Key Insights:
- XRP price jumped around 4% today and soared past the $2 mark.
- The Ripple whales have offloaded 510 million XRP last week.
- Analyst expects a potential 16% in XRP price, which has sparked discussions among traders.
XRP price has started the week on a positive note, adding nearly 4% at the time of writing amid a broader crypto market recovery. The latest recovery appears to have boosted the market confidence, especially as Ripple coin retested the $2 mark again in the last 24 hours.
The bullish sentiment in the broader crypto market is evidenced by the performances of the top assets in the space. BTC price has also added more than 3%, recovering from a low of $88,000 in the daily time frame.
Amid this, a renowned expert has sparked discussions with his latest analysis. The expert noted that XRP price is gearing up for a 16% move, citing technical indicators.
However, the analyst did not mention in which direction the upcoming move will be. This has fueled speculations whether Ripple coin will witness an upside momentum or another crash is looming.
On the other hand, the XRP whales are also aggressively dumping their holdings, which is stalling the much-anticipated rally in the asset’s price. In contrast, the institutions have continued to bet on Ripple coin, which might have allayed the downside pressure to some extent.
XRP Price Recovers from $2, Rally to Sustain?
XRP price added nearly 4% today and traded at $2.11 at the time of writing, with its one-day trading volume rocketing 90% to $3.24 billion. The soaring trading volume and the rising price of Ripple coin also hint at buying pressure in the market.
It’s worth noting that the crypto has hovered between a high and low of $2.11 and $2 in the last 24 hours. The recent dip to $2 has spooked traders, with many staying on the sidelines, seeking further insights on the potential future movements of the coin.
Meanwhile, the latest on-chain data suggests that the decline in XRP price last week was mostly led by the Ripple whales. For context, in a recent X post, analyst Ali Martinez said that the XRP whales have offloaded 510 million XRP, valued at over $1 billion, last week.
Considering that, it appears that this massive selling pressure has triggered the downturn pressure in the asset. Despite that, the technical trends hint at a major move ahead for the crypto.
What’s Next for Ripple Coin?
As XRP price has recovered from its recent decline, top analysts have shared crucial insights on the potential future movement of the coin. Meanwhile, analyst Ali Martinez has sparked discussions, saying that Ripple coin might be gearing up for a major move ahead.
In a recent X post, Martinez noted that the recent performance of the crypto is forming a triangle. In addition, he said that once XRP breaks out of the triangle pattern, it could witness a 16% move ahead.
However, it has also sparked speculations among social media users over the direction of the move. Notably, some are anticipating a 50-50 chance of both an upward and downward movement.
Meanwhile, the XRP ETF inflow also remained strong since launch, which has further fueled optimism over a continuing rally in XRP price. The cumulative net inflow into the investment instrument totaled $897.35 million through December 5.