XRP whales have added 110 million XRP to their holdings within the last 24 hours, even as the crypto experienced a price decline. On Thursday, December 19, XRP price traded at $2.19, reflecting a 6.23% drop over the previous day. This mirrored broader declines across the crypto market, with many altcoins showing similar bearish trends.
Technical indicators suggest further price volatility. The 4-hour Relative Strength Index (RSI) stands at 42, pointing to bearish momentum. Analysts indicate that a move above the neutral 50 RSI level could potentially pave the way for a bullish recovery.
Key support and resistance levels remain in focus. Should bearish sentiment persist, the XRP price could breach the $2.3 support zone, potentially heading toward the $2 mark. A break below this stronger support could heighten selling pressure. Conversely, if buying momentum strengthens, XRP might stage a recovery, with possible targets at $3 and higher.
Market observers have speculated on potential price rallies. Dark Defender, a crypto analyst, has suggested that XRP could reach $5.85, with $6 being a plausible target if bullish conditions remain favorable.
Whales bought another 110 million $XRP in the last 24 hours! pic.twitter.com/2lzatFruCx
— Ali (@ali_charts) December 19, 2024
Recent market turbulence, including cautious investor sentiment following the launch of RLUSD, has contributed to the price dip. Market participants are closely monitoring whale activity and critical price levels to assess potential price movements.
The accumulation by significant XRP whales during the ongoing price dip has captured attention. Whether these acquisitions signal a preparation for an upward trend or further consolidation remains to be seen. Key levels at $2.3 and $2 will be crucial to watch in the coming days, alongside potential resistance near $3 and beyond.