Date: Sat, Dec 21, 2024, 03:52 AM GMTThe cryptocurrency market has witnessed a significant recovery after a sharp correction triggered by the Federal Reserve meeting on December 17. Bitcoin (BTC), which plunged to $92,000, has now rebounded to above $97,000. XRP, one of the top-performing altcoins, also experienced a dip but quickly bounced back, offering a relief to investors.On December 20, XRP dropped to a low of $1.96 during the broader market sell-off. However, it managed to recover quickly and is currently trading at $2.30. This rebound has been largely attributed to strategic buying by whales, who took advantage of the dip.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/029288f37c9c4e4d97c763e42c1b8444.png" />Source: Coinmarketcap<h3 id="strong-whales-step-in-strong">Whales Step In</h3>While retail investors were offloading their holdings, large investors, or &#34;whales,&#34; seized the opportunity to accumulate XRP at lower prices. Crypto analyst <a href="https://x.com/ali_charts/status/1870215929298346348" rel="noopener noreferrer nofollow">&#64;ali_charts</a> reported that whales acquired 80 million XRP tokens during the correction, worth approximately $184 million at the current price of $2.30.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8daa1fed746f41a684559507ed680fc9.jpeg" />Source: &#64;ali_charts (X)This activity indicates strong confidence in XRP&#39;s long-term potential.<h3 id="what-s-next-for-xrp">What’s Next for XRP?</h3>XRP’s recent drop followed a rejection at the $2.72 resistance level—the upper boundary of a descending triangle pattern. This pullback pushed the price down to its lower support at $1.96. However, with the support of whale buyers, XRP has bounced back and is now trading at $2.30.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c79ac5d677e0408fa2f008962920af94.png" />The MACD (Moving Average Convergence Divergence) is flashing a rebound signal, indicating that XRP may be gearing up for an upward move. If the current momentum sustains, XRP could target its next resistance at $2.60, aligning with the upper trendline of its descending triangle pattern.<h3 id="strong-final-thoughts-strong">Final Thoughts</h3>The recent whale accumulation and technical indicators point toward a possible recovery for XRP. However, market conditions remain unpredictable and traders should keep an eye on key levels like $1.96 support and $2.60 resistance.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/horizen-zen-rallies-strong-following-grayscale-trust-launch-whats-ahead/" rel="noopener noreferrer nofollow">Horizen (ZEN) Rallies Strong Following Grayscale Trust Launch: What’s Ahead?</a>

XRP Rebounds Following Whale Accumulation In Recent Dip: What's Ahead?

Table of Contents

CoinsProbe

Other articles published on Dec 21, 2024

Dogecoin (DOGE) Rebounds: Whale Accumulation and Historical Patterns Indicate Growth Potential

MicroStrategy Stock Drops 6% in Pre-Market, Down 40% Since November Peak

Tether Invests $775 Million in Decentralized Video Platform Rumble

German regulators have ordered Worldcoin to delete biometric user data over GDPR violations

Hyperliquid Token Surges to Prominent Position

“Hawk Tuah” Girl’s $HAWK Memecoin Faces Backlash After Allegations of Insider Trading and Sniping

Join our free newsletter for daily crypto updates!