In this ongoing bull run, XRP, the native token of Ripple Labs, is making waves in the market with its impressive performance and has gained significant attention from crypto whales.
Ripple Whales Buy 30 Million XRP
Today, December 18, 2024, a prominent crypto expert made a post on X (previously Twitter) citing that crypto whales have purchased 30 million XRP worth $78 million in the past 24 hours.
This notable purchase comes after Whales acquired a substantial 920 million XRP tokens from Binance, as reported by CoinPedia on December 16, 2024. This significant buying pressure not only presents an ideal buying opportunity but also suggests potential upside momentum in the coming days.
However, the notable XRP purchases witnessed in the crypto market come just ahead of the Ripple USD (RLUSD) launch, leading the XRP price to soar significantly.
XRP Current Price Momentum
XRP is currently trading near $2.65 and has surged by over 6.10% in the past 24 hours. During the same period, its trading volume jumped by 41%, indicating heightened participation from investors and traders amid the rising interest from whales and the recent RLUSD launch.
This rising interest and recent developments at Ripple Labs have shifted the market sentiment toward a bullish sideways trend.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP has broken out from the bullish flag and pole price action pattern on the daily time frame. Based on the recent price action and historical momentum, if XRP closes a daily candle above the $2.67 level, there is a strong possibility it could soar by 79% to reach the $4.50 level in the future.
Participants view this pattern as a potential buying opportunity in trading and investing once it breaks out. On the positive side, XRP’s Relative Strength Index (RSI) currently stands at 66, which is below the overbought area, further indicating that the asset still has enough room to soar.
