XRP Consolidation Attracts Whale Attention
After a significant price rally, XRP, Ripple's native token, is consolidating near a critical level. This phase is drawing interest from major investors and traders, as highlighted by analytical platforms CryptoQuant and Whale Alert. Their data suggests that whale activity might signal potential buying opportunities.
Whale Activity Indicates Increased Interest in XRP
On November 28, 2024, Whale Alert reported on X (formerly Twitter) that a crypto whale transferred 25 million XRP worth $36.67 million from South Korea's largest exchange, Upbit. This transaction indicates that major players are taking advantage of the ongoing price consolidation, potentially signaling buying opportunities.
Data from CryptoQuant further reveals a continuous decline in XRP's supply on major exchanges like Binance and Upbit over the past two weeks. This decrease could be driven by growing institutional interest, particularly after the recent launch of an XRP-focused ETF in the United States. Additionally, CryptoQuant reported the transfer of 500 million XRP tokens, signaling significant buying pressure from institutions and large investors.
Political Events and XRP's Price Surge
Whale buying activity surged notably following Donald Trump's victory in the U.S. presidential elections. Since then, XRP's price has skyrocketed by an impressive 185%, reflecting renewed interest in the token's remittance-focused platform.
Current XRP Price Momentum
As of today, XRP is trading near $1.47, with a 6.15% gain in the past 24 hours. However, trading volume has decreased by 17% over the same period, suggesting reduced trader participation during the consolidation phase.
Technical Analysis: Is XRP Poised for a Breakout?
According to expert technical analysis, XRP is currently in a consolidation phase that will determine its next price movement. If the token breaks through the consolidation zone and closes a daily candle above $1.55, it has a high probability of reaching the $2 level in the coming days.
Given the current market sentiment, XRP appears well-positioned for another milestone. In the near term, all eyes will be on whether it can break through its resistance level to fuel further growth.
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