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XRP is gaining significant attention after notable whale movements, including a transfer of 30 million XRP (worth $69 million) from UPbit to an unidentified wallet. As highlighted in a tweet by Brett (@Brett_Crypto_X), these large transactions signal growing confidence among institutional investors.
Adding to this trend, another major transfer of 99,999,977 XRP ($222 million) between two wallets underscores strategic repositioning by key players. Analysts believe these moves could be precursors to a breakout, potentially propelling XRP to $3.
Ripple’s Legal Battles Boost Market Sentiment
Ripple’s ongoing legal proceedings, particularly appeal filings involving CEO Brad Garlinghouse, have amplified market anticipation. A favorable legal outcome is seen as a potential game-changer, capable of driving XRP beyond critical psychological thresholds.
The recent uptick in whale activity reflects long-term confidence, with analysts pointing to a convergence of legal momentum and accumulation as a foundation for XRP’s next major rally.
Currently consolidating between $2.00 and $2.90, XRP is in what experts call a “pressure zone” for a potential breakout.
XRP Technical Analysis – December 21, 2024
XRP is trading at $2.30, marking a 16% surge in the last 24 hours. This increase is backed by strong market activity, with a 24-hour trading volume of $21.36 billion.
However, XRP faces significant resistance at $2.38, where a downward trendline intersects with previous support, now acting as a supply zone.
Key Technical Indicators:
- The 50-day Exponential Moving Average (EMA) below the current price supports recovery momentum.
- A Doji candle and bearish engulfing pattern near $2.38 indicate potential selling pressure.
- The Relative Strength Index (RSI) at 58 suggests neutral momentum with a slight bullish inclination.
A breakout above $2.38 could push XRP toward $2.45 and beyond, while failure to breach resistance might result in a retest of lower support levels at $2.22.
Innovative Staking Platforms Draw Attention
Crypto All-Stars’ MemeVault platform is capturing interest by offering up to 138% APY on popular meme coins like $DOGE, $SHIB, and $PEPE. This staking opportunity, combined with strong presale performance, has positioned $STARS as a leading project in the crypto space.
For more updates on XRP, Ripple’s legal developments, and emerging blockchain innovations, visit CentBit.Online – your trusted source for crypto and blockchain expertise in Bangladesh.
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