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- Whales accumulated 40 million XRP in the last 24 hours.
- Analyst set sights on $4 mark as the bullish momentum strengthens.
Ripple (XRP) price has been stuck in a narrow range between the $2-$3 mark for the past few sessions. However, it held strong momentum and stayed above the 20 day EMA mark.
Notably, XRP price remained positive during the festive season, surged over 2% overnight. Its market cap surged to $131.64 Billion, ranking 4th among the top cryptocurrencies.
Despite the price consolidation, large investors have continued to accumulate and signals a massive rally could be next.
According to a recent tweet by prominent crypto analyst Ali Charts, whales have accumulated 40 million XRP in the last 24 hours. This suggests market participants are tracking closely for the range breakout.
Amidst the RLUSD stablecoin listing on December 17, XRP crypto showed signs of resilience and caught investors’ attention.
On-Chain Metrics Signals Bullish Optimism
XRP remains the most traded trading pair at Binance Futures for this December with over $116.6 Billion volumes as pointed out by CryptoQuant analyst, JA Maartunn. This seals XRP in place as the exchange’s most traded altcoin.
There have been recent market-wide down swings for bitcoin and altcoins but Maartunn was optimistic that XRP’s recovery will be relatively quick. Thus, it aligns with general market trends as XRP has observed a tremendous increase in the derivatives turnover, increasing by 34.10% per month to $7.72 Billion.
According to Santiment, there has been a massive leap in XRP adoption over the last two years, which added 5.75 million non-empty wallets up by 28%.
Besides this, the trend also looks the same when it comes to XRP adoption as other cryptocurrencies like Bitcoin, Ethereum, and Tether.
Despite the market fluctuations, XRP’s price remained above the 20 day EMA mark and is poised for further upsurge. In case of a break above the $3 mark, bulls can capitalize on this accumulation phase.
The Impact of Ripple’s Leadership on Market Speculation
Ripple Labs attracts attention to XRP’s future and the leadership opportunities in terms of performance. Recently, Ripple’s CTO David Schwartz was praised for his ability by Cardano founder Charles Hoskinson and is regarded as intelligent and passionate.
There are rumours within the crypto community that Ripple is going to work Cardano. Such comments came following Ripple’s continuous legal battles and with Cardano looking for new opportunities, could hint at the two preparing something in the future.
XRP Price Prediction: is the $4 Mark Within Reach?
XRP crypto was bullish above the $2 mark and is primed for another bullish leg in the coming days.
In a recent tweet by Rose Premium Signals, XRP crypto marked a bullish continuation pattern and could see an upswing toward the $4 mark. However, one should monitor the support zone of $1.928 as a key rebuy zone.
Furthermore, the Open Interest (OI) has risen massively by 41.20% to $2.89 Billion in the last 24 hours, which represents sharp long buildup activity.
The immediate support zones were $1.928 and $1.750, whereas the upside hurdles were $3 and $3.70.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
