Coin Edition -
- Whale activity boosts XRP’s bullish momentum amid recent price weakness.
- XRP targets $3.84, supported by strong DMI and ADX bullish indicators.
- Overbought RSI hints at possible retracement to $1.96 before another rally.
An unknown entity just transferred nearly 40 million XRP tokens (worth $103.18 million). X user Whale Alert said the XRP went to a wallet linked to Coinbase (NASDAQ:COIN).
This unexpected move has sent ripples through the market, sparking speculation about its likely impact on XRP’s trajectory. However, the timing couldn’t be more intriguing. At press time, XRP has shed over 4% in the past 24 hours, slipping into the $2.61 range—an area many see as a golden opportunity to “buy the dip.” With this transfer coming amid recent price weakness, could it catalyze an impending rally?
XRP On-Chain Metrics Points to Market Confidence
CoinGlass data shows XRP’s on-chain metrics, which could mean bullish momentum is coming. The OI-Weighted Funding Rate chart shows a steady rise, to 0.06% on November 13. By December 3, the rate was 0.046%, with XRP at $2.53.
Source: CoinGlass
This trend shows that long position holders want to sustain their bullish stance. This could mean growing market confidence and a bullish outlook. Also, derivatives trading volume went up to $78.85 billion as XRP went up to $2.73.
Source: CoinGlass
This surge reflects heightened investor interest, likely driven by whale activity and market buzz. Additionally, the Long/Short (24h) ratio of 0.9767 shows that long positions currently dominate the market, further reinforcing the sentiment of a possible rally.
Price Prediction: XRP Targets $3.84
At press time, XRP grapples with resistance at the 78.6% Fibonacci retracement level—a zone often associated with possible market pullbacks. Nevertheless, a decisive daily close above this mark could propel the cryptocurrency toward its all-time high of $3.84, a mere 27.02% away from its current price.
Source: TradingView
The DMI indicator also shows this bullish narrative. The +DI at 57.7344 is higher than the -DI at 5.2130, which shows strong bullish dominance. The ADX reading of 45.5937 also shows the trend’s strength and momentum. Meanwhile, the RSI, at 82.05, shows heightened bullish conditions but could mean the price is overbought.
This duality suggests that while the bulls hold control, the possibility of a short-term correction cannot be ignored. Should a retracement occur, XRP could revisit the 2021 resistance-turned-support at $1.96—a potential safety net—before gearing up for its next upward surge.
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