Is it Time to Sell XRP? Whale Sells $27.2 Million Worth of Tokens

Ripple’s XRP token has been in the spotlight recently for its impressive price rally. On November 24, 2024, a whale transaction of 20 million XRP tokens worth $27.24 million was reported on Bybit, one of South Korea’s largest crypto exchanges. This significant dump took place during a market correction phase when XRP was struggling.

Following this whale move, XRP’s daily chart shows bearish signs, indicating a potential price correction. Technical analysis suggests that XRP may experience a 20% drop to $1.05 if it closes below the $1.30 level after forming a bearish evening star candlestick pattern.

Despite its recent surge, XRP may need to undergo a correction or consolidation phase to sustain its positive momentum. The altcoin is currently trading above the 200 EMA on the daily chart, signaling an uptrend. However, the RSI indicator shows that XRP is in overbought territory, with limited room for further price increase.

Traders’ sentiment is leaning towards a bearish outlook, with liquidation data suggesting higher sell-side activity. At the time of writing, XRP is trading around $1.38, with a 7.10% decline in the past 24 hours. The lower trading volume indicates reduced participation from traders and investors compared to the previous day.

Overall, XRP’s price movement is closely monitored by both traders and investors, as the market dynamics continue to shift. Stay tuned for more updates on Ripple’s XRP and other cryptocurrencies in the ever-evolving digital asset space.