On December 7, 2024, XRP, Ripple Labs’ native token, gained a lot of attention from crypto enthusiasts during the recent outbreak. However, this breakout comes after a significant price correction that the altcoin has undergone following a remarkable rally.
Whale acquires $288 million worth of XRP
During the price correction, a crypto whale saw the price drop as an ideal buying opportunity and bought a whopping 120 million XRP tokens worth $288 million. This substantial acquisition occurred when XRP fell from $2.90 to $2.22, as reported by a crypto expert on X (formerly Twitter).
This major purchase signals a successful ‘buy the dip’ as the XRP price continues to rise.
Current price momentum
At the time of writing, XRP is trading around $2.55 and has experienced an impressive price increase of over 8% in the past 24 hours. During the same period, trading volume fell by 10%, indicating lower participation from traders and investors compared to previous days.
In addition to XRP’s impressive performance, data shows that other whales and institutions have also amassed significant XRP tokens, in addition to the $288 million acquisition, as reported by the on-chain analytics company Mint glass.
XRP Price Prediction for December 8
According to expert technical analysis, XRP recently broke out from a strong resistance level it faced after breaking the descending trendline. After this breakout, there is a high chance that the price could rise 15% to reach the $2.90 level, with $3 also being a potential target if sentiment remains unchanged.
On the upside, XRP’s Relative Strength Index (RSI) currently stands at 56, below overbought territory, indicating potential buying opportunities and hints of upcoming rallies.
Increasing open interest
With the recent outbreak, trader interest has skyrocketed as XRP open interest has increased by 11% in the past 24 hours and 5% in the past four hours, as reported by on-chain analytics firm Coinglass.