Key Insights:
- XRP price jumped around 4% today and soared past the $2 mark.
- The Ripple whales have offloaded 510 million XRP last week.
- Analysts expect a potential 16% movement in XRP price, sparking discussions among traders.
XRP price has started the week on a positive note, adding nearly 4% amid a broader crypto market recovery. This uptick has particularly boosted confidence in the market, especially as the Ripple coin consistently retested the $2 mark over the last 24 hours.
The bullish sentiment across the crypto landscape is underscored by the performances of other major assets. Bitcoin (BTC) has also seen gains, climbing over 3% after dipping to a low of $88,000 within the daily time frame.
Amid this backdrop, a prominent analyst has stirred a discussion by suggesting that XRP is gearing up for a potential 16% move, backed by technical indicators. However, the analysis left the direction of this move ambiguous, leading traders to speculate whether Ripple could face a surge or if another downturn is on the horizon.
Interestingly, while XRP whales have been aggressively selling their holdings—offloading 510 million XRP last week—institutional investors continue to show confidence in Ripple coin. This ongoing investment may be softening the bearish pressure, creating a complex landscape for XRP’s price trajectory.
XRP Price Recovers from $2: Will the Rally Sustain?
As of the latest updates, XRP price has climbed to $2.11, with a notable trading volume surge of 90% that reached $3.24 billion. This spike in trading activity hints at increasing buying pressure in the market.
The recent price fluctuations saw XRP hover between a high of $2.11 and a low of $2 within the span of 24 hours, causing some traders to feel jittery. Many seem to be waiting on the sidelines for more clarity regarding future movements before committing.
On-chain data indicates that last week’s decline in XRP price was largely influenced by the activities of Ripple whales. As highlighted by analyst Ali Martinez, the massive sell-off—totaling over $1 billion—has created a ripple effect, leading to increased market volatility.
This high level of selling pressure has contributed to the current price struggles for XRP, yet technical trends do suggest a significant move could be on the horizon for the cryptocurrency.
What’s Next for Ripple Coin?
Now that XRP has managed to recover from its recent dip, analysts are closely monitoring its potential future movements. Notably, Ali Martinez has ignited discussions by indicating that Ripple might soon experience a substantial price movement.
<pIn a recent post, Martinez pointed to the formation of a triangle pattern in XRP’s price action. He indicated that if XRP breaks out of this triangle, it could herald a notable 16% move. This analysis has stirred both excitement and speculation within the community, as traders are left to ponder the potential direction of this movement.
However, this has inevitably led to a range of speculations across social media, with users expressing a balanced mix of optimism and caution about whether the move will be upward or downward. The anticipation is palpable, as many see it as a pivotal moment for Ripple.
In addition, the XRP ETF inflow remains robust since its launch, bolstering optimism that a continued rally in XRP price may be in the cards. As of early December, the cumulative net inflow into this investment instrument reached a staggering $897.35 million, a testament to growing institutional interest.
