XRP Price Set to Explode? Whale Moves $36.67M in Tokens
Ripple’s native token XRP appears to be consolidating near key levels after a significant upward rally. Meanwhile, this ongoing integration is attracting significant attention from whales and traders, as reported by on-chain analytics firm CryptoQuant and whale transaction tracker Whale Alert.
XRP whale activity indicates buying interest
As of today, November 28, 2024, Whale Alert posted on X (formerly Twitter) that a crypto whale has transferred 25 million XRP worth $36.67 million from Upbit, the largest cryptocurrency exchange in South Korea. This noteworthy trade hints at how whales can take advantage of current price consolidation and signals a potential buying opportunity.
In addition to recent withdrawals, CryptoQuant’s data also shows: Ripple Supply has been steadily declining on major cryptocurrency exchanges including Binance and Upbit over the past two weeks. This downward supply trend may be due to institutional interest in launching XRP exchange-traded funds (ETFs) in the United States.
Additionally, CryptoQuant reported that whales and institutions have moved 500 million XRP tokens, indicating buying pressure from industry giants.
This high-profile buying activity and huge interest in remittance-based tokens began following the victory of crypto-supporting Donald Trump in the United States. The coin has since surged 185%.
Current Price Momentum
Today, at press time, XRP is trading near $1.47, up 6.15% in the past 24 hours. Meanwhile, its trading volume fell by 17% over the same period, indicating reduced trader engagement amid ongoing consolidation.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP is currently in a consolidation phase. A breakout or breakdown will determine whether prices rise or plummet in the coming days. Given the current market sentiment, altcoins appear to be on the verge of a breakout.
If XRP breaks out of the consolidation area and closes above the daily line of $1.55, there is a good chance that it will touch the $2 mark in the coming days.
