XRP Price Eyes $3 As Whale Moves $47M

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, from the dot-com boom to the crypto revolution. The recent price action of XRP has caught my attention, and I am convinced that it is poised for a significant rally towards the $3 target.

As a researcher studying the cryptocurrency market, I find myself intrigued by the trajectory of XRP. The recent market correction seems to have set its sights on a potential $3 mark, as the crypto dipped as low as $2.2. In the midst of this bullish reversal speculation, an interesting event unfolded: a whale moved 20 million coins, a move that has sparked curiosity among market observers, given the substantial influence these large investors often wield on prices.

XRP Prices Eyes $3 Amid Whale Activity

According to a recent post by crypto expert Justin Bennett, the value of XRP appears poised for a surge past $3. If the digital currency manages to break free from the triangle pattern he identified in his chart, it could potentially reach as high as $3.3 during its next upward trend.

Over the past few days, the value of XRP has experienced a pullback, reaching around $2.9 earlier this week. This dip follows a steep upward trend that started last month. According to Cryptorank statistics, XRP saw an impressive increase of approximately 281% in November.

According to Dark Defender’s analysis, the drop in XRP’s price was anticipated and he identified $2.13 and $2.27 as important support points during this downturn. Remarkably, XRP has managed to stay above these levels, indicating that it remains in a bullish phase and is poised for another surge past $3, as Bennett had previously foreseen.

Looking towards a potential $3 mark, a large investor (a ‘whale’) has shifted 20 million XRP ($47.2 million) recently, sparking interest among the community. Data from the blockchain reveals that this substantial amount was transferred from an unidentified wallet to Bitstamp exchange. Such transactions usually imply a bearish trend as they suggest the whale could be planning to sell these coins.

Price Action Is Very Bullish

Crypto analyst CrediBULL Crypto also recently suggested that the XRP price action is one of the most bullish at the moment. This came as he remarked that the crypto’s structure is perfect and has real momentum behind its price rallies.

The crypto analyst stated that 20% price corrections are fine and should be taken as buying opportunities. He believes that only a drop below $1.30 could invalidate XRP’s bullish setup at the moment. In line with this, CrediBULL Crypto predicts that the XRP price is going much higher and could soon reclaim its current all-time high (ATH) at $3.80.

In his latest update, Dark Defender indicated that XRP is attempting to surpass the $2.38 mark. Should it manage to do so, a crypto analyst anticipates the next potential level will be around $2.92. Additionally, given Bitcoin‘s current price exceeding $100,000, it’s possible that altcoins such as XRP could soon see further growth in their upward trajectory.

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2024-12-07 01:19