- Crypto whales bought 30M XRP worth $78M in 24 hours, following 920M tokens purchased from Binance earlier this week.
- XRP surged 6.10% to $2.65 with a 41% rise in trading volume, boosted by Ripple’s RLUSD launch and growing investor interest.
- Analysts predict XRP could rise 79% to $4.50 if it closes above $2.67, supported by bullish flag patterns and strong market sentiment.
XRP, the native cryptocurrency of Ripple Labs, continues to draw significant attention in the ongoing market rally. On December 18, 2024, a prominent crypto expert revealed on X (formerly Twitter) that crypto whales purchased 30 million XRP tokens worth $78 million within 24 hours.
This massive acquisition highlighted the purchase of 920 million XRP tokens from Binance.The heightened activity signals strong buying pressure in the market and has contributed to a notable price surge for XRP.
Ripple’s RLUSD Launch Boosts Investor Confidence
Notably, XRP’s current rally coincides with the impending launch of Ripple USD (RLUSD), which has significantly influenced market sentiment. Following the announcement, XRP surged by over 6.10% within 24 hours, with its trading volume climbing 41% during the same period.
Moreover, investors and traders have shown increasing interest in the token, supported by whale activity and Ripple’s latest developments. XRP is currently trading near $2.65, with its Relative Strength Index (RSI) at 66. This RSI value indicates ample room for further upward momentum, as the token remains below overbought levels.
Additionally, technical analysts have identified a bullish flag and pole pattern in XRP’s price movements on the daily time frame. If XRP closes a daily candle above the $2.67 resistance level, analysts anticipate a potential surge of up to 79%. This projection could see XRP reach the $4.50 level, presenting an attractive buying opportunity for investors.
Consequently, the breakout from this technical pattern aligns with the growing market interest in XRP. Traders view these developments as a sign of continued upward momentum in the cryptocurrency’s price.
Market Sentiment Strengthens Amid Whale Purchases
Recently, the Whale purchases and the upcoming RLUSD launch have shifted the market sentiment toward a bullish sideways trend. The significant buying pressure suggests sustained interest in XRP as a strategic investment.
Hence, with Ripple Labs making strides in its initiatives, XRP’s performance reflects optimism among traders and investors. The alignment of whale activity, market dynamics, and technical indicators has created a favorable environment for XRP’s growth in the near future.
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