After experiencing a significant rise, the native token of Ripple, XRP, seems to be consolidating near key levels. Meanwhile, on-chain analytics firm CryptoQuant and whale trading tracker Whale Alert report that this ongoing consolidation has attracted great attention from whales and traders.



XRP whale activity indicates buying interest

As of today (November 28, 2024), Whale Alert posted on X (formerly Twitter) that a cryptocurrency whale transferred 25 million XRP worth $36.67 million from Upbit, South Korea's largest cryptocurrency exchange. This notable transaction suggests how whales are taking advantage of the current price consolidation and indicates potential buying opportunities.





Except for the recent withdrawals, CryptoQuant data shows that in the past two weeks, the supply of XRP on major cryptocurrency exchanges, including Binance and Upbit, has been steadily declining. This downward supply trend may be driven by institutional interest in launching XRP exchange-traded funds (ETFs) in the U.S.



Additionally, CryptoQuant reports that whales and institutions have transferred 500 million XRP tokens, indicating buying pressure from industry giants.

This intriguing buying activity and significant interest in remittance-based tokens began after Donald Trump, a supporter of cryptocurrency, won in the U.S. Since then, the token has surged by 185%.

Current price momentum

As of today, at the time of writing, XRP is trading close to $1.47, having risen 6.15% in the past 24 hours. Meanwhile, its trading volume has dropped by 17% during the same period, indicating lower trader participation amid the 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 the price rises or falls in the coming days. Given the current market sentiment, altcoins seem to be on the verge of a breakout.





If XRP breaks out of the consolidation area and closes above $1.55 on the daily chart, it is likely to reach the $2 mark in the coming days.

$XRP