Key Insights
- •XRP price saw a significant jump of around 4%, surpassing the $2 mark.
- •Ripple whales have been actively selling, having offloaded 510 million XRP in the past week.
- •An analyst has predicted a potential 16% price movement for XRP, generating considerable discussion among traders.
Market Recovery and XRP's Performance
XRP has begun the week positively, recording a nearly 4% increase at the time of writing, coinciding with a broader recovery in the cryptocurrency market. This recent upturn seems to have bolstered market confidence, particularly as the Ripple coin retested the $2 level within the last 24 hours.
The positive sentiment in the wider crypto market is reflected in the performance of major assets. Bitcoin (BTC) price has also seen a gain of over 3%, recovering from an earlier low of $88,000 in the daily timeframe.
Analyst Forecasts Spark Speculation
Amidst this market movement, a prominent analyst has drawn attention with a new prediction. The expert suggests that XRP's price is poised for a significant 16% move, based on technical indicators.
However, the analyst has not specified the direction of this potential movement, leading to widespread speculation among traders about whether XRP will experience an upward surge or face another downturn.
Concurrently, Ripple whales have been observed aggressively selling their holdings, which could be hindering the anticipated rally in XRP's price. In contrast, institutional investors have continued to show confidence in Ripple coin, potentially mitigating some of the downward pressure.
XRP Price Dynamics: Recovery and Sustainability
XRP price has experienced a recovery, adding nearly 4% today and trading at $2.11 at the time of reporting. Its one-day trading volume has surged by 90% to $3.24 billion. This increase in trading volume, coupled with the rising price, suggests growing buying pressure in the market.
The cryptocurrency has traded within a narrow range of $2.11 and $2 in the past 24 hours. The recent dip to $2 had caused some apprehension among traders, leading many to adopt a wait-and-see approach for further clarity on the coin's future trajectory.
On-chain data indicates that the price decline observed last week was largely driven by XRP whales. Analyst Ali Martinez reported in a recent X post that XRP whales had sold off 510 million XRP, valued at over $1 billion, during the past week.
This substantial selling pressure appears to have contributed to the asset's downturn. Despite this, current technical trends suggest a significant move is on the horizon for XRP.
Future Outlook for Ripple Coin
Following its recent recovery, XRP price has attracted critical insights from leading analysts regarding its potential future movements. Analyst Ali Martinez has particularly stirred discussion by suggesting that Ripple coin may be preparing for a substantial price action.
Martinez noted in a recent X post that XRP's current performance is forming a triangle pattern. He further indicated that a breakout from this pattern could lead to a 16% price increase.
This prediction has fueled speculation among social media users regarding the direction of the anticipated move, with some estimating a 50-50 probability for both upward and downward scenarios.
Additionally, XRP Exchange-Traded Fund (ETF) inflows have remained robust since their launch, further contributing to optimism about a continued rally in XRP price. The cumulative net inflow into these investment instruments reached $897.35 million as of December 5.