XRP price prediction as whales amass 40 million tokens in 24 hours
XRP price prediction as whales amass 40 million tokens in 24 hours 
Cryptocurrency Dec 24, 2024 Share
XRP is navigating an environment of volatility as its push toward $3 resistance appears to have stalled amid the broader market correction.
Despite the current market sentiment, XRP is witnessing increasing buying pressure from whales, a key factor likely to spur price growth.
At press time, XRP was trading at $2.24, having rallied over 1% in the last 24 hours. Over the past seven days, the Ripple-affiliated token has plunged almost 17%.
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XRP seven-day price chart. Source: Finbold
A review of on-chain metrics shared by prominent analyst Ali Martinez on December 24 indicates that XRP whales acquired 40 million tokens within 24 hours.
XRP whale transaction chart. Source: Santiment/Ali_charts
Indeed, this buying pressure comes as a major vote of confidence for XRP, especially considering the token has recently faced sustained selling pressure. For instance, as reported by Finbold on December 19, XRP recorded a $7 billion outflow in capital in a single day, mirroring the general market trend.
XRP price prediction
If history repeats itself, XRP could be gearing up for a potential upward move, as large-scale accumulation by whales has often preceded price growth.
Regarding potential price action, Finbold turned to OpenAI’s artificial intelligence (AI) tool, ChatGPT-4o, for insights into how the asset might trade amid the current investor interest.
According to the AI tool, the impact of whale accumulation would likely take effect within a week and could be influenced by external factors such as overall market sentiment.
Over the next 24 to 48 hours, the whale transactions and increased buying pressure may push the price to $2.30 to $2.40. The platform further noted that sustained buying momentum within three to five days could drive XRP to trade between $2.50 and $2.60, with potential consolidation at those levels.
If bullish sentiment continues, XRP may challenge the $2.75 and $3 resistance zones within a week, provided no adverse market events occur. Conversely, in a bearish scenario, the price could retrace and stabilize around $2.15 to $2.20.
XRP price prediction. Source: ChatGPT/Finbold
Away from whale activity, XRP remains susceptible to market trends, with elements such as the Ripple and Securities and Exchange Commission (SEC) case being a key influence. Notably, part of XRP’s recent breakout from prolonged consolidation below $1 was driven by the news of Gary Gensler’s exit from the SEC.
What next for XRP
As things stand, XRP investors hope for further upward movement if the asset maintains its valuation above the $2 support level. The token recently saw significant capital outflows that pushed it below this critical mark.
XRP could rally further, as it is trading above its 50-day simple moving average (SMA) of $1.61 and the 200-day SMA of $0.81, pointing to possible bullish sentiment in the short and long term.
Elsewhere, the 14-day Relative Strength Index (RSI), currently at 55.19, lies in the neutral zone but leans slightly bullish, suggesting that XRP is neither overbought nor oversold. This leaves room for further price movement depending on shifts in market sentiment.
Featured image via Shutterstock
