XRP’s whale activity over the weekend saw over 50 million XRP bought.
If XRP follows historical trends, it could hit $30 by January 2025, boosting its market cap to $1.7 trillion.
Ripple’s native token, XRP, has witnessed a significant boost in whale activity over the weekend. Over 50 million XRP were purchased by whales, fueling the ongoing bullish momentum.
Notable transactions included a 20 million transfer ($27.24 million) from an unknown wallet to Bybit and another 20 million XRP transfer ($28.98 million) from Upbit to an unknown wallet. These high-value transfers highlight growing interest among large investors in XRP.
Currently trading at $1.48, XRP has risen by 0.98% in the last 24 hours, supported by a trading volume of $12.60 billion, which surged 16.63% during the same period. XRP’s market capitalization stands at $84.38 billion, with a fully diluted valuation (FDV) of $148.04 billion and a volume-to-market cap ratio of 14.70%.
XRP’s recent rally draws parallels to its March 2017 surge. Should XRP close this month’s candle at $2, it would represent a 288% gain, potentially paving the way for prices of $5 in December and $30 by January 2025.
Achieving the $30 price point would elevate XRP’s market cap to approximately $1.7 trillion, challenging Bitcoin’s current valuation of $1.9 trillion. While ambitious, XRP’s 59% weekly surge and robust whale activity provide a strong foundation for this optimistic projection.
Technical Indicators
XRP’s current support level stands at $1.42, with immediate resistance at $1.50. Breaking above $1.50 could open the door for XRP to test the $2 level. The Relative Strength Index (RSI) is at 64.38, reflecting bullish momentum while nearing overbought territory.
The 9-day moving average (MA) at $1.42 has crossed above the 21-day MA at $1.44, signaling a bullish trend. This crossover indicates continued upward pressure. Sustaining above the support level and maintaining momentum could lead to further price gains, while a drop below support might trigger short-term consolidation. With historic trends and current momentum aligning, the token is poised for continued growth.Highlighted Crypto News TodayTop GameFi Tokens to Watch Before 2024 Ends
