Recent Surge in XRP Price Captivates Crypto Community
On December 7, 2024, XRP, the native token of Ripple Labs, sparked excitement among cryptocurrency enthusiasts with its recent breakout. This surge comes on the heels of a significant price correction that the altcoin underwent following a notable rally.
Whale Acquires $288 Million Worth of XRP
Amidst the price correction, a crypto whale seized the opportunity presented by the drop in XRP price and made a substantial purchase of 120 million XRP tokens, amounting to a staggering $288 million. This acquisition took place as XRP dipped from $2.90 to $2.22, as highlighted by a crypto expert on X (formerly known as Twitter).
The whale’s significant buy-in exemplifies a successful “buy the dip” strategy, as XRP’s price continues to rally.
Current Price Momentum
As of the latest update, XRP is hovering around $2.55, experiencing a remarkable price surge of over 8% within the past 24 hours. Despite this upward movement, trading volume has decreased by 10%, indicating a lower level of engagement from traders and investors compared to previous days.
Additionally, data reveals that besides the $288 million acquisition, other whales and institutions have also been accumulating substantial amounts of XRP tokens, as reported by the on-chain analytics firm Coinglass.
XRP Price Prediction for December 8
Expert technical analysis suggests that XRP recently broke out from a strong resistance level after surpassing the descending trendline. Following this breakout, there is a strong likelihood that XRP could surge by 15% to reach the $2.90 mark, with a potential target of $3 if market sentiment remains bullish.
Moreover, XRP’s Relative Strength Index (RSI) currently stands at 56, below the overbought territory, indicating possible buying opportunities and signs of upcoming rallies.
Rising Open Interest
Following the recent breakout, trader interest has surged, with XRP’s open interest spiking by 11% in the past 24 hours and 5% in the last four hours, according to data from the on-chain analytics firm Coinglass.