- XRP’s bullish thesis will remain valid only if it stays above the $2 level.
- Exchanges have witnessed a significant $160 million worth of XRP outflow in the past three trading days.
XRP, the native token of Ripple Labs, is poised to continue its upward momentum as whales and long-term holders strengthen their support for the altcoin. Currently, the overall cryptocurrency market appears to be recovering after a sharp price decline on Tuesday, the 11th of December.
Whale moves $46 million in XRP from Binance
During the price decline, whales appeared to accumulate XRP tokens, showing a perfect case of buying the dip, as reported by the whale transaction tracker Whale Alert on X (formerly Twitter).
In a recent post, they noted that 22.08 million XRP worth $46.13 million was transferred from Binance to an unknown wallet.
In addition to this, other factors influencing the price include XRP’s bullish technical analysis and increasing interest from long-term holders.
Data shows that long-term holders have withdrawn a significant $159.69 million worth of XRP tokens from exchanges despite the sharp price decline. This indicates interest and confidence in the altcoin despite the market’s ups and downs.
XRP technical analysis
According to AMBCrypto’s technical analysis, XRP appears to be forming a bullish flag and pole price action pattern on the daily timeframe and is currently on the verge of breaking out of the pattern.
Source: TradingView
XRP price prediction for December
Based on recent price action and historical momentum, if XRP breaches and closes a daily candle above the $2.5 level, there is a strong possibility it could soar by 80% to reach the $4.5 level in the coming days. With rising interest, there is a high likelihood that XRP could break through the resistance level.
In addition to this upside speculation, there is also a possibility of a further price decline to $2 if market sentiment shifts to bearish. However, XRP’s bullish thesis will remain valid only if it stays above the $2 level, otherwise, it may falter.
Read XRP’s Price Prediction 2024–2025
On the positive side, XRP’s Relative Strength Index (RSI) was 64, which is below the overbought territory, indicating that the asset has sufficient room to rise in the coming days.
XRP was trading near $2.44 at press time and has gained an impressive 5.5% in the past 24 hours. During the same period, its trading volume decreased by 45%, indicating reduced activity from traders and investors compared to the previous day.
Credit: Source link