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Ripple’s native token, XRP, has been making waves in the cryptocurrency realm with its impressive upside momentum. Amid this remarkable price surge, recent activity by whales and investors has raised concerns about a potential sell-off.
80 Million XRP Moves to Binance
The price of XRP has shown consistent growth over the past week, with a significant 45% surge. During this period, some whales and investors have dumped their holdings on Binance, the world’s largest cryptocurrency exchange.
According to the on-chain analytics firm CryptoQuant, Binance’s XRP reserve increased by 80 million over the span of seven days, indicating a potential sell-off and raising concerns about a price decline. Despite this substantial dump of tokens onto the exchange, the XRP price remained neutral and showed consistent growth.
Current Price Momentum
Currently, XRP is trading near $3.39 and has experienced a price surge of over 16% in the past 24 hours. This impressive price increase has attracted significant attention from investors and traders, leading to a 45% jump in trading volume, indicating their participation during the same period.
Expert View on XRP
Despite the notable upside momentum in the past 24 hours, a prominent crypto expert recently made a post on X (formerly Twitter) and stated, “Buying XRP at $3 may seem like a good idea, but buying when I did at $2.48—and during the dip at $2.40—would have been better.”
This statement by the expert suggests that XRP is still undervalued and has the potential to soar significantly in the coming days.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP appears bullish as this rally follows the breakout of the bullish flag and pole price action pattern.
Additionally, the XRP price had been consolidating before this rally began, which is another bullish sign. Based on the recent price action, there is a strong possibility that XRP could soar another 32.5% to reach the $4.45 level in the coming days.
However, as we approach President-elect Donald Trump’s inauguration, this forecasted target seems easily achievable. Though time will tell what happens, it’s clear that sentiment and the cryptocurrency market are likely to soar once Trump takes his presidential oath.