NAIROBI (CoinChapter.com)— Ripple’s XRP, currently the fourth-largest cryptocurrency by market cap, experienced a volatile week, declining nearly 10% but stabilizing at $2.23 as of December 24. Despite the market correction, investor sentiment remains optimistic as analysts spotlight key price levels and whale activity driving market speculation.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧 𝐓𝐞𝐬𝐭𝐬 𝐗𝐑𝐏’𝐬 𝐁𝐮𝐥𝐥𝐢𝐬𝐡 𝐎𝐮𝐭𝐥𝐨𝐨𝐤💥
After reaching $2.50 on December 17, XRP saw a sharp retracement to $1.96, paralleling broader crypto market weakness linked to Federal Reserve policy adjustments. However, the token quickly rebounded to hover near $2.23, a critical support level identified by analysts. According to Ali Martinez, maintaining support above $2.20 is essential to prevent further losses toward $1.96. On the upside, breaking past $2.70 could pave the way for a retest of the annual high at $2.90. Technical expert Javon Marks highlights a bullish divergence on XRP’s 4-hour chart, reinforcing the potential for a breakout above $2.90 in the coming weeks.
𝐖𝐡𝐚𝐥𝐞𝐬 𝐚𝐧𝐝 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐒𝐢𝐠𝐧𝐚𝐥 𝐃𝐢𝐯𝐞𝐫𝐠𝐞𝐧𝐭 𝐓𝐫𝐞𝐧𝐝𝐬✴️🤞
Data from Messari indicates a notable decline in whale addresses holding over one million XRP during December, suggesting a possible sell-off during the token’s consolidation phase. Increased selling pressure from such large holders could flood the market and weigh on prices. Conversely, reports show significant accumulation, with some whales acquiring 120 million XRP post-correction. Ripple itself transferred 90 million tokens—valued at over $200 million—into undisclosed wallets, raising speculation about potential strategic moves.
𝐗𝐑𝐏'𝐬 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐅𝐮𝐞𝐥𝐬 𝐄𝐱𝐜𝐢𝐭𝐞𝐦𝐞𝐧𝐭💲⛔📢
Analysts project a bullish trajectory for XRP, with CryptoInsightUK forecasting a potential surge to $10 in early 2025 and up to $35 by year-end if market conditions align. Ripple CTO David Schwartz further ignited speculation with cryptic hints of a “10x” growth opportunity, stoking excitement among traders and investors. Despite mixed signals from whale activity, traders are advised to monitor key technical levels and regulatory developments closely. A confirmed breakout above the descending channel’s resistance could signal renewed bullish momentum, while continued selling pressure from large holders may test support levels once more.