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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 19, 2024 07:31 UTC
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XRP Price Slips, But Whales Keep Buying – Good Time to Invest?
Despite a recent breakout and whale accumulation, XRP has fallen 5% in the past 24 hours due to the broader crypto market correction.
Strong fundamentals, whale accumulation, and technical indicators suggest a bullish future for XRP.
A sustained drop below $2 could invalidate the bullish outlook and prolong the market downturn.
The cryptocurrency market is facing a correction, partly driven by changes in U.S. monetary policy. Amid this, Ripple Labs-backed XRP has dropped more than 5% in the past 24 hours, trading at about $2.36 during Thursday’s early European session. With a market cap of around $235 billion and a 24-hour trading volume of $20 billion, XRP has been stuck in a consolidation phase for the last two weeks.
Keep reading to find out how XRP could be setting up for a major rally—and what key factors could shape its next move.
XRP Rally Incoming?
Despite the short-term decline, XRP has already confirmed the start of a larger bullish trend. After breaking free from a six-year-long triangular consolidation pattern, XRP has signaled the beginning of a macro bull run. This shift follows the election of pro-crypto leaders, including Donald Trump, in the U.S.
Additionally, the XRP/BTC pair has bounced off a critical support level, suggesting an ongoing revival for altcoins, particularly driven by institutional investors.
XRP Whales Are Buying
On-chain data from Santiment reveals that XRP whales—investors holding between 100 million and 1 billion tokens—have added over 860 million XRP this week, worth around $2 billion. This significant accumulation shows that large investors are confident in XRP’s future, as the market enters a bullish phase.
Smart Moves by Ripple: RLUSD Launches!
Ripple has recently launched its fiat-backed RLUSD stablecoin, which has received strong support from both centralized exchanges and DeFi protocols. This move will help increase XRP’s liquidity, enhancing its role in cross-border payments and making it more attractive to investors.
Technical Analysis & Key Levels to Watch
Looking at technical analysis, XRP has broken out of a bullish pennant pattern on the daily chart, suggesting potential upward movement. The formation of an inverted head and shoulders (H&S) pattern could push the price back toward its all-time high of $3.4.
However, if XRP closes below $2 in the coming weeks, the current bullish outlook could be invalidated, and the ongoing market correction might extend.
While the current consolidation could offer buying opportunities, investors should remain cautious about potential corrections if support levels fail to hold.
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FAQs
XRP price dropped over 5% due to a broader crypto market correction, fueled by US monetary policy changes and market consolidation.
Ripple’s RLUSD stablecoin launch will enhance liquidity and cross-border payments, potentially strengthening XRP’s price in the future.
XRP might reach a high of $3.99 or an average of $3.07.
Yes 
No 
