After a notable upside rally, XRP, the native token of Ripple, appears to be consolidating near a crucial level. Meanwhile, this ongoing consolidation has been attracting significant attention from whales and traders, as reported by on-chain analytics firms CryptoQuant and the whale transaction tracker Whale Alert.
As of today, November 28, 2024, Whale Alert made a post on X (previously Twitter) that a crypto whale has transferred a significant 25 million of XRP worth $36,67 million from South Korea’s largest cryptocurrency exchange, Upbit. This notable transaction hints at how whales are capitalizing on the current price consolidation and indicate potential buying opportunities.
In addition to this recent withdrawal, data from CryptoQuant reveals that XRP’s supply on major cryptocurrency exchanges, including Binance and Upbit, has been steadily declining over the past two weeks. This supply downtrend is potentially driven by institutional interest in the launch of an XRP exchange-traded fund (ETF) in the United States.
Additionally, CryptoQuant reported that whales and institutions have transferred a significant 500 million XRP tokens, signaling buying pressure from industry giants.
This notable buying activity and massive interest in the remittance-based token began following the victory of pro-crypto Donald Trump in the United States. Since then, the token has skyrocketed by 185%.
Today, at press time, XRP is trading near $1.47 and has registered a gain of 6.15% in the past 24 hours. Meanwhile, its trading volume dropped by 17% during the same period, indicating lower participation from traders amid ongoing consolidation.
According to expert technical analysis, XRP is currently in a consolidation phase. A breakout or breakdown will determine whether the price will rally or plunge in the coming days. Considering the current market sentiment, the altcoin appears to be on the verge of a breakout.
If XRP breaches the consolidation zone and closes a daily candle above the $1.55 level, there is a strong possibility it could reach the $2 mark in the coming days.
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