XRP Price Drops, But Whales See Buying Opportunity

XRP, the cryptocurrency of Ripple Labs, has experienced a notable price drop in the last 24 hours, but it continues to attract the attention of major players in the crypto world. On December 11, 2024, amidst a bearish market sentiment, experts see this drop as a necessary price correction.

Whales’ Interest Increases

Despite the price drop, some believe this could be an excellent time to buy XRP, especially with the support of pro-crypto figures such as President Donald Trump and the new SEC chairman. This political support could have a positive impact on the market. The on-chain analysis company Coinglass reports a significant increase in the participation of whales and institutional investors in XRP in the last 24 hours.

There has also been a noticeable outflow of XRP from exchanges, amounting to $213 million in the last 48 hours. This outflow, which means that XRP is being moved from exchanges to private wallets, is often seen as a bullish signal as it may indicate long-term investments or buying strategies of large investors.

Technical Analysis and Price Outlook

XRP appears to be on the verge of retesting a breakout at the $2 level, with possibilities for a price reversal. Technical indicators such as XRP’s Relative Strength Index (RSI), currently at 62, suggest that there is still room for price increase without entering overbought territory. The price could soon rise by at least 30%, with the potential to reach the $2.90 level.

At the time of writing, XRP is trading around $2.25, after a drop of 2.5% in the last 24 hours. However, a noticeable recovery has been visible. The trading volume has increased by 108%, indicating a higher involvement of traders and investors.

These developments suggest that, despite the short-term drop, there may be a positive reversal on the horizon for XRP, supported by both market sentiment and technical indicators.