Date: Sun, Nov 17, 2024, 05:45 AM GMT
XRP has been riding a wave of bullish momentum ever since Donald Trump’s victory in the U.S. presidential election on November 5. The token has skyrocketed by over 100% in just under two weeks, fueling excitement across the crypto community. This surge has been powered by a combination of Ripple’s recent legal wins and speculation that SEC Chairman Gary Gensler might step down.
In a significant milestone, in the past 24 hours, XRP crossed the $1 mark for the first time since November 11, 2021. However, after reaching a high of $1.27, the token faced a slight correction and is now trading at $1.02.
What’s Driving the Correction?
The pullback appears to be driven by retail traders taking profits. According to on-chain data from Santiment, large XRP holders, or “whale” and “shark” wallets holding between 1 million and 100 million tokens, have been on a massive accumulation spree. This group added 453.3 million XRP (worth $526.3 million) in the past week.
In contrast, smaller wallets holding under 1 million XRP have dumped 75.7 million tokens (worth $87.9 million) during the same period. This suggests that while retail traders are cashing out, whales are taking the opportunity to buy the dip.
What’s Next for XRP?
With XRP now trading at a crucial support level of $1.00, the next move could go in one of two directions:
- Bullish Reversal: If the support holds, XRP could quickly rebound to test resistance levels at $1.27 and potentially $1.35.
- Further Correction: If the $1.00 level fails to hold, XRP might dip further to the next support at $0.9378 before attempting a recovery.
This correction could provide opportunities for both short-term traders and long-term holders to strategize their positions.
As the market continues to react to macroeconomic and crypto-specific factors, XRP’s next moves will be closely watched by traders and investors alike.
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