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.
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.
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.
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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