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XRP Faces Decline After Rapid Surge, Analysts Warn of Potential Pullback

by Matoy
December 1, 2024
in Crypto
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  • XRP pumped 5.5% on Dec. 1 after a sharp 50% rally in four days.
  • Overbought RSI readings on daily and weekly charts suggest short-term price exhaustion.
  • Whale investors have reduced XRP holdings, adding to selling pressure at resistance levels.

XRP’s price pumped by 5% on Dec. 1, jumping to $2.16, as signs of bullish exhaustion emerged following a rapid rally earlier in the week. The recent pullback comes as XRP’s relative strength index (RSI) hit overbought levels, with the daily RSI reaching 90.75, signaling potential overvaluation in the short term.

On the TradingView weekly chart, XRP’s RSI stands at 88.42, further emphasizing the overbought conditions. Historically, such elevated RSI levels have preceded periods of consolidation or price corrections. Adding to the technical outlook, XRP faces resistance near its April 2021 high—a crucial level that could influence its trajectory in the coming weeks.

Whale Activity and Resistance Levels Create Headwinds

Large XRP holders, often referred to as whales, have reduced their holdings by 30 million tokens since Nov. 24. This selling activity coincides with XRP’s approach to a significant resistance level, amplifying downward pressure.

The token’s recent decline also aligns with its proximity to the upper trendline of an ascending channel on the weekly chart. Historically, tests of this trendline have led to corrections ranging from 16% to 21%. Should this pattern repeat, XRP could find support near $1.58, aligning with the 50-period EMA and the channel’s lower boundary.

While some analysts remain optimistic about XRP’s long-term potential, the combination of technical resistance, reduced whale holdings, and overbought conditions suggests that the token may experience further downside in the short term.

Tags: xrp
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