Ripple’s native token XRP has been riding a parabolic wave, catching the attention of crypto enthusiasts everywhere. But could the rally be hitting its peak? Recent whale activity suggests a storm might be brewing. 🌊

💰 Whale Dumps $27.2M XRP

On November 24, 2024, Whale Alert reported a massive 20M XRP transfer (worth $27.24M) to Bybit, South Korea’s largest crypto exchange. This dump coincided with a market-wide correction, and XRP’s chart is now signaling bearish momentum.

📉 Technical Analysis: Bearish Signs Ahead?

Experts warn of key indicators that XRP may face a significant correction:

1️⃣ Bearish Candlestick Pattern: XRP is forming an evening star near $1.40. If the daily candle closes below $1.30, we could see a potential drop to $1.05 (-20%).

2️⃣ Overbought RSI: XRP’s Relative Strength Index (RSI) has been above 80 since November 11, signaling the token is in overbought territory.

3️⃣ Liquidation Pressure: Coinglass data shows traders are heavily leveraged, with $12.41M in short positions near $1.38. This imbalance could drive prices lower.

📊 Key Levels to Watch

• Support: $1.30 (break below could signal a sharp drop).

• Resistance: $1.40 (struggling to maintain momentum).

📌 Current Status

At press time, XRP is trading near $1.38, down 7.10% in 24 hours, with trading volume dropping 30%, indicating waning interest from investors.

🚀 Bullish or Bearish?

While XRP remains above the 200 EMA, signaling an overall uptrend, a correction or consolidation might be necessary for sustainable growth. Long-term investors should watch for price stabilization before making moves.

⚠️ What Should You Do?

• For Bulls: Keep an eye on $1.30 support. If XRP rebounds, it could be a good entry point.

• For Bears: The current sell pressure and whale activity suggest further downside potential.

👉 Your Take? Will XRP bounce back or continue its downward slide? Share your thoughts below!

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