$46 Million in XRP Leaves Binance, Buy Signal or What?
XRP, the native token of Ripple Labs, is poised to gain momentum as on-chain indicators, technical analysis, and recent whale activity hint at bullish signals. Recently, whale trade tracker, whale alert A post on X (formerly Twitter) stated that 22.08 million XRP tokens worth $46.13 million were transferred from Binance to an unknown wallet.
Whales buy XRP on dips, add $46.13 million
This massive XRP trade comes at a time when the entire cryptocurrency market is struggling to gain momentum and is falling sharply. However, this shift in XRP hints at “buy the dip” activity.
However, yesterday, December 10, 2024, a market downturn caused XRP to plummet along with other cryptocurrencies. Still, whales and long-term holders are still in control as they are not moving their XRP holdings from wallets to exchanges for dumping, according to data from on-chain analytics firm Coinglass.
$140M of XRP flows out of exchanges
XRP spot inflow/outflow data shows that the exchange has witnessed massive outflows worth $139.5 million over the past three days, while yesterday’s price drop resulted in a smaller inflow of $11 million. The data suggests that long-term holders are focused on accumulation despite falling prices.
In the cryptocurrency industry, an outflow is when assets move from an exchange to a wallet, which is considered a bullish sign as it hints at a potential upside rally and a perfect buying opportunity.
XRP Technical Analysis and Upcoming Levels
In addition to growing interest in whales, Ripple The daily chart appears to be forming a bullish flag and extreme price action pattern, suggesting significant upward momentum in the coming days. However, XRP has held above strong support at $2, which keeps the altcoin bullish but currently faces minor resistance near $2.45.
Based on recent price action, if XRP breaks resistance and closes above $2.5, it has a good chance of surging 60% to $4.2. However, if sentiment turns bearish, the price could also fall by 18%.
Current Price Momentum
At press time, XRP was trading near $2.40, with the price surging by more than 20% in the past 24 hours. However, trading volume fell by 8% during the same period, indicating that trader and investor participation was lower than the previous day.
