cryptopolitan.com
Data on Tradingview shows that the XRP broke past $1 to hit a record three-year high of $1.26 since November 11, 2021. The surge suggests the anticipation of favorable regulatory changes and the possible end to a long-standing legal battle between Ripple and the U.S. SEC.
However, the price retreated significantly by up to 20% on November 17th, triggering a massive movement of XRP and a shift in the distribution of holdings.
CryptoQuant’s data revealed that XRP’s reserve balance in exchanges went up 3% in the ten-day period to November 16th. The 56% price growth between the 13th and 16th of November was accompanied by an increase in XRP reserves on exchanges by 44 million tokens.
XRP exchanges hands in millions as the rally stalls
🚨 10,000,000 #XRP (11,357,004 USD) transferred from unknown wallet to #Bitstamphttps://t.co/4FLnEipagG
— Whale Alert (@whale_alert) November 16, 2024
Whale Alert disclosed that tens of millions of XRP inflowed into the Bitstamp exchange, aligning with the November 17th XRP price pullback. The exchange received 10 million XRP from a whale who was possibly looking to cash in on the recent price pump.
According to data from Santiment, wallets holding between 1M – 100M XRP collectively accumulated 453.3 million tokens (~$526.3M) over the past week. These tokens were primarily acquired from smaller retail investors, whose wallets (holding less than 1M XRP) sold off a total of 75.7M tokens (~$87.9M).
Retail traders increased their selling activity, likely to take profits, while larger wallets took advantage of the opportunity to accumulate XRP, resulting in a positive growth in market cap.
On November 17th, CoinGlass revealed liquidation worth over $12.6 million in the XRP derivative market. Long traders caught off guard by the sudden XRP price drop accounted for $9.1 million of the liquidations. In the past 2-3 hours alone, over $3 million in leveraged long positions have been liquidated.
XRP’s long-term outlook remains bullish until 2030
While XRP was expected to drop 23% by November 18th, Changelly’s analysis disclosed a minimum price target of $5.36 by 2030 with a potential maximum peak of $6.36. The analysts said they believed in the potential growth and widespread adoption of XRP in the coming years.
Technical indicators signaled a Bullish 88% market sentiment and a Fear & Greed Index of 86 (Extreme Greed). In the long term, the data predicted a minimum price target of $255.67 and a maximum peak of $325.86 by 2040. The minimum price target of $410.96 and a maximum peak of $482.87 are expected by 2050.
Similarly, analysts at Margex speculated that XRP could reach a maximum price of $2.21 depending on the outcome of the U.S. SEC case and the formation of a bullish divergence on the weekly RSI chart. However, CoinCDX’s optimistic data predicted a price range of $1.8 to $3 for XRP in 2025.
According to Coin Price Forecast, XRP’s price was expected to hit $1.9 by the end of 2024, while Telegaon’s bullish forecast projected that XRP could trade at an average price of $12.34 by 2030, noting that XRP price predictions were subject to changes based on market dynamics.