XRP price has been marked by significant volatility in the last 24 hours, reflecting heightened XRP whale activity. Today, Ripple’s native saw an intra-day peak of $2.57, with its value dipping to a low of $2.34, highlighting a bearish trend. These movements coincide with the blockchain firm’s announcement of its new Ripple USD (RLUSD) stablecoin, set for release on December 17. The stablecoin is anticipated to boost liquidity and adoption within the ecosystem.
XRP Whale Activity Intensifies
Adding to the excitement, whale activity has surged, with substantial XRP transfers dominating the market narrative. Over $283 million worth of XRP, or 120 million tokens, was moved from Binance to an unidentified wallet. Earlier today, an even larger move saw 800 million XRP, valued at about $1.93 billion, transferred from Binance to another unknown destination.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 120,000,000 #XRP (283,017,799 USD) transferred from #Binance to unknown wallethttps://t.co/DW2GAQtPhv
— Whale Alert (@whale_alert) December 16, 2024
Such massive transfers are often indicative of strategic moves by institutional players and high-net-worth individuals. Analysts believe these transactions reflect strong confidence in XRP’s long-term value, especially with Ripple’s RLUSD stablecoin launch on the horizon. Ripple has also pledged monthly third-party audits for RLUSD, aiming to ensure transparency and build trust among users.
Analysts Bullish on XRP Price
Amid these developments, analysts are forecasting a bullish trajectory for XRP. Technical expert EGRAG Crypto suggests that XRP could reach the $7 to $8 range if current patterns persist. However, the analyst emphasized that Bitcoin’s performance will likely play a crucial role in XRP’s price surge. Specifically, Bitcoin would need to hit the $120,000 to $130,000 range to create the conditions for XRP’s next breakout.
Meanwhile, derivatives trading for XRP has witnessed a notable spike. Trading volume has risen by 124.29%, reaching $15.19 billion, while open interest has grown by over 4%, totaling $3.80 billion. This surge in derivatives activity underscores growing interest among traders in XRP, signaling a potential shift in market sentiment.
Also Read:XRP Price Prediction 2024 – 2050: Analyzing Future Trends
