity of the wallet holder remains undisclosed, adding an element of mystery to this significant movement.
This transfer occurred during a period when XRP’s price was under downward pressure. However, since this acquisition, XRP’s value has seen a 7.8% increase, suggesting a potential bullish trend. This activity presents a possible buying opportunity for those closely monitoring the market. XRP is currently trading near $1.13, having gained over 3.5% in the past day. Nonetheless, there is a 6.5% decrease in trading volume, highlighting reduced trader and investor participation amid recent price fluctuations.
XRP Technical Analysis and Upcoming Levels
Technical analysis reveals that XRP has developed a bullish pennant pattern on the four-hour chart, indicating a potential breakout. If the altcoin surpasses this bullish pattern and closes a four-hour candle above the $1.15 mark, it could potentially experience a significant surge, possibly reaching $1.90 in the upcoming days, which equates to a 64% increase based on recent price actions and historical momentum.
However, during this upward movement, XRP may encounter resistance around the $1.40 level, posing a 20% gain as a significant barrier. Current technical indicators, including the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI), are suggesting an impending upside rally, adding to the optimism of XRP’s trajectory.
Beyond technical insights, on-chain metrics also support a bullish outlook for XRP. Data from Coinglass, an on-chain analytics firm, indicates a 5.2% increase in XRP’s open interest over the past 24 hours, which continues to rise steadily. This trend signals growing interest from investors amidst the potential breakout, further strengthening the bullish sentiment around XRP.
With these developments, XRP remains a cryptocurrency to watch closely, as market dynamics and investor activities suggest potential growth opportunities in the near future.
