- XRP whales accumulate 40M tokens, signaling confidence in future market prospects.
- Despite outflows, XRP holds strong at $2.25, hinting at potential bullish momentum.
- Ripple CTO’s tweet sparks speculation on a $10 target and XRP’s price trajectory.
XRP continues to captivate the cryptocurrency market with notable whale activity, surging prices, and heated community discussions. Over the last 24 hours, whales holding between 1,000,000 and 10,000,000 XRP added 40 million XRP to their portfolios.
This substantial accumulation, highlighted in crypto trader Ali Martinez’s analysis, signals growing confidence in XRP’s potential. The increasing holdings by these investors suggest a potential price rally as whale movements often precede significant market trends.
Besides this accumulation, Whale Alert data revealed a transfer of 60,000,000 XRP worth $132.2 million between unknown wallets. Such high-value transactions typically hint at strategic market maneuvers, whether for consolidation, trading, or preparation for future developments. Despite six consecutive days of outflows, XRP’s resilience is evident as the price holds firm near $2.25, according to analyst Chad Steingraber.
Sustained Support Levels Amid Outflows
Steingraber observed a notable stabilization in XRP’s price despite recent outflows. He emphasized that even after four weeks of persistent outflows, XRP maintained critical support at $2.20.
This trend could signify the end of selling pressure and the beginning of a reversal. The current price of $2.26 reflects a 2.62% increase in the last 24 hours, backed by a trading volume exceeding $8.1 billion.
Significantly, Steingraber noted that the market appears to be holding the line, hinting at potential bullish momentum. As selling activity subsides, the possibility of renewed accumulation grows, suggesting an optimistic outlook for XRP in the short term.
We've had 6 straight days of solid red XRP outflows and still we've held the line from $2.30 … now sitting at $2.25
— Chad Steingraber (@ChadSteingraber) December 23, 2024
The outflows are burning out and about to reverse.. 👀 https://t.co/PCl0nKZMc0 pic.twitter.com/kwDWa3ye6w
Ripple CTO Sparks Community Debate
Adding to the excitement, Ripple CTO David Schwartz ignited speculation within the XRP community with a recent tweet. His post, referencing “10x times” from a bubble solution label, prompted discussions about XRP’s price trajectory. Community members speculated whether this implied a $10 target or a potential 10x price increase.
Moreover, the timing of this tweet aligns with XRP’s weekend performance, where the cryptocurrency experienced an almost 13% surge. While Schwartz’s tweet might appear unrelated, the XRP community often interprets such posts as subtle indicators of Ripple’s confidence.
