As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by the recent developments in Ripple (XRP). Having witnessed numerous market cycles, I must admit that I have developed a keen eye for spotting potential trends and patterns.
TL;DR
- Ripple (XRP) fell from $2.50 to under $2 but recovered to $2.25, with analysts eyeing a substantial rally in the coming weeks.
- XRP whales bought 120 million tokens over the past week, reducing supply and potentially setting the stage for a price pump.
Final Push for the Year?
Among the top cryptocurrencies, Ripple’s XRP experienced significant drops during the recent market correction. Its value plummeted from more than $2.50 on December 17 to nearly $2 within three days. However, bullish investors managed to regain some losses in the subsequent days, with XRP now trading around $2.25 (according to CoinGecko’s data). This still marks a 10% decrease over the past week.
Despite the ups and downs and the recent dip, many experts are hopeful that XRP could see a significant recovery soon. Crypto Bitlord, an influential XRP user with close to 400,000 followers, believes “the grand surge for 2024 is gearing up.” This market observer forecasts a price surge to as high as $12 in the next month, implying that “the upward trend kicks off now.
JAVON MARKS was part of the group who examined XRP’s 4-hour chart. They saw the potential for a “Hidden Bullish Divergence” confirmation, which might push the value above 2.90 and reach a fresh all-time high.
In their own words, CrediBULL Crypto expressed that the XRP/BTC chart appears exceptionally promising and is the most optimistic chart in the market. Consequently, the analyst has stated they plan to establish a new long position in the upcoming days for another trade.
Whales on the Move
The recent adjustment in the cryptocurrency market, initiated soon after the Fed declared another reduction in interest rates and suggested a possible halt in their policy for the following year, appears to have been met positively by the XRP’s big investors.
On December 20th, user Ali Martinez disclosed that large investors had bought approximately 80 million tokens within a three-day period. Today (December 24), he asserted that these ‘whales’ had also amassed an additional 40 million coins.
Reducing the available XRP in circulation might lead to a surge in its price if demand remains steady or increases. Large-scale purchases by whales could spark interest among individual investors, potentially causing them to join the trend and further boost the price.
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- George Folsey Jr., Editor and Producer on John Landis Movies, Dies at 84
- Why Sona is the Most Misunderstood Champion in League of Legends
- ‘Wicked’ Gets Digital Release Date, With Three Hours of Bonus Content Including Singalong Version
- Not only Fantastic Four is coming to Marvel Rivals. Devs nerf Jeff’s ultimate
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- Leaks Suggest Blade is Coming to Marvel Rivals Soon
- An American Guide to Robbie Williams
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- Why Fortnite’s Most Underrated Skin Deserves More Love
2024-12-24 12:20