The cryptocurrency market recorded a notable downturn during Tuesday’s market session as Bitcoin extended correction below the $100k level. While the selling pressure triggers correction for most major altcoins, the XRP price shows resilience despite a record whale inflow to Binance. Is a reversal imminent?
As of now, the XRP price trades at $2.34 with an intraday gain of 5.9%. According to Coingecko, the asset’s market cap is at $133 Billion, while the $28 Billion.
Key Highlights:
- A bull flag pattern drives the current correction in the XRP price
- The XRP price is 3% away from a major breakout from the bull flag pattern
- XRP whale deposit to Binance exchange hits a 6-month high, signaling an impending price movement in the near term.
Whale Activity on Binance Hits Six-Month High with XRP Inflows
According to CryptoQuant analysts, whale deposits to Binance have surged to a six-month high, with over 2.66 billion XRP tokens transferred to the exchange in the last 30 days. This marks the highest influx of XRP since April 2024, highlighting an intensified level of activity among large holders.
The significant inflow suggests that major XRP holders are leveraging Binance for transactions, signaling strategic adjustments in their portfolio or market positioning. Whale deposits often correlate with major tops as they could sell their tokens into the market.
Exchange Flow (Whales) to Binance hit a 6-month high
“Over the past 30 days, more than 2.66 billion $XRP tokens have been moved to the exchange. This is the highest amount of #XRP deposited by large holders since April 2024” – By @JA_Maartun
Link 👇https://t.co/sLtCfbdv1n pic.twitter.com/VXDnUv9oTZ
— CryptoQuant.com (@cryptoquant_com) December 10, 2024
However, if the transaction is intended for other purposes, such as staking, the asset could prevent a major downfall. Thus, the exchange inflow data alone may not offer a clear indication of potential trends.
XRP Pullback Forms Bull Flag, Signaling Potential 50% Rally
Amid the Bitcoin reversal from the $100k level, the XRP price recorded a sharp pullback from $2.9 to $2.36, accounting for an 18.7% decline. However, this pullback reveals the formation of a bull flag pattern in the 4-hour chart.
The Ripple crypto showcased a similar consolidation (patterns) in the November rally, indicating a temporary halt before the next leap. Thus, altcoin is poised for a bullish breakout from the overhead trend as a signal of the end of the current correction.
The post-breakout rally could chase a $3.58 level, registering a potential growth of 50%.
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