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XRP, the world’s third-largest cryptocurrency by market cap, is poised for a notable upside rally as it has formed a bullish price action pattern on its daily time frame and has been attracting significant attention from crypto investors. This rising interest and confidence in the altcoin have led to substantial investment in the past few hours.
Ripple Whales Add 920 million XRP tokens
Today, December 16, 2024, whale transaction tracker Whale Alert posted on X (formerly Twitter) that crypto whales have moved 920 million XRP tokens, worth $2.2 billion, from Binance. However, this notable XRP transfer occurred in two separate transactions: one during the Asian trading session and one at the opening of the US market.
Besides this transaction, whales and long-term holders have also withdrawn a substantial amount of XRP from exchanges over the past week, as reported by CoinPedia on December 15, 2024.
XRP Price Prediction for December 17
These withdrawals from exchanges come as the XRP price is on the verge of breaking out from a bullish price action pattern. According to expert technical analysis, XRP has broken out from a bullish flag and pole pattern on the daily time frame. This occurred after a prolonged period of price consolidation in a narrow range.
Based on the recent price action, if XRP closes a daily candle above the $2.63 level, there is a strong possibility it could soar by 72% to reach the $4.50 level in the future.
With the recent breakout, rising investor interest, and substantial accumulation, it could be easier for XRP to reach the predicted level in the coming days.
Why XRP Price is Increasing?
Additionally, this rising interest might be the potential reason behind XRP’s recent upside momentum. At press time, XRP is trading near $2.58 and has witnessed a price surge of over 6.25% in the past 24 hours. During the same period, its trading volume jumped by 80%, indicating heightened participation from investors and traders.