Since December 17, crypto whales have accumulated a staggering 80 million XRP, signaling heightened interest in the asset during its recent price correction.
With $20.50 million in short positions set to be liquidated if XRP climbs to $2.62, the stakes are higher than ever.
Currently, the $2.20 price level serves as a key support. If XRP manages to stay above it, consolidation may occur before attempting to break the critical $2.70 resistance. However, a dip below $2.20 could push prices toward $1.96, indicating a potential downside.
Here’s why XRP is generating buzz and why the future looks promising for Ripple:
– Ripple Liquidity Hub (RLUSD) Launch: A new innovation aimed at expanding Ripple’s ecosystem.
– Ripple vs. SEC Case Nearing Resolution: Market sentiment remains optimistic as the lengthy legal battle approaches its conclusion.
– Pending XRP ETF Approval: If approved, it could be a game-changer for XRP adoption.
– Altcoin Season Approaching: A favorable market cycle that often benefits XRP and similar tokens.
– Regulatory Changes in the U.S.: SEC Chair Gary Gensler’s potential exit and evolving global crypto regulations could bring clarity and opportunities.
– Pro-Crypto Policies from Trump: Donald Trump’s pro-crypto stance adds to industry optimism as Ripple and other blockchain companies rally behind his inauguration with hefty donations.
🚀 #XRP is on the rise! 🚀 Here's why the future looks bright for #Ripple:
📌 RLUSD launch by Ripple 📌 Ripple vs. SEC resolution in sight 📌 XRP ETF approval pending 📌 Altcoin season incoming 📌 SEC Chair Gensler’s departure 📌 Trump’s pro-crypto policies 📌 Global… pic.twitter.com/lS4DjHQSil
— Collin Brown (@CollinBrownXRP) December 21, 2024
In fact, Ripple has pledged $5 million worth of XRP to Trump’s inauguration efforts, signaling growing confidence in his leadership and his crypto-friendly agenda.
With these developments in motion, XRP’s price trajectory remains a focal point for investors. Will the bullish momentum continue, or is further consolidation on the horizon? One thing’s for sure—Ripple is positioning itself as a leader in the evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Whales Scoop Up 80 Million XRP Amid Price Correction: What’s Next For Ripple? appeared first on The Merkle News.
