Amid the downtrend in the crypto market, Crypto Whales has bought around 80 million XRP tokens since December 17, the day when the price correction began.
XRP Targets $3 Mark
XRP, the fourth-largest cryptocurrency by market capitalization, experienced major volatility today, plunging as much as 16% during the trading session. The broader crypto market saw accelerated losses on Friday, with it briefly dipping below $2 to hit an intraday low of $1.95. However, Whales are now buying dip.
Whales bought 80 million $XRP since the price correction began on December 17! pic.twitter.com/nakUKEIzYC
— Ali (@ali_charts) December 20, 2024
This comes as cryptocurrencies faced selling pressure due to diminished speculative interest stemming from expectations of tighter U.S. monetary policy. Bitcoin also saw steep declines, reaching a session low of $92,115.
The drop was particularly severe among alternative cryptocurrencies, with the overall crypto market capitalization shrinking by 9.35% in the past 24 hours-marking one of the biggest single-day drops this year.
According to CoinGlass, $1.4 billion in cryptocurrency positions were liquidated during this period. With bullish bets comprising $1.2 billion of the total. It accounted for $42.55 million in liquidation, reflecting its share of the market’s turbulence.
Despite the sharp decline, the cryptocurrency found support at $1.95, rebounding swiftly and recovering past the $2 level within an hour, marking a 4% surge. At the time of publication, the cryptocurrency is trading at around $2.22.
The recovery triggered $2.04 million in short-position liquidations, with XRP longs accounting for $220,400 out of a total $2.26 million liquidated.
The 2% level is seen as a critical support threshold for XRP’s near-term trajectory, with a potential target of $3 if sustained upward momentum continues.
Also Read: Solana, XRP ETFs to Launch After Litecoin & Hedera ETFs, Here’s Why
