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XRP has seen an extraordinary boom in recent weeks, with its price rising by 380% over the past 23 days. In just the last four days, the price has jumped 75%, reaching a peak of $2.87 on December 2. This rapid rise appears to be fueled by significant buying activity on the part of large investors, known as “whales.”
Ki Young Joo, CEO of on-chain analysis company CryptoQuant, Highlight These whales operate primarily through the US-based Coinbase exchange. On December 2, he noted that “Coinbase whales are driving this XRP rally,” noting that Coinbase’s per-minute price premium ranged from 3% to 13% during the rally.
In contrast, Upbit – a Korean exchange with more XRP investors than Binance – did not show any significant premium, suggesting that the buying pressure is mostly coming from the US.
On his alt account
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Today is to caution Traders against shorting XRP. “Shorting XRP right now seems risky, IMO. A $25 billion XRP deposit before the pump may seem like market manipulation, but it may simply be manipulation on the front foot. This insider whale may know something very bullish about XRP, Such as instant approval for ETFs.
He also shared the “XRP: Retail Activity by Increasing Trading Frequency (Spot and Futures)” chart, which indicates that XRP retail trading activity has surpassed its 2021 highs and is approaching levels last seen in January 2018, when it reached XRP to its highest levels. Highest at $3.92.
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By monitoring the Cumulative Volume Delta (CVD) of the receiver’s 1-year buy/sell volume, he noted: “The 1-year CVD of the receiver’s buy/sell volume for “
Will XRP price rise 700% against Bitcoin?
From a technical analysis perspective, cryptocurrency analyst Jacob Canfield stresses the importance of examining the XRP/BTC pairing. he Notes XRP is currently in a critical resistance zone on the BTC (XRPBTC) chart, having just reached the $2.75 level on the USDT pair – a resistance point since December 2019.
Canfield notes that a breakout here could signal a potential 240% return to key resistance areas from 2017, 2018 and 2019. “If we get real FOMO, we could be preparing for another 700% move to an all-time high against Bitcoin,” Canfield notes. “Two of the strongest monthly XRP candles we have seen in over 5 years,” he commented.
Looking at the shorter time frames for XRP/USD, Canfield Highlights Use support and resistance levels to identify new entry points on these time frames. “In bull markets, you need to use lower time frame support/resistance to find new entry points. 5min/15min is best. It is usually the best place to re-enter the trade.
At press time, XRP was trading at $2.63.
Featured image created with DALL.E, a chart from TradingView.com
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