In the midst of an ongoing bull market, XRP, the native token of Ripple Labs, is making a significant impact with its remarkable performance. This surge has not gone unnoticed, particularly among crypto whales who are increasingly taking interest in XRP.
Ripple Whales Make a Splash with 30 Million XRP Purchase
On December 18, 2024, a leading crypto analyst shared insights on X (formerly known as Twitter), highlighting a substantial purchase by crypto whales. These investors acquired 30 million XRP, valued at $78 million, within a mere 24-hour span. This noteworthy acquisition follows a massive purchase of 920 million XRP tokens from Binance, as reported by CoinPedia on December 16, 2024. Such significant buying pressure not only represents a prime buying opportunity but also hints at potential upward momentum in the coming days.
The remarkable interest in XRP is occurring just before the launch of Ripple USD (RLUSD), which has contributed to a substantial rise in XRP’s price.
XRP’s Current Momentum in the Market
At present, XRP is trading close to $2.65, experiencing a surge of over 6.10% in the past 24 hours. Within the same timeframe, its trading volume has increased by 41%, reflecting growing participation from investors and traders. This heightened activity is fueled by the interest from crypto whales and the recent introduction of RLUSD.
Such developments at Ripple Labs have pivoted the market sentiment towards a bullish yet cautious trend, characterized by sideways movement. This shift indicates a growing confidence among investors, as they anticipate further upward momentum.
Technical Analysis of XRP and Future Prospects
Expert technical analysis reveals that XRP has successfully broken out from the bullish flag and pole price action pattern on the daily chart. Based on recent price movements and historical trends, if XRP manages to close a daily candle above the $2.67 mark, it could potentially soar by 79%, reaching the $4.50 level in the foreseeable future.
According to Trading View, traders see this breakout pattern as a promising buying opportunity, both for trading and long-term investment. On a positive note, XRP’s Relative Strength Index (RSI) is currently at 66, which is below the overbought zone. This suggests that there remains ample room for the asset to continue its upward trajectory.
In conclusion, XRP’s performance in the current bull market is attracting significant attention from crypto whales, further propelling its price and market momentum. With technical indicators pointing towards continued growth, XRP remains a focal point for investors looking to capitalize on its upward potential.
