"XRP Analysis: Whale Movements and ETF Developments Shaping the Market"

XRP/USD experienced a slight pullback following a significant sell-off, reaching a high of $0.51342 and currently trading around $0.51365.

Recent Developments

In October and November 2024, Ripple (XRP) saw notable whale activity. Early in October, large investors purchased about 390 million XRP, totaling approximately $228 million, raising hopes for a price rise above $0.60. A crucial transaction involved transferring 30 million XRP from the South Korean exchange Upbit to an unknown wallet, hinting at a bullish trend for XRP. By November, more than 35,700 unique wallets were active on the XRP Ledger in one day, indicating strong interest from investors. Despite ongoing legal challenges with the SEC, XRP was trading around $0.547, suggesting that investors are bracing for potential market changes.

On November 1, 2024, 21Shares filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund (ETF) known as the 21Shares Core XRP Trust. This filing comes amidst continuing legal uncertainties surrounding Ripple and its digital asset, XRP.

1. Horizontal Trend Line: $0.680

Any daily close below $0.55 would confirm further bearish trends.

The pair is trading below 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:

The immediate resistance is around $0.550; a breach above this level could propel the pair to $0.580, $0.6300, $0.6800, $0.75, $0.820, $0.900, or even $1.

On the downside, immediate support is at $0.4800, with potential declines targeting $0.45 or $0.40 if that level is breached.

Indicator Analysis (4-hour chart)

• Directional Movement Index: Neutral.
   
• CCI (50): Bearish

It may be a good strategy to buy on dips around $0.4780, with a stop loss set at $0.400 and a target profit of $0.75.