As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish trends. The recent accumulation of XRP by large whales is indeed a significant development that could potentially drive the price to new highs before the year ends. However, it’s important not to overlook the selling pressure from other whales.
From December 25th (Sunday) up until now, large XRP investors, also known as whales, have amassed tokens valued at approximately $2.17 billion. This substantial acquisition has ignited speculation that XRP’s price might reach a new peak in the remaining few days of the year.
Despite the widespread buying activity, it appears that some large crypto investors (whales) are also offloading their holdings. This raises questions about the potential direction of XRP’s price movement.
XRP Big Wigs Buy More, Others Sell
As reported by Santiment, a significant number of XRP holders possess between one million and ten million tokens each. Over the last three days, these investors have accumulated an extra 100 million XRP, resulting in a total balance increase from 4.85 billion on December 15th to 4.95 billion today.
Over the course of a day, the wallets containing between 100 million and 1 billion XRP increased their holdings from 8,860,000,000 on Sunday to 9,630,000,000 by the end of the day, adding an additional 870,000,000 XRP.
Under the current XRP price of around $2.50, these massive purchases by whales amount to approximately $2.17 billion of the cryptocurrency. This significant buying activity often indicates a positive outlook, potentially signaling an imminent surge or breakthrough in the near future.
Yet, data from CryptoQuant’s blockchain indicates a slower breakout than expected, primarily due to increased activity of large XRP holders transferring their coins to exchanges.
The Whale to Exchange Flow indicator monitors big investors transferring their funds between them and centralized trading platforms such as Binance. When this metric rises sharply, it indicates a surge of tokens going into exchanges. Conversely, a decrease in the metric might mean that whales are taking out assets – usually a bullish sign.
Over the last three days, this metric has gone up from 2,243 to 3,585, suggesting an increased movement of XRP tokens towards exchanges. Compared to whale accumulation statistics, this points to both buying and selling activities among whales. Nevertheless, the amount of tokens being accumulated seems greater than the selling pressure. If this pattern continues, it’s possible that XRP’s price could dodge a bull trap.
XRP Price Prediction: Bull Flag Forms Again, Hints at $3.50 Rally
According to BeInCrypto’s analysis, the XRP/USD chart suggests an upward trend in the form of a bull flag. This pattern is recognized by two surges moving upwards, followed by a short period of sideways movement or consolidation. The bull flag signifies a potential continuation of the bullish trend.
The sequence kicks off with a sharp increase in price, which we refer to as the “flagpole,” as buyers outnumber sellers. Subsequently, there’s a retreat, resulting in the formation of sloping upward and downward lines that mimic a ‘flag’ shape due to the parallel trendlines.
Looking at the graph, it appears that XRP’s price is about to surge beyond the upper boundary of its flag pattern. Should this breakthrough occur, we could see XRP potentially soaring towards approximately $3.50 within a brief period.
If substantial selling occurs by XRP’s major holders (the whales), there’s a possibility that the current trend could shift. In such a scenario, the price might drop to approximately $0.198. However, if the token dips below the lower trendline of the mentioned pattern, this decline seems likely.
Read More
- When Whitney Houston’s Mother, Cissy Houston, Opened Up About Pain Of Outliving Daughter
- EUR HUF PREDICTION
- RIF PREDICTION. RIF cryptocurrency
- Deadpool & Wolverine Director Reveals The ‘Dirty Line Of Dialogue’ That Didn’t Make The Final Cut
- Exploring Blake Lively And Jenny Slate’s 15-Year-Old Friendship Amid Release Of It Ends With Us
- Tower of God Season 2: How Sequel Needs to Clear Pilot’s Mess
- ‘Very Naturalistic Actors’: The Crow Director Rupert Sanders Reveals Why Bill Skarsgard And FKA Twigs Are ‘Right’ For Their Roles
- When Justin Bieber Shared His Thoughts On Being Famous At An Early Age And Called It ‘Toughest Thing In The World’
- ‘I’ve Questioned Whether…’: Joshua Jackson Opens Up About Period Of ‘Bumps and Bruises’ In His Acting Career
- Was the Fed’s Large Rate Cut Designed to Gift Kamala Harris the U.S. Presidency?
2024-12-18 14:29