XRP Holds $2.50 as Whale Moves 2.65M XRP—Next $3.87?

XRP price recovery teases a bull cycle within a broader pattern to reach the $3.87 mark for a potential breakout rally. 

With Bitcoin trading near the $89,000 mark, XRP has recorded a 24% surge in the past seven days. However, the XRP price trend has witnessed massive fluctuations along the way and is currently trading slightly above the $2.50 psychological mark. 

With a market cap of $146 billion, the XRP price has witnessed an intraday pullback of nearly 3%. However, the chances of a post-retest reversal tease a massive bull run in the XRP prices. 

XRP Price Analysis Teases Bullish Turnaround 

In the daily chart, the XRP price trend showcases a bullish breakout of a local resistance trend line. The resistance trend line was formed within a larger right-angle ascending broadening wedge. 

The intraday candle currently reveals a lower price reaction from a 24-hour low of $2.37. Currently, XRP trades at a market value of $2.52, hinting at a post-retest bounceback in XRP. 

Crypto Whale Makes $56M in XRP Profits

Based on the data by Nansen.ai, a crypto whale has recently deposited 2.65 million XRP tokens. The valuation of the deposit is counted at $67.65 million and marks the first deposit of the whale after 2.3 years. 

With this deposit, the whale has marked a huge profit of $56.87 million. Initially, the whale accumulated 25.12 million XRP tokens worth $10.77 million from Binance. The buying spree expanded between April 22, 2022, and November 24, 2022. 

The average cost of the buying was $0.429. After the purchase, the whale added the XRP tokens to a liquidity pool with BNB. With investment into the liquidity pool, the whale earned an additional 1.38 million XRP tokens.

XRP Price Targets $3.87

As XRP hints at a post-latest reversal, the profit booking from a long-dormant crypto whale warns of a potential consolidation or a downfall. Nevertheless, the technical analysis hints at a bullish rally, potentially towards the $3.87 mark. 

This price projection comes from the trend-based Fibonacci levels, pending a crucial price target near the overhead resistance line. On the flip side, the crucial for XRP remains at the $2.14 demand zone, followed by the $2.00 psychological mark.

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Sahil Mahadik
Written by Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my ion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.