XRP Price Will Go Up? Whale Moves $36.67M in Tokens

Whale Movements and Market Consolidation Boost XRP Outlook
As XRP consolidates near a key price level, large-scale movements by whales have caught the attention of the cryptocurrency community. On-chain analytics firms CryptoQuant and Whale Alert have highlighted recent activities that signify strong buying interest from large investors, commonly referred to as ‘whales’.

Significant Whale Transactions Indicate Rising Interest in XRP
On November 28, 2024, Whale Alert reported a significant transaction where a crypto whale moved 25 million XRP tokens valued at $36.67 million from Upbit, South Korea’s largest crypto exchange. This activity is seen as a strategic play during XRP’s price consolidation, suggesting that whales view the current levels as potential buying opportunities.

Decreasing XRP Supply on Exchanges Points to Institutional Accumulation
Data from CryptoQuant shows that the supply of XRP on major exchanges like Binance and Upbit has been on a decline over the past two weeks. This reduction in available XRP is likely driven by institutional investors, possibly in anticipation of an XRP exchange-traded fund (ETF) launching in the United States, which adds to the buying pressure.

Market Sentiment Bolstered by Pro-Crypto Political Developments
The buying interest and overall market momentum for XRP have been significantly influenced by the election of pro-crypto figure Donald Trump in the United States. Following his victory, XRP’s price has surged by 185%, underlining the impact of political climates on cryptocurrency markets.

Current Trading Dynamics of XRP
As of today, XRP is trading at approximately $1.47, with a 6.15% increase over the past 24 hours. However, the trading volume has seen a decrease of 17%, indicating a period of consolidation with less active trading.

Technical Outlook: XRP Poised for a Breakout?
Technical analysts suggest that XRP is in a consolidation phase, with the future price direction dependent on whether it breaks out or down from this pattern. If XRP can sustain a close above the $1.55 mark, it might pave the way for the price to reach the $2 level in the near future.