XRP Whales Continue To Make Big Moves – Where Will Whales Take Price?

XRP Whales Continue To Make Big Moves – Where Will Whales Take Price?

Key Insights:

  • The XRP whales have moved millions of XRP tokens over the last few weeks alone.
  • The most recent transaction carrying 35,000,000 tokens happened only hours ago and was a transfer from an unknown wallet to Bitstamp.
  • XRP is primed for massive price movements to the upside, over the long, short, and medium terms.

The XRP whales have done the most this week, especially as the end of the year is only a few weeks away.

The crypto community has closely monitored the movement of these whales over the last few weeks, in which a jaw-dropping 143 million coins were moved by a single whale only a while ago. Late last week, two separate transactions carrying 40 and 60 million XRP coins were also moved by the whales in two separate transactions.

And this week, on Tuesday 13 December, 300 million XRP worth about $116 million was moved from Binance.

Considering the massive amounts of money being moved by the whales in form of XRP tokens, it becomes easy to wonder whether the whales know something we don't.

Is a massive Ripple pump on the way? And if a pump is indeed on the way, how far up can XRP go?

XRP Whales Move 35 Million Tokens – Trading Volume Spikes

The most recent whale transactions as reported by Whale Alert via a tweet, mention that 35,000,000 Ripple tokens worth 13,809,712 USD were transferred from an unknown wallet into Bitstamp.

Because of these massive amounts of tokens being moved around (or for some other reason), the trading volume of XRP has been on the rise over the past few weeks. XRP's trading volume has been on the rise from a mere 317 million per day to more than $1 billion where it now sits.

According to data from CoinMarketCap, the cryptocurrency has a trading volume of $1,056,888,187 over the last 24 hours at the time of writing.

Chart showing the spike in the amount of whale XRP holdings
Chart showing the spike in the amount of whale XRP holdings

According to another tweet by the on-chain data aggregation platform, Santiment, the cryptocurrency's trading volume has seen a "big surge" of its own, and it wouldn't be "terribly surprising" for XRP to have another big run (to the upside).

XRP Price Analysis/Outlook

According to data from CoinMarketCap, XRP has been bullish over the last day and has gained 1.92% in the same timeframe, after rising from an intra-day low of $0.3808 to a high of $0.3961 and normalizing at the $0.390 zone where it now sits.

Before the FTX crash, XRP was trading at the $0.5 mark. However, after the market dip that came with the exchange going down, the cryptocurrency plummeted past the $0.41 – $0.40 support, to a low of $0.3159.

<em>Chart showing the price action of XRP | Source: TradingView</em>
Chart showing the price action of XRP | Source: TradingView

XRP has been trying ever since, to get back up, and is being held down by its 20 and 50-day exponential moving averages.

After the most recent rejection from the $0.41 zone this week, XRP has now reversed and is aiming for a retest of the ascending trendline the cryptocurrency has followed since the FTX crash in early November.

<em>Chart showing the symmetric triangle on XRP | Source: TradingView</em>
Chart showing the symmetric triangle on XRP | Source: TradingView

Overall, the price of cryptocurrency is entering a squeeze between both trendlines of a minor symmetric triangle on its daily chart.

If the cryptocurrency breaks above the symmetric triangle, a potential rally to the $0.5 zone becomes possible.

Conversely, if a breakdown of the triangle happens, the cryptocurrency may decline further down below the $0.37 zone to as low as $0.319.

Overall, the future of XRp in terms of price seems promising, in light of the upcoming Ripple versus SEC final verdict in 2023. if Ripple beats the SREC in court, the rally on XRP would be massive and may lead to XRP aiming for a retest of its previous highs ahead of the upcoming bull run.

Disclaimer:

Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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