TLDR
XRP whale wallets increased from 1,537 to 1,565 between mid to late March 2024
XRP currently trading at $1.53 USD as of November 23, 2024
SEC Chair Gary Gensler announced resignation effective January 20, 2025
Technical analysis shows formation of symmetrical triangle pattern on XRP’s chart
PlutoChain developing Layer-2 blockchain to enable smart contracts on Bitcoin
Recent market data reveals a notable increase in XRP whale activity, with large-scale investors showing renewed interest in the cryptocurrency. The number of whale wallets holding between 10 million and 100 million XRP has grown from 1,537 to 1,565 in the latter part of March 2024.
As of November 23, 2024, XRP maintains a stable trading price of $1.53 USD, according to CoinGecko data. This price point represents a key level that traders and analysts are watching closely.
The increase in whale wallet numbers suggests growing confidence among institutional investors. These large-scale holders, often referred to as whales in the cryptocurrency space, typically make calculated moves based on thorough market analysis.
Market observers note that whale accumulation often precedes price movements in the cryptocurrency market. Historical data shows that when large holders increase their positions, retail investors tend to follow, potentially leading to increased buying pressure.
Technical analysis of XRP’s price chart reveals the formation of a symmetrical triangle pattern. This pattern typically indicates a period of consolidation before a potential price movement in either direction.
Trading volumes have remained steady during this accumulation period, suggesting sustained market interest. The consistent volume levels provide additional context for the whale activity observed in recent weeks.
The regulatory landscape continues to evolve, with SEC Chair Gary Gensler announcing his resignation effective January 20, 2025. This development has caught the attention of market participants who follow regulatory matters closely.
Gensler’s departure could mark a shift in the regulatory approach toward digital assets. The cryptocurrency community has generally viewed this change as a positive development, given Gensler’s previous strict stance on cryptocurrency regulation.
On the technology front, new developments like PlutoChain are emerging in the broader cryptocurrency ecosystem. This Layer-2 solution aims to bring smart contract functionality to the Bitcoin network, potentially expanding the capabilities of blockchain technology.
PlutoChain’s development team has focused on maintaining low transaction fees while ensuring platform security. The project has undergone a SolidProof audit to verify the safety of its smart contracts and infrastructure.
The platform’s EVM compatibility could allow for easier integration of existing decentralized applications. This technical feature might appeal to developers looking to expand their projects across different blockchain networks.
Whale wallet monitoring shows continued accumulation patterns through November 2024. These large holders maintain their positions despite market fluctuations, suggesting a long-term investment approach.
Market data indicates steady trading volumes across major exchanges. The sustained activity levels provide support for current price levels and suggest ongoing market interest.
Price resistance levels have formed around key technical indicators. These levels serve as important markers for traders watching potential breakout points.
The most recent data shows whale wallets continuing their accumulation trend through late November 2024, with the price holding above the $1.50 mark as of November 23.
The post XRP (XRP) Price Analysis: Whale Wallets Show Increased Activity in Q4 2024 appeared first on Blockonomi.
