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XRP has witnessed major changes in its trading volume recently. As of December 31, 2024, the 24-hour trading volume of XRP is approximately $6.13 billion, showing strong market activity. In the last few days, trading volume jumped by 87%, reaching around $4.57 billion, indicating increased interest. XRP is very popular in South Korea, with trading volumes of over $800 million on top exchanges. Scenes of the cryptocurrency markets were always hectic during 2024 because their total traded volumes reached almost $18.4 trillion.
Whale Activity Insights
In the past week, XRP has been shaped more by large whale activity and significant transactions and holdings changes among larger investors. Whale Alert reported a total of almost 190 million XRP moved in substantial transactions. The biggest single transfer was noted at 99.9 million XRP, which amounts to around $222 million. Other major transfers were 52.8 million XRP and 30 million XRP, noted to have a value sum of over $411 million.
Price Movements and Resistance Levels
XRPUSD declined marginally after it hit a new high at $2.90. Low was marked at $1.890 and is trading near $2.1280 presently. Daily close below $1.60 may result in a minor bearish trend. XRP is above its short-term 34 EMA and 55 EMA on the 4-hourly chart and above the long-term 200-day EMA, which shows that the present price is stable to some extent.
Resistance and Support Analysis
The immediate resistance is at $2.75 for XRP, and a break above this may send the price even higher to $3. If it breaks above $3.30, then it could be on its way to $4 or $5. Conversely, the immediate support lies at $2.50, and further supports exist at $2.20, $2.00, $1.60, $1.27, $1.00, $0.85, and $0.74. The Directional Movement Index and CCI (50) are exhibiting some bullish signs in the market currently.
Trading Strategy Recommendation
At present, considering the recent market conditions, it would be prudent to buy on dips at $2 and sell at $3.30 with a stop-loss at $1.60. In this way, traders can benefit from any potential upside in prices while keeping control over their risk.
