Is Ripple (XRP) Preparing for a Christmas Rally? (Analysts opine)

TL;DR

Ripple (XRP) fell from $2.50 to less than $2, but recovered to $2.25, with analysts predicting a substantial rally in the coming weeks. XRP whales bought 120 million tokens over the past week, reducing supply and potentially setting the stage for a price bomb. The last push of the year?

Ripple’s XRP was among the top cryptocurrencies that were hit the hardest amid the latest market correction. Its price fell from more than $2.50 on December 17 to less than $2 three days later. The bulls managed to regain some ground in recent days, with XRP currently trading at roughly $2.25 (according to data from CoinGecko). Even so, this represents a 10% decline on a weekly basis.

XRP Price, Source: CoinGecko

Despite the fluctuations and recent pullback, many analysts remain optimistic that XRP could experience a substantial rally in the near future. Crypto Bitlord, an X-user with nearly 400,000 followers, believes that “the final bomb is being loaded for 2024.” The market watcher predicted a rebound in prices to $12 next month, suggesting “the rise starts now.”

JAVON MARKS was also among the bulls. They touched on XRP’s 4-hour chart to envision confirmation of a “hidden bullish divergence” that could take the valuation above 2.90 and a subsequent jump to a new all-time high.

For its part, CrediBULL Crypto stated that “the XRP/BTC chart below looks absolutely fantastic” and “the most bullish chart in the entire space.” As such, the analyst said they will look to open a long position once again for another trade in the coming days.

Whales in motion

The latest correction in the crypto market, which began shortly after the Fed announced another interest rate cut but also hinted at a policy pause for next year, appears to have been welcomed by the XRP whales.

On December 20, X user Ali Martinez revealed that these large investors have bought around 80 million tokens in a three-day period. Today (December 24th), he claimed that the whales have accumulated an additional 40 million coins.

These actions reduce the circulating supply of XRP, which could be followed by a price rally (assuming demand stays the same or heads north). Massive whale buying can also lead to enthusiasm among smaller investors who might also jump on the bandwagon, thus creating more upward pressure on the price.

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