Binance leaves $46 million in XRP, buy signal or what?
Ripple Labs native XRP is set to rise as on-chain metrics, technical analysis and recent whale activity suggest bullish signs. Recently, whale trading tracker, Whale Alert by X (formerly Twitter) reported that 22.08 million XRP tokens worth $46.13 million were transferred from Binance to an unknown wallet.
Buy Well Deep adds 46.13 million XRP
This massive XRP trading occurred at a time when the entire cryptocurrency market was struggling to gain momentum and was bleeding heavily. However, this XRP move suggests a “buy dip” move.
However, yesterday, December 10, 2024, the market decline caused XRP to bleed significantly against other cryptocurrencies. Despite this, whales and long-term holders have been caught off-guard by not moving their XRP holdings from their wallets into sales, according to on-chain analytics firm Conglass.
$140 million XRP withdrawal from exchanges
Data from XRP Spot Inflows/Outflows shows that exchanges have seen a massive outflow of $139.5 million over the past three days, while yesterday's drop in price resulted in a moderate outflow of $11 million. This data suggests that long-term holders remain focused on accumulation even as prices decline.
In the cryptocurrency industry, a breakout is considered a bullish signal as it indicates a shift of asset exchanges to wallets, suggesting a reversible rally and a perfect buying opportunity.
XRP technical analysis and upcoming levels
In addition to increasing interest from whales, XRP's daily chart appears to be forming a massive flag and pivot price action pattern that suggests a significant reversal in the coming days. However, XRP is holding itself above the strong support level of $2, which keeps the altcoin spark alive, but it is currently facing minor resistance near $2.45.
Based on the recent price action, if XRP breaks the resistance level and closes a daily candle above $2.5, there is a strong possibility that it could rise by 60% to reach $4.2. However, if sentiment turns to the bullish side, there is also the possibility of an 18% price decline.
Current price momentum
At press time, XRP is trading at $2.40 and has seen a price increase of over 20% in the last 24 hours. However, at the same time, the trading volume decreased by 8 percent, indicating that the participation of traders and investors is low compared to the previous day.
