- XRP’s bullish thesis will remain valid only if it stays above the $2 level.
- Exchanges have witnessed a significant $160 million worth of XRP outflow in the past three trading days.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, both bullish and bearish. Currently, my analysis indicates a promising outlook for XRP, the native token of Ripple Labs.
The digital currency XRP, produced by Ripple Labs, looks set to maintain its positive trajectory as significant investors and long-term holders increasingly back this altcoin. At present, it seems that the broader cryptocurrency market is bouncing back following a steep price drop on December 11th.
Whale moves $46 million in XRP from Binance
As the price of XRP fell, it seemed that large investors (often called ‘whales’) were purchasing XRP tokens, demonstrating a textbook example of capitalizing on a market downturn. This observation was made public by Whale Alert, the whale transaction tracker that used to be based on Twitter.
In their latest update, it was highlighted that approximately 22.08 million units of XRP valued at around $46.13 million moved from Binance to a wallet identity that remains unidentified.
Besides the current situation, several other elements impacting the cost are the optimistic technical projections for XRP and growing enthusiasm among long-term investors.
It appears that investors holding XRP for an extended period have taken out approximately $159.69 million of their tokens from cryptocurrency exchanges, even as prices fell steeply. This move suggests strong enthusiasm and faith in the altcoin’s potential, remaining unfazed by the market’s fluctuations.
XRP technical analysis
Based on AMBCrypto’s examination of technical trends, it seems that XRP may be shaping up as a bullish flag and pole price movement on the daily chart, indicating it could soon burst through this pattern.
XRP price prediction for December
Given its current trend and past performance, if XRP manages to end a daily trading period above the $2.5 mark, it’s quite plausible that it might surge by approximately 80% to hit around $4.5 in the near future. As more investors show interest, there is a high probability that XRP could overcome its resistance level.
Beyond the current optimistic forecast, there’s also a potential for a drop in price down to $2 if the market mood turns negative (bearish). But if XRP manages to maintain its position above $2, its bullish argument will hold strong, while falling below that level might weaken it.
Read XRP’s Price Prediction 2024–2025
As a crypto investor, I’m encouraged by the fact that XRP’s Relative Strength Index (RSI) stands at 64, which means it’s not yet in the ‘overbought’ zone. This suggests there’s still some potential for growth in the near future.
At the moment of reporting, XRP was approximately $2.44 per unit. Over the last 24 hours, it has experienced a significant increase of 5.5%. However, during this same timeframe, the trading volume has dropped by 45%, suggesting less activity from traders and investors compared to the previous day.
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2024-12-12 16:39