In this ongoing bull run, XRP, the native token of Ripple Labs, is making waves in the market with impressive performance and has garnered significant attention from cryptocurrency investors.
Ripple Whale Buys 30 Million XRP
Today, December 18, 2024, a renowned cryptocurrency expert posted on X (formerly Twitter) citing that cryptocurrency whale investors bought 30 million XRP worth $78 million in the last 24 hours.
This notable buying transaction followed the Whales purchasing 920 million XRP tokens from Binance, according to a report by CoinPedia on December 16, 2024. This significant buying pressure not only presents an ideal buying opportunity but also indicates potential bullish momentum in the coming days. However, the notable XRP buying activity in the cryptocurrency market occurred right before the launch of Ripple USD (RLUSD), causing XRP's price to surge significantly.
Current Price Momentum of XRP
XRP is currently trading at around $2.65 and has increased by over 6.10% in the last 24 hours. During the same time, its trading volume has surged by 41%, indicating increasing participation from investors and traders amidst growing interest from whales and the recent launch of RLUSD. The rising interest and recent developments at Ripple Labs have shifted market sentiment towards a bullish sideways trend.
Technical Analysis of XRP and Upcoming Levels
According to expert technical analysis, XRP has broken out of a bullish flag price pattern on the daily timeframe. Based on recent price action and historical momentum, if XRP closes the daily candle above $2.67, there is a strong likelihood it could surge 79% to reach $4.50 in the future.
Participants see this pattern as a potential buying opportunity in trading and investment as it explodes. On a positive note, XRP's Relative Strength Index (RSI) is currently at 66, below the overbought zone, suggesting that this asset still has enough room to surge.
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