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Ripple Whale Activity
In the last three days, Ripple whales have been actively buying XRP, demonstrating strong confidence in the market. Whales, which are large investors holding between 1 million and 10 million XRP, have added over 100 million tokens to their holdings. This activity occurred after the price dipped from around $2.90 to $2.22, creating a favorable opportunity for purchases. Notably, on December 17, a single whale bought over 22 million XRP from Binance and moved it to a private wallet, indicating a long-term investment strategy. Overall, at least 110 million XRP tokens have left the accounts of wealthy investors recently, suggesting a bullish sentiment for XRP.
Rise in Exchange Inflows
Ripple has experienced a significant increase in XRP being moved to exchanges, particularly with the upcoming launch of its new stablecoin, RLUSD. Exchange inflows reached about $28 million, as investors prepare for the launch. This uptick typically indicates that holders are moving their XRP to exchanges, often for selling purposes, suggesting many are gearing up for trading as the launch approaches.
Technical Analysis of XRP
XRPUSD has experienced a minor sell-off after reaching a high of $2.7145 yesterday, dropping to a low of $2.46, and is currently trading around $2.553. A daily close below $1.60 could signal a further minor bearish trend. However, XRP remains above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart, indicating some stability in the price.
Resistance and Support Levels
The immediate resistance level for XRP is around $2.75, and a breakout above this level could push prices higher to $3. If it surpasses $3.30, a significant bullish trend may develop, potentially targeting $4 or $5. On the downside, immediate support lies at $2.50, with further targets at $2.20, $2.00, $1.60, $1.27, $1.00, $0.85, and $0.74. Current market indicators, such as the Directional Movement Index and CCI (50), are showing bullish signals.
Trading Strategy Recommendations
Considering the current market conditions, it may be prudent to buy on dips around $2, setting a stop-loss at $1.60 and targeting a profit at $3.30. This strategy enables traders to capitalize on potential upward movements while effectively managing their risk.
