The cryptocurrency market experienced a surge in buying pressure during Wednesday’s market session as Bitcoin retook the $100k mark. The renewed bullish momentum bolstered the altcoin market to conclude the recent correction trend for a higher rally. Thus, the XRP price teases a breakout from the bull-flag pattern backed by active accumulation from large holders.
Currently, the XRP price trades at $2.4 with an intraday gain of 1.5%. According to Coingecko, the asset’s market cap is at $136.2 Billion, while the $20 Billion.
Key Highlights:
- The XRP price is 1.5% down from escaping the correction trend led by a flag pattern.
- The 20-day Exponential moving average provides suitable dynamic support for crypto buyers.
- The $2.9 stands as key resistance against ripple coin buyers to drive a prolonged uptrend.
Crypto Whales Show Renewed Confidence in XRP Price Amid Market Correction
Since last week, the XRP price recorded a notable pullback from $2.9 to $1.9, accounting for a 34.7% loss. Amid the correction, crypto whales have amassed over 100 million XRP tokens, according to data shared by Ali Charts, referencing Santiment analytics.
This accumulation reflects renewed interest and confidence among large-scale investors in the XRP market despite the BTC’s struggle to hold the $100k level. The shared chart highlights a consistent rise in whale activity, indicating the investor continues to follow buy-the-dip sentiment.
The coin price training above the key daily EMAs (20, 50, 100, and 200) accentuates the active uptrend.
Ripple Crypto Targets $3.5 as Bull-Flag Formation Signals Next Move
An analysis of the daily chart shows the XRP price correction formed a well-known continuation pattern called bull-flag. The pattern is characterized by a long trendline showing the dominating trendline and two downsloping trendlines projecting the temporary correction.
Currently trading at $2.4, the Ripple crypto is just 1.5% from challenging the key resistance of the flag pattern. A successful flip from the overhead trendline will provide buying with sufficient momentum to drive to $3.5, registering 45% potential growth.
Also Read: Bitcoin Price Crosses $100k Third Time in December, Can it Stay Above?
