Date: Sat, Dec 21, 2024, 03:52 AM GMT
The cryptocurrency market has witnessed a significant recovery after a sharp correction triggered by the Federal Reserve meeting on December 17. Bitcoin (BTC), which plunged to $92,000, has now rebounded to above $97,000. XRP, one of the top-performing altcoins, also experienced a dip but quickly bounced back, offering a relief to investors.
On December 20, $XRP dropped to a low of $1.96 during the broader market sell-off. However, it managed to recover quickly and is currently trading at $2.30. This rebound has been largely attributed to strategic buying by whales, who took advantage of the dip.
Source: Coinmarketcap
Whales Step In
While retail investors were offloading their holdings, large investors, or "whales," seized the opportunity to accumulate XRP at lower prices. Crypto analyst @ali_charts reported that whales acquired 80 million XRP tokens during the correction, worth approximately $184 million at the current price of $2.30.
Source: @ali_charts (X)
This activity indicates strong confidence in XRP's long-term potential.
What’s Next for XRP?
XRP’s recent drop followed a rejection at the $2.72 resistance level—the upper boundary of a descending triangle pattern. This pullback pushed the price down to its lower support at $1.96. However, with the support of whale buyers, XRP has bounced back and is now trading at $2.30.
The MACD (Moving Average Convergence Divergence) is flashing a rebound signal, indicating that XRP may be gearing up for an upward move. If the current momentum sustains, XRP could target its next resistance at $2.60, aligning with the upper trendline of its descending triangle pattern.
Final Thoughts
The recent whale accumulation and technical indicators point toward a possible recovery for XRP. However, market conditions remain unpredictable and traders should keep an eye on key levels like $1.96 support and $2.60 resistance.
Get more updates on : coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
