NewsTime to Buy XRP? Whales Add $290M in Tokens
Chandan Gupta1 Dec 20242 min read
XRP, Ripple’s native token, is currently making a wave in the realm of cryptocurrency as it has outperformed major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others.
Since Donald Trump was elected president of the United States, XRP has soared over 270%, marking the highest gain among the top 10 cryptocurrencies.
XRP Beat Binance Coin (BNB), Eyes on SOL
Amid this rally, XRP surpassed top cryptocurrencies like Binance Coin (BNB) and Dogecoin (DOGE). However, it is currently ranked fifth on CoinMarketCap, close to Solana (SOL), which is in the fourth position.
XRP Whales Adds $290M of Tokens
Amid this ongoing rally, whales and traders have shown a strong interest, belief, and confidence in the token. Recently, Whale Alert, a whale transaction tracker, posted on X (formerly Twitter) that XRP whales moved 154.46 million XRP tokens worth $290.6 million, in the last 24 hours.
The post noted that these significant withdrawals occurred across various cryptocurrency exchanges, including Binance, Bybit, and Bithumb. Within the cryptocurrency community, this activity is seen as a potential sign of upward momentum.
Current Price Momentum
Experts and crypto enthusiasts speculate that this may be the reason behind XRP’s today notable 18% upward momentum. During this rally, XRP reached an intraday high of $1.9403. However, at press time, the altcoin is trading near $1.88, having recorded a gain of over 11.15% in the past 24 hours.
Meanwhile, during the same period, XRP’s trading volume surged by 25%, indicating increased participation from traders and investors driven by bullish sentiment.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP is approaching its all-time high (ATH). Based on price action, if the altcoin surpasses its ATH level, it could experience significant gains in the coming days.
However, technical indicators like the Relative Strength Index (RSI) suggest a potential price correction ahead. XRP’s daily chart shows its RSI is currently in the overbought zone.
