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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Dec 07, 2024 12:55 UTC
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Crypto Whales Are Buying the XRP Price Dip; Are You?
A significant amount of XRP tokens was recently transferred to a cryptocurrency exchange.
Despite recent price dips, large investors, known as whales, have been actively accumulating XRP.
XRP's price has surged significantly, driven by positive market sentiment, whale activity, and Brad Garlinghouse's appearance on 60 minutes.
XRP is making headlines again, with blockchain tracker Whale Alert reporting massive token transfers that have sparked fresh market speculation. This activity follows XRP’s impressive rebound after a three-day dip, raising questions about what might be next for the cryptocurrency.
Whale Transfers Spark Speculation
According to Whale Alert, 20 million XRP tokens worth $47.23 million were transferred from an unknown wallet to the cryptocurrency exchange Bitstamp. While the motives remain unclear, such large deposits often suggest potential selling activity. It’s possible the whales are taking profits from XRP’s recent price recovery or preparing for a liquidity play.
In another notable move, Whale Alert reported that 22.01 million XRP worth $50.35 million were transferred from Binance to an unknown wallet in the past 24 hours.
XRP’s Impressive Price Rally
XRP has been on a strong upward trend. After breaking past the $1 and $2 resistance levels in November, it faced challenges near $3 but has continued to climb. So far in December, XRP is up 24.61%, solidifying its position as the third-largest cryptocurrency with a market valuation of $139 billion.
Huge Investors Are Buying In
Notable on-chain analyst Ali Martinez highlighted in a recent X (formerly Twitter) post that whales have been buying the dip. When XRP’s price dropped from $2.90 to $2.22, whales purchased over 120 million XRP worth $288 million, signaling confidence in the cryptocurrency’s potential.
Analyst Mikybull Crypto is also bullish on XRP’s way up as he shared in a recent X post that XRP is in preparation for the next move to $4 after the breakout and retest.
With XRP’s price skyrocketing, many are wondering what’s next—read XRP price prediction to see where this bullish trend could take the cryptocurrency!
Ripple CEO to Appear on “60 Minutes”
Adding to the buzz, Ripple CEO Brad Garlinghouse is set to feature on “60 Minutes,” one of America’s most influential news programs. The episode will focus on Ripple’s efforts to push for clearer cryptocurrency regulations in the U.S. With XRP now trading at $2.43, up 6% in the last 24 hours, the industry is eagerly awaiting Garlinghouse’s comments and their potential impact on the market.
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With whales making bold moves and prices soaring, XRP’s story this December is shaping up to be one for the history books.
FAQs
XRP might reach a high of $3.99 or an average of $3.07.
XRP surged 24.61% in December due to whale movements, buying the dip, and increasing market interest.
Analysts predict XRP may break out toward $4 after recent bullish trends, with support from whale activity and strong market interest.
Yes 
No 
