Altcoin
XRP Price Eyes $3 As Whale Moves $47M
The XRP price has its eyes on the $3 target following its recent retracement, which has caused the crypto to drop as low as $2.2. Amid the possibility of a bullish reversal, a whale transferred 20 million coins, which has raised eyebrows considering how these whales impact prices.
XRP Prices Eyes $3 Amid Whale Activity
In an X post, crypto analyst Justin Bennett said the XRP price looks ready to rally above $3. His accompanying chart showed that XRP could rally to as high as $3.3 on its next leg up if it breaks out from a consolidation triangle he highlighted on the chart.
XRP has witnessed a price retracement, having touched $2.9 earlier this week. This came following a parabolic rally that began last month. Cryptorank data shows that XRP recorded a gain of 281% in November.
Crypto analyst Dark Defender recently suggested that the XRP price correction was expected and highlighted that $2.13 and $2.27 are the support levels to watch out for as the crypto retraces. XRP has held above these levels, which indicates that the crypto is still in bullish territory and is ready for that rally above $3, as Bennett predicted.
As XRP eyes the $3 target, a whale recently moved 20 million coins ($47.2 million), which caught the community’s attention. Onchain data shows that this whale transferred this sum from an unknown wallet to the Bitstamp exchange. Transfers to exchanges are typically bearish as they indicate that the whale in question might be looking to offload these coins.
Price Action Is Very Bullish
Crypto analyst CrediBULL Crypto also recently suggested that the XRP price action is one of the most bullish at the moment. This came as he remarked that the crypto’s structure is perfect and has real momentum behind its price rallies.
The crypto analyst stated that 20% price corrections are fine and should be taken as buying opportunities. He believes that only a drop below $1.30 could invalidate XRP’s bullish setup at the moment. In line with this, CrediBULL Crypto predicts that the XRP price is going much higher and could soon reclaim its current all-time high (ATH) at $3.80.
In his most recent X post, Dark Defender stated that XRP is trying to break $2.38. If the crypto successfully breaks above that level, the crypto analyst predicts the next target will be $2.92. Moreover, with the Bitcoin price above $100,000, altcoins like XRP could soon continue their upward trend.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: