The post XRP Price Prediction for December 2, 2024, Amid $256M of Inflow appeared on BitcoinEthereumNews.com.

XRP, the native token of Ripple, has achieved a significant milestone by crossing the $2 level for the second time since Jan 2018. With its impressive performance, it seems likely that the bulls will carry this rally until it reaches the $3 mark. Will the XRP Price Rally Continue? Following XRP’s latest achievement, participation from whales and investors has skyrocketed and is raising one common question – Will this rally continue, or is there a chance of a price correction in the coming days? $256M of XRP Inflow, Sell-off Incoming? The on-chain analytics firm Coinglass recently reported that amid the ongoing bull rally, whales and institutions have been consistently dumping millions of dollars worth of XRP onto exchanges. According to Coinglass’s XRP spot inflow/outflow data, exchanges have witnessed a significant inflow of $256.30 million in the past three days. Source: Coinglass This substantial inflow suggests that whales and institutions have transferred their holdings to exchanges. In the cryptocurrency landscape, such inflows typically indicate a potential sell-off and an impending price decline. Traders Strong Bests on Long Side In addition to whale participation, traders appear more optimistic, strongly betting on long positions, as indicated by Coinglass. At press time, the XRP Long/Short ratio on the four-hour timeframe stands at 1.98, indicating a strong bullish sentiment among traders. Currently, 66.5% of top traders across exchanges hold long positions, while 33.5% hold short positions. This data indicates that, in the short term, bulls are dominating the altcoin, which could support XRP in continuing its rally toward $3. XRP Technical Analysis and Upcoming Level An analysis of these on-chain metrics suggests that bulls are currently in control, potentially supporting XRP’s price and ongoing rally. However, the activity of whales and institutions, along with the $256.30 million worth of XRP offloaded, signals a potential price…

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Filed under: News - @ December 1, 2024 9:04 pm