Following XRP’s notable rise, Ripple’s native token appears to be consolidating near critical levels. Meanwhile, this ongoing consolidation is attracting significant attention from whales and traders, according to analytics firm CryptoQuant and whale transaction tracker Whale Alert.
XRP Whale Activity Signals Buying Interest
As of today, November 28, 2024, Whale Alert posted on X (formerly Twitter) that a crypto whale had transferred a significant 25 million XRP worth $36.67 million from South Korea’s largest cryptocurrency exchange, Upbit. This notable trade hints at how whales are benefiting from the current price consolidation and points to potential buying opportunities.
🚨 🚨 25,000,000 #XRP ($36,676,055) transferred from #Upbit to unknown wallet https://t.co/HLpEFKJ8sh
— Whale Alert (@whale_alert) November 28, 2024
In addition to this recent withdrawal, data from CryptoQuant shows that the supply of XRP on major cryptocurrency exchanges, including Binance and Upbit, has been steadily declining over the past two weeks. This downward supply trend is potentially driven by institutional interest in the launch of an XRP exchange-traded fund (ETF) in the US.
Additionally, CryptoQuant reported that whales and institutions have moved a significant 500 million XRP tokens, signaling buying pressure from industry giants.
This remarkable buying activity and massive interest in the remittance-based token began following the victory of cryptocurrency supporter Donald Trump in the United States. Since then, the token has skyrocketed 185%.
Current price momentum
Today, at press time, XRP is trading around $1.47 and has registered a 6.15% gain over the past 24 hours. Meanwhile, trading volume fell 17% over the same period, indicating lower trader participation amid ongoing consolidation.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP is currently in a consolidation phase. The breakout or breakdown will determine whether the price will rise or fall in the coming days. Given the current market sentiment, the altcoin appears to be on the verge of a breakout.
If XRP breaks out of the consolidation zone and closes the daily candle above the $1.55 level, there is a good chance it could reach $2 in the coming days.
