Key Points
- XRP Whale Activity spikes: Two massive transfers moved 210M XRP worth $233M.
- Price correction ongoing: XRP dipped by 2.69% but remains bullish.
- Accumulation trends dominate: Whales hoard XRP, signaling long-term confidence.
- Potential rally ahead: XRP Price Prediction sees resistance at $1.34.
Massive XRP Whale Activity continues to shape Ripple’s market narrative. Over a single day, whales moved 210,930,712 XRP tokens, valued at $233.76 million. Data from Whale Alert confirmed two significant transactions:
- 110.93 million XRP (worth $123.59 million) moved from Binance to a private wallet.
- 100 million XRP (worth $110.17 million) transferred between unknown wallets.
These transactions highlight a critical shift in whale behavior: accumulation rather than selling. By moving XRP off exchanges to private wallets, whales signal a strategic approach to hoarding the token, anticipating long-term value growth.
Such movements often reduce selling pressure in the market, creating an environment conducive to price appreciation. Supporting this, Santiment data revealed that whale activity surged to a weekly high of 1,143 transactions as XRP achieved significant gains in November.
$XRP Whales buy $233M XRP in a single day & Moved it to a cold storage #XRP https://t.co/rM82WRWgBi
— Sami S (@BitTwig) November 20, 2024
Ripple’s Price Outlook: Bullish Signs Persist
Despite a 2.69% price dip in the past 24 hours, XRP’s overall trend remains bullish. The token has risen 98.5% on monthly charts, driven by heightened whale activity and increased market demand.
Key Metrics Driving XRP Whale Activity
- Sharp Decline in Whale-to-Exchange Flow
Whale-to-exchange flows dropped from 13,781 XRP to just 703 XRP. This trend shows whales avoid exchanges, typically a sign they are not selling but accumulating XRP for future gains. - On-Balance Volume (OBV) Surges
XRP’s OBV climbed from 5.8 billion to 6.01 billion, reflecting a surge in buying pressure. High OBV readings often indicate buyers are in control, further validating the bullish sentiment. - Reduced Selling Pressure and Accumulation
With whales moving tokens to private wallets, selling pressure in the market has eased. This aligns with an overall strategy of hoarding XRP, reinforcing investor confidence in the token’s price trajectory.
XRP Price Prediction: Will $1.34 Be the Next Target?
Ripple’s XRP experienced a dramatic 157% rally earlier this month, surging from $0.49 to $1.26. While the price has retraced to $1.09, analysts see this as a healthy correction within a broader bullish trend.
Resistance Levels to Watch
- $1.26: XRP’s recent high remains the first major resistance. Breaking this level would confirm renewed momentum.
- $1.34: A successful breakout above $1.26 could propel the token to this next significant resistance point.
The bullish signals from whale activity and technical indicators suggest XRP may be positioned for another upward push.
Why XRP Whale Activity Matters
Whale behavior is often a bellwether for market sentiment, especially in cryptocurrency. Large-scale accumulation by whales usually reflects confidence in a token’s long-term value.
The combination of reduced exchange flows, increasing on-chain activity, and growing buying pressure suggests solid fundamentals back XRP’s recent price movements. This aligns with projections for continued upward momentum.
With XRP Whale Activity dominating headlines and key metrics showing sustained accumulation, Ripple’s token remains one to watch. Investors are particularly keen to see whether XRP can reclaim its $1.26 high and test the $1.34 resistance.
The strategic moves by Whales, combined with strong technical metrics, highlight the potential for XRP to deliver significant returns. As accumulation trends continue, Ripple’s token could be poised for its next major breakout.
