Based

bullish

Million

View

<p>Ripple’s native token, XRP, presents a highly intriguing chart, attracting significant attention from whales and institutions. This growing interest from industry giants has driven the altcoin’s price to soar over the past 24 hours.</p>   
<h2 class="wp-block-heading" id="h-whale-adds-111-million-xrp-amid-price-decline"><strong>Whale Adds 111 Million XRP Amid Price Decline</strong></h2>   
<p>On November 20, 2024, the whale transaction tracker Whale Alert made a post on X (previously Twitter) that XRP Whale had transferred 110.93 million tokens worth $123.59 million from Binance. However, the identity of the wallet holder remains unknown.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/whale_alert/status/1858973636780052523 
 </div>
</figure>   
<p>This significant token transfer occurred during a period when the <a href="https://coinpedia.org/news/ripple-news-settlement-rumors-keep-xrp-above-1-could-a-pro-crypto-sec-chair-propel-it-to-8/">XRP price</a> was under pressure. Since the acquisition, the altcoin’s price has risen by 7.8%. Moreover, this transfer signals a potential bullish trend and presents a possible buying opportunity.</p>   
<p>Currently, XRP is trading near $1.13 and has registered a gain of over 3.5% in the past 24 hours. However, its trading volume has decreased by 6.5%, indicating reduced participation from traders and investors amid the recent price fluctuations.</p>   
<h2 class="wp-block-heading" id="h-xrp-technical-analysis-and-upcoming-levels-nbsp"><strong>XRP Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, XRP has formed a bullish pennant pattern on the four-hour timeframe and appears poised to break out of it. Based on recent price action and historical momentum, if the altcoin breaks out of this bullish pattern and closes a four-hour candle above the $1.15 level, there is a strong possibility it could surge by 64% to reach $1.90 in the coming days.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/20214903/XRPUSDT_2024-11-20_21-48-53.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/20214903/XRPUSDT_2024-11-20_21-48-53-1024x448.png" alt="" class="wp-image-382690"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>However, during this rally, the XRP price may face resistance around the $1.40 level, marking a 20% gain and acting as a significant barrier. Currently, the altcoin’s technical indicators, including the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI), suggest a potential upside rally in the coming days.</p>   
<p>In addition to technical analysis, on-chain metrics further reinforce XRP's bullish outlook. According to the on-chain analytics firm Coinglass, XRP’s open interest has increased by 5.2% over the past 24 hours and continues to climb steadily, signaling heightened interest amid the potential breakout.</p>

XRP Aims for 64% Rally as Whales Moves $124M in Tokens

Table of Contents

CoinPedia News

Other articles published on Nov 20, 2024

Coinbase Ditches wBTC, Backs Its Own Bitcoin-Wrapped Token, cbBTC

Breaking: Three Cryptocurrencies Surge Past 10% While Market Struggles

Stellar (XLM) Soars 30% Amid XRP Correlation: Can the Rally Continue?

Even Bloomberg Analyst Couldn’t Believe It: Something Extraordinary Is Happening at MicroStrategy...

Quantoz Unveils MiCA-Compliant Stablecoins USDQ and EURQ Backed by Tether and Kraken

BlackRock’s $1.9 Billion ETF Options Debut Sparks Bullish Surge; BTC Sets Sights on $100K

Join our free newsletter for daily crypto updates!