Date: Tue, Dec 24, 2024, 03:57 AM GMT
Today, the cryptocurrency market is showing signs of recovery after recent corrections. Bitcoin (BTC), which dropped to $92,000, has now regained some momentum, trading at $94,000. Similarly, XRP, one of the top-performing altcoin, is back on a green trajectory after a week-long dip that saw its value drop over 9%. The token found support at a key level, setting the stage for a potential rebound.
Whales Accumulate XRP During the Dip
During the recent market correction, XRP whales were actively accumulating. According to crypto analyst @ali_charts, whales purchased an additional 40 million XRP in the past 24 hours, valued at $90 million at the current price of $2.25.
Earlier, on December 21, whales had acquired 80 million XRP tokens during the downturn, amounting to approximately $184 million at an average price of $2.30. This surge in whale activity highlights their confidence in XRP’s recovery and long-term potential.
What Lies Ahead for XRP?
XRP’s recent decline stemmed from a rejection at the $2.72 resistance level, the upper boundary of a descending triangle pattern. This led to a pullback that tested the lower support level at $1.96. However, with significant whale buying, XRP has rebounded and is now trading at $2.25.
The MACD (Moving Average Convergence Divergence) and RSI is flashing a rebound signal, indicating that XRP may be gearing up for an upward move.
If the current momentum holds, XRP could target its next resistance level at $2.60, coinciding with the upper trendline of the descending triangle. Breaking this resistance could pave the way for XRP to challenge higher levels, potentially surpassing $2.72.
Broader Market
XRP’s recovery aligns with a similar bounce observed in the TOTAL3 chart, which tracks the combined market capitalization of altcoins excluding Bitcoin and Ethereum. TOTAL3 has rebounded from its lower support level of $850 billion, climbed to $957 billion, and is now positioned for an upward move toward its upper trendline.
This broader market recovery could lift altcoins, including XRP, further in the coming days.
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