Outside Source
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?
Ripple’s XRP was among the leading cryptocurrencies that were the worst affected amid the latest market correction. Its price tumbled from over $2.50 on December 17 to less than $2 three days later. The bulls managed to recover some ground in the past few days, with XRP currently trading at approximately $2.25 (per CoinGecko’s data). Still, that represents a 10% decline on a weekly scale.
Despite the fluctuations and the recent pullback, many analysts remain optimistic that XRP could experience a substantial rebound in the near future. Crypto Bitlord, an X user with almost 400,000 followers, thinks “the final pump for 2024 is loading.” The market observer predicted a price rally to as high as $12 next month, suggesting that “the rise starts now.”
JAVON MARKS was also among the bulls. They touched upon XRP’s 4-hour chart to envision the confirmation of a “Hidden Bullish Divergence” that could take the valuation to over 2.90 and a subsequent jump to a new all-time high.
For their part, CrediBULL Crypto claimed that “the XRP/BTC chart below looks absolutely fantastic” and “the most bullish-looking chart in the entire space.” As such, the analyst said they will look to open a long position once again for another trade in the following days.
Whales on the Move
The latest correction of the crypto market, which started shortly after the Fed announced another interest rate cut but also hinted at a pause of the policy for next year, seems to have been welcomed by XRP whales.
On December 20, X user Ali Martinez revealed that such large investors have purchased around 80 million tokens in the span of three days. Earlier today (December 24), he claimed that whales have stacked up on an additional 40 million coins.
Such actions reduce the circulating supply of XRP, which could be followed by a price rally (assuming demand stays the same or heads north). Massive whale purchases may also trigger excitement among smaller investors who could also hop on the bandwagon, thus creating further upward pressure on the price.
This article first appeared at CryptoPotato
