After experiencing a significant rise, xrp seems to be consolidating near key levels. Notably, this ongoing consolidation has attracted considerable attention from whales and traders.

XRP whale activity indicates buying interest.

Today, Whale Alert posted a message on social media platforms, tracking a whale transferring 25 million XRP worth $36.67 million from Upbit. This attention-grabbing transaction hints at how whales are capitalizing on the current price consolidation and signaling potential buying opportunities.

In addition to recent withdrawals, over the past two weeks, the XRP supply of major crypto exchanges, including Binance and Upbit, has been steadily decreasing. This downward trend in supply may be driven by institutions' interest in launching XRP exchange-traded funds (ETFs) in the USA.

Furthermore, whales and institutions have transferred 0.5 billion XRP tokens, indicating buying pressure from industry giants. This significant buying activity and huge interest in remittance-based tokens began after Donald Trump's victory in the USA supporting cryptocurrencies. Since then, the token has surged by 185%.

XRP price continues to call.

The unprecedented surge in XRP price earlier this month was remarkable. In particular, XRP price soared from a low point of $0.4976 on November 3rd to a three-year high of $1.6 on November 23rd. This means the price has risen by 220% in just over 20 days.

However, since reaching the three-year high, XRP has entered a corrective phase, dropping by nearly 20%. Despite the price pullback, XRP's trading price remains above the major trendlines that have supported XRP's price during the uptrend.

Currently, technical analysis shows that the price of XRP is about to bounce or break through the trendlines, which may determine its price trend. If following this major trendline, XRP will bounce back to the upside, just like on November 24th. After this bounce, XRP continued to bounce back from the low point of 1.2775 USD, retesting the price level of 1.54 USD on November 24th.

Now, as the price of XRP retests this major trendline, the more bullish choice is to bounce back immediately. Breaking through the uptrend will allow XRP to resume its upward trend, reaching a price level as high as 1.9 USD. Considering this, analysts emphasize the key price range that may impact the future trend of XRP. The range between 1.520 USD and 1.620 USD has been identified as a key area where prices may encounter strong resistance in the coming trading days.

Is XRP about to hit the $2 mark?

XRP is currently in a consolidation phase. A breakthrough or breakdown will determine whether the price in the next few days will rise or fall. Considering the current market sentiment, altcoins seem to be on the edge of a breakout.

If XRP breaks through the consolidation zone and closes above 1.55 USD on the daily chart, it is very likely to reach the $2 mark in the next few days.

However, it is important to note that despite XRP showing signs of a bullish trend, there is still a possibility of a downside breakout. If the daily closing price is below 1.38 USD, it indicates that the XRP price will break below. If this happens, XRP may continue its decline and retest the next significant support level at 1.32 USD!