💥💥💥 $XRP Retreats 14% After Multi-Year High: Is the Rally Over?
XRP Experiences Volatility Amid #WhaleActivity and Profit-Taking
- XRP’s recent rally to $1.38 on November 16, a 56% surge, was followed by a 20% drop on November 17, triggering significant token movements and redistribution of holdings.
Whale Activity and Exchange Reserves
- CryptoQuant reports a 3% increase in XRP exchange reserves, with 38.26M tokens added during the rally. On November 17, Whale Alert noted a large 10M XRP ($11.5M) deposit into Bitstamp, signaling profit-taking by a major holder.
Accumulation by Whales, Selling by Retail Santiment data highlights contrasting behaviors:
1. Wallets holding 1M–100M XRP accumulated 393.2M XRP (~$452.18M) last week.
2. Retail wallets (<1M XRP) sold off 65.7M XRP (~$75.55M).
Derivatives Market Volatility
- CoinGlass reported $12.6M in XRP liquidations on November 17, with $9.1M from long traders caught by the sharp pullback to $1.15. Liquidations continued, reflecting heightened volatility.
Bullish Long-Term Outlook
Despite short-term fluctuations, XRP’s long-term projections remain strong:
1. 2030: $5.36–$6.36 (Changelly); $12.34 (Telegaon).
2. 2040: $255.67–$325.86.
3. 2050: $410.96–$482.87.
Short-term forecasts include:
1. 2024: Up to $1.90 (Coin Price Forecast).
2. 2025: $1.80–$3.00 (CoinDCX); max of $2.21 (Margex).
Market Sentiment
- Technical indicators show 88% #BullishSentiment and a Fear & Greed Index of 86 (Extreme Greed), reflecting confidence in XRP’s future despite ongoing volatility.
