Ripple Whales Add $78M in XRP, Price Eyes $4.5 Mark
Amid this ongoing bull market, Ripple Labs’ native token XRP has made waves in the market with its impressive performance and has received significant attention from crypto whales.
Ripple Whale buys 30 million XRP
Today, December 18, 2024, a well-known cryptocurrency expert posted on X (formerly Twitter) that crypto whales purchased 30 million XRP worth $78 million in the past 24 hours.
As reported by CoinPedia on December 16, 2024, Whales acquired 920 million XRP tokens from Binance. This noteworthy purchase was made after Whales’ acquisition. This intense buying pressure not only provides an ideal buying opportunity, but also signals potential upside momentum in the coming days.
However, prior to the launch of Ripple USD (RLUSD), the cryptocurrency market saw notable purchases of XRP, resulting in a significant surge in XRP price.
XRP Current Price Momentum
XRP is currently trading near $2.65, having surged over 6.10% in the past 24 hours. Over the same period, its trading volume surged 41%, indicating a combination of rising whale interest and recent RLUSD launched.
This growing interest and recent developments from Ripple Labs have shifted market sentiment towards a bullish sideways trend.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has broken out of a bullish flag and extreme price action pattern on the daily time frame. Based on recent price action and historical momentum, if XRP closes above the $2.67 level, it has a high chance of surging 79% to $4.50 levels in the future.
Participants view this pattern as a potential buying opportunity in trading and investing should a breakout occur. On the positive side, XRP’s relative strength index (RSI) currently stands at 66, which is below overbought territory, further indicating that the asset still has plenty of room to surge.
