CandleFocus XRP Whales Snap Up $2 Billion in 3 Days: Breakout or Bull Trap?
2024-12-18
Author: Content Editor
XRP whales have recently accumulated tokens worth $2.17 billion, leading to speculation that the coin's price may reach a new high. However, on-chain data suggests that some whales are also selling, raising questions about the future price of XRP. While the buying pressure is seen as a bullish signal, data from CryptoQuant indicates a higher flow of XRP tokens into exchanges, suggesting a mix of buying and selling among whales. Despite this, the volume of tokens accumulated outweighs the selling pressure, potentially allowing XRP's price to avoid falling into a bear trap. An assessment of the XRP/USD daily chart shows the formation of a bull flag pattern, indicating a possible rally towards $3.50 in the short term. However, the trend could change if XRP whales sell large volumes, potentially leading to a downturn in price.
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