XRP Sets Sights on $2: 40 Million Tokens Accumulated and 35,700 Active on the Ledger

Whale Activity and Market Dynamics

In the last two days, there has been significant whale activity in the XRP market, showing renewed interest from large investors.

XRP whales have accumulated around 40 million XRP tokens, valued at approximately $22 million, reversing earlier selling trends seen due to regulatory market uncertainties.

Major transactions during this period included a transfer of 104 million XRP (about $55 million) between unknown wallets and a transfer of 52 million XRP (approximately $27.8 million) to the crypto exchange Bybit.

Additionally, 30 million XRP were moved from Bybit to a private wallet soon after. This activity suggests a potential shift in sentiment among large holders of XRP.

Increased Engagement and Price Movement

Moreover, the number of active accounts on the XRP Ledger has risen to over 35,700 daily, signaling increasing engagement within the community, which often precedes price movements. This week, XRP's price jumped by 28.2%, approaching $0.70, driven by whale activity and increased trading from retail investors.

Positive Developments and Institutional Interest

Positive momentum for XRP began with CME Group and CF Benchmarks introducing new indices for XRP, which supports its growth in traditional finance. Robinhood also relisted XRP on November 13 due to high user demand, enhancing liquidity, and hinting at favorable regulatory shifts. In addition, Ripple Labs donated $1 million to a political fund endorsing pro-crypto candidates, underlining its commitment to influence cryptocurrency regulations. A documentary titled "XRP Unleashed," released on November 12, has generated excitement in the community around Ripple's ongoing legal battles with the SEC, and institutional interest is growing, evidenced by several firms filing for XRP-related exchange-traded funds (ETFs).

Technical Overview

XRP has broken through significant resistance at $0.740 after a period of consolidation, reaching a high of $0.84796 and currently trading around $0.79325. However, a daily close below $0.38 could indicate a further bearish trend. The pair is trading above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart.

Near-Term Resistance Levels

Immediate resistance is at $0.8500. If breached, this could push the price towards $1. A breakout above $1 would signify a major bullish continuation, with potential targets of $1.45 or $2. On the downside, immediate support is at $0.7400, with further declines possible towards $0.6800 or $0.6300.

Indicator Analysis (4-Hour Chart)

• Directional Movement Index: Bullish
• CCI (50): Bullish

A possible strategy would be to buy on dips around $0.740, using a stop-loss at $0.63, and aiming for a target profit at $1 or $1.45.