Crypto Insights: XRP Whales' Buying Spree Signals Possible Surge to $3
Crypto Surge: XRP Whales Go on Another Buying Spree
As XRP consolidates above the $2 support zone, whale transactions could provide the much-needed trigger to breach the $3 psychological resistance level. Recent on-chain data indicates that large holders, referred to as whales, are acquiring substantial amounts of XRP.
Whale Activity Highlights
- In a 24-hour window, whales accumulated over 30 million XRP.
- This marks the second consecutive day of significant accumulation.
- On December 16, over 830 million XRP were acquired by these large holders.
The buying activity aligns with a period of price growth, historically preceding substantial uptrends in XRP's valuation.
XRP's Potential Bull Case
Citing a bullish outlook, analyst Ali Martinez suggests that if XRP breaks the $2.60 resistance, it could possibly reach $4. Identified patterns like the bull flag support this view, indicating potential upward momentum.
Technical Analysis Overview
- Recent analyses reveal breakout patterns indicating bullish strength.
- Resistance levels are becoming support, suggesting stability.
- Fibonacci extension predicts a near-term target of $3.43.
Fundamentally, XRP is bolstered by Ripple's RLUSD stablecoin launch, which also integrates XRP into transactions, increasing its utility and market potential.
Current Market Status
Currently trading at $2.54, XRP has faced a slight decline yet remains positive on the weekly chart, showcasing a 7% increase overall. The asset is also trading above significant moving averages, which highlights strong upward momentum despite short-term bearish signals.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.