XRP Aims for 64% Rally as Whales Moves $124M in Tokens
Chandan Gupta20 Nov 20242 min read
Ripple’s native token, XRP, presents a highly intriguing chart, attracting significant attention from whales and institutions. This growing interest from industry giants has driven the altcoin’s price to soar over the past 24 hours.
Whale Adds 111 Million XRP Amid Price Decline
On November 20, 2024, the whale transaction tracker Whale Alert made a post on X (previously Twitter) that XRP Whale had transferred 110.93 million tokens worth $123.59 million from Binance. However, the identity of the wallet holder remains unknown.
This significant token transfer occurred during a period when the XRP price was under pressure. Since the acquisition, the altcoin’s price has risen by 7.8%. Moreover, this transfer signals a potential bullish trend and presents a possible buying opportunity.
Currently, XRP is trading near $1.13 and has registered a gain of over 3.5% in the past 24 hours. However, its trading volume has decreased by 6.5%, indicating reduced participation from traders and investors amid the recent price fluctuations.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has formed a bullish pennant pattern on the four-hour timeframe and appears poised to break out of it. Based on recent price action and historical momentum, if the altcoin breaks out of this bullish pattern and closes a four-hour candle above the $1.15 level, there is a strong possibility it could surge by 64% to reach $1.90 in the coming days.
However, during this rally, the XRP price may face resistance around the $1.40 level, marking a 20% gain and acting as a significant barrier. Currently, the altcoin’s technical indicators, including the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI), suggest a potential upside rally in the coming days.
In addition to technical analysis, on-chain metrics further reinforce XRP’s bullish outlook. According to the on-chain analytics firm Coinglass, XRP’s open interest has increased by 5.2% over the past 24 hours and continues to climb steadily, signaling heightened interest amid the potential breakout.
