XRP higher by 8% as bulls make fresh moves
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U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.tokens were transferred, sparking interest and speculation in the market. This movement comes as XRP is making a comeback following a three-day decline.Within the last 24 hours, on-chain data revealed that a massive 20 million XRP transaction took place, moving funds from an unknown wallet to Bitstamp cryptocurrency exchange.While the identity and motive behind the transaction are unknown, deposits to exchanges might signal an intent to sell; whales might seek to take profit amid XRP's recent price rebound. The move could also be a bid to provide liquidity.Within the last 24 hours, Whale Alert reports that"22,018,660 XRP worth $50,355,056 was being transferred from Binance to unknown wallet."The price of XRP has surged significantly since November, breaking through the $1 and $2 levels before encountering resistance en route to $3. XRP closed November higher by 283%, and it is currently up 24.61% so far in December. This increase drove XRP up the crypto rankings, and it is currently the third-largest cryptocurrency, with a market valuation of $139 billion.The recovery has continued into Saturday's session, with prices reaching intraday highs of $2.5; at the time of writing, XRP was up 6.14% in the last 24 hours to $2.43 and up 28% weekly.To initiate a fresh rise, XRP must break past the historical $2.85 barrier, which halted its advance in December 2017, and then $2.9. If this happens, XRP might hit $3 or $4, reaching new all-time highs. XRP is trading above a crucial support range between $2.09 and $2.28. Holding above this range could solidify the basis for continued upward momentum. If the XRP price turns down and breaks below $2.09, it might suggest the start of further declines, with XRP potentially falling to $1.79.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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