According to blockchain tracker Whale Alert, XRP whales have seen a significant transfer of 60 million XRP, valued at $132,202,106, between two unidentified wallets. This large transaction has drawn attention as market analysts predict a possible rally in XRP’s price, with some suggesting a new all-time high could be on the horizon.

Massive XRP Whale Transfer Sparks Speculation

The 60 million XRP transfer, first reported by blockchain monitoring platforms, involved a substantial movement of XRP tokens, raising questions about potential strategies by large holders. XRP whale movements are often linked to preparation for major market events or price shifts especially with the XRP ETF increasing launch potential.

EGRAG Crypto, a notable market commentator, expressed optimism about XRP’s trajectory, predicting a surge to $27. He pointed out that XRP is hovering above its Break of Structure (BOS) level while aligning with the 21 Exponential Moving Average (EMA), which could pave the way for a bullish breakout.

Additionally, data from CryptoQuant revealed that XRP is the most traded alternative cryptocurrency on Binance’s futures market this December, with $116.6 million in trading volume. Analysts suggest this heightened activity may indicate increasing interest in the asset ahead of the potential Santa Claus rally.

Historical Patterns Indicate Potential Breakout

Market chartists have drawn comparisons between XRP’s current price movements and its behavior during the 2017 bull run amid the XRP whales moves.

A trader, known as Crypto Vilian, highlighted XRP’s price pattern, which mirrors its 2017 trajectory of a steep decline, recovery, consolidation, and eventual explosive breakout.

Crypto Vilian noted that XRP price recently broke out of a prolonged bearish trend, entering a consolidation phase that historically preceded significant upward movements. He also suggested that XRP’s market cap could exceed $1 trillion in this cycle, translating to a price of over $17 per token. However, he emphasized that this outcome would depend on broader market trends, particularly Bitcoin’s performance.

XRP Price Faces Short-Term Bearish Patterns

Despite long-term bullish expectations, XRP’s daily chart reveals a descending triangle pattern, indicating potential short-term bearish pressure. According to TradingView, the support level lies near $2.19, while the downward trendline of lower highs may lead to a drop to $1.69 if breached.

On the other hand, analysts see room for recovery if XRP bounces from its current support level. A break above the $2.50 resistance could invalidate bearish predictions and set the stage for XRP to retest its recent high of $2.90.

Meanwhile, on-chain data from Messari shows that XRP addresses holding over one million tokens have been reducing their balances, signaling profit-taking by large holders during the asset’s consolidation phase. This activity has added to market pressure in recent weeks prompting worries XRP price may not be heading for a rally soon unless bouyed by the Ripple SEC case end and Gary Gensler stepping down in January.

The post XRP Whales Move $132M Ahead Of Santa Claus Rally, ATH Looming? appeared first on CoinGape.

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Filed under: News - @ December 23, 2024 11:21 pm