In the current bullish market trend, XRP, the native token of Ripple Labs, is gaining attention for its impressive performance and attracting crypto whales. Today, on December 18, 2024, it was reported that crypto whales have purchased a substantial 30 million XRP tokens worth $78 million in the past 24 hours. This significant buying pressure follows a recent acquisition of 920 million XRP tokens from Binance by whales, as reported on December 16, 2024. This surge in buying activity not only presents a lucrative buying opportunity but also hints at potential upward momentum in the near future.
The surge in XRP purchases coincides with the upcoming launch of Ripple USD (RLUSD), which has led to a significant spike in XRP’s price. As of now, XRP is trading around $2.65, marking a 6.10% increase in the last 24 hours. The trading volume has also seen a 41% rise, indicating increased participation from investors and traders due to growing interest from whales and the impending RLUSD launch. This positive sentiment has shifted the market towards a bullish sideways trend.
Technical analysis suggests that XRP has broken out from a bullish flag and pole price action pattern on the daily timeframe. If XRP manages to close a daily candle above the $2.67 level, there is a strong possibility of a 79% surge towards the $4.50 level in the future. This pattern is seen as a favorable buying opportunity for traders and investors. Additionally, XRP’s Relative Strength Index (RSI) currently stands at 66, below the overbought threshold, indicating room for further growth.
In conclusion, the recent surge in XRP purchases by whales, coupled with the upcoming RLUSD launch, has fueled positive momentum in the XRP market. Traders and investors are closely watching the technical indicators and price levels for potential trading opportunities as XRP continues to show promising signs of growth.