The chart of Ripple’s native token, XRP, is currently drawing a lot of attention from whales and institutions due to its intriguing nature. This surge in interest from industry giants has caused the price of the altcoin to skyrocket in the last 24 hours.
Whale Adds 111 Million XRP Amid Price Decline
On November 20, 2024, Whale Alert, a whale transaction tracker, reported on X (previously Twitter) that an XRP Whale had transferred 110.93 million tokens valued at $123.59 million from Binance. The identity of the wallet holder remains unknown.
This significant token transfer happened at a time when the price of XRP was experiencing downward pressure. Since the transfer, the price of the altcoin has increased by 7.8%. This transfer also indicates a potential bullish trend and presents a potential buying opportunity.
Currently, XRP is trading around $1.13, with a gain of over 3.5% in the last 24 hours. However, its trading volume has decreased by 6.5%, indicating reduced participation from traders and investors amidst recent price fluctuations.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis suggests that XRP has formed a bullish pennant pattern on the four-hour timeframe and is poised for a breakout. Based on recent price action and historical momentum, if the altcoin breaks out of this 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 potential rally, XRP’s price may encounter resistance around the $1.40 level, which represents a 20% gain and acts as a significant barrier. The altcoin’s technical indicators, including the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI), suggest a possible upside rally in the days ahead.
In addition to technical analysis, on-chain metrics also support a bullish outlook for XRP. Coinglass, an on-chain analytics firm, reported a 5.2% increase in XRP’s open interest over the last 24 hours, indicating growing interest amid the potential breakout.
