XRP Price Surges to $2.6, Top Analysts Predict It May Never Drop Below $2 Again
In the ongoing bull run, XRP, the native token of Ripple Labs, is performing well in the market and has caught the attention of crypto whales.
Today, on December 18, 2024, a crypto expert reported that crypto whales have bought 30 million XRP worth $78 million in the past 24 hours.
This significant purchase follows the acquisition of 920 million XRP tokens from Binance by the whales on December 16, 2024. This buying pressure not only presents a good buying opportunity, but also suggests potential upward momentum in the coming days.
The notable purchases of XRP coincide with the launch of Ripple USD (RLUSD), which has led to a significant increase in the XRP price.
Currently, XRP is trading at around $2.65, showing a surge of over 6.10% in the past 24 hours. The trading volume has also increased by 41%, indicating increased participation from investors and traders due to the rising interest from whales and the recent RLUSD launch.
These developments at Ripple Labs have shifted the market sentiment towards a bullish sideways trend.
According to expert technical analysis, XRP has broken out from a bullish flag and pole price action pattern on the daily time frame. If XRP closes a daily candle above the $2.67 level, there is a strong possibility that it could rise by 79% to reach $4.50 in the future.
Participants see this pattern as a potential buying opportunity for trading and investing. The Relative Strength Index (RSI) for XRP is currently at 66, which is below the overbought area, indicating that there is still room for the asset to rise.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
