XRP price forecast for December 2, 2024, amid $256M revenue stream
Ripple's native XRP has hit a major milestone, surpassing the $2 level for the second time since January 2018. With the impressive performance, it looks like the bulls will carry this rally until it reaches the $3 mark.
Will XRP price rally continue?
Following XRP's recent success, whale and investor participation has increased and is raising a common question – will this rally continue or is there a chance of a price correction in the coming days?
$256M XRP Revenue, Sold Revenue?
On-chain analytics firm Coinlas recently reported that amid the bull rally, whales and institutions are consistently dumping millions of dollars worth of XRP into exchanges. According to Coinglass XRP spot inflow/outflow data, exchanges have seen a massive inflow of $256.30 million over the past three days.
This high volume of flow indicates that whalers and institutions have transferred their holdings to the exchange. In the cryptocurrency landscape, such revenue streams typically signal a sell-off and an impending price drop.
Traders strongly favor on the long side
In addition to whale participation, traders appear to be more bullish on strong bets on long positions, as suggested by Coinglass. At press time, XRP's long/short ratio stands at 1.98 in the four-hour period, indicating strong bullishness among traders.
Currently, 66.5% of top traders hold long positions in exchanges while 33.5% hold short positions. This data indicates that, in the short term, the bulls are taking control of the altcoin, which may help XRP continue its rally to $3.
XRP technical analysis and upcoming level
An analysis of these on-chain indicators suggests that the bulls are currently under control, which could support XRP's price and continued rally. However, whale and institutional activity, along with a drop of $256.30 million worth of XRP, indicate that there may be a price correction in the coming days.
XRP price prediction
According to CoinPedia technical analysis, XRP has crossed the highly anticipated $2 resistance level. Following this upheaval, there is a high possibility that it will rise to $3.15 in the coming days. However, the price may face a minor correction or retest before the rally resumes towards the $3 mark.
XRP is currently trading near $2.17 and has recorded a price increase of over 15% in the last 24 hours. At the same time, the trading volume decreased by 14 percent, which shows that the participation of traders and investors is lower compared to the previous days.
