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XRP Price Pulls Back 20% Despite Bullish Market Sentiment; Here is What Happened

by Matoy
November 17, 2024
in Breaking News, Crypto
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  • XRP reached a three-year high of $1.26 before retreating due to profit-taking and increased exchange reserves.
  • Whale investors and retail traders show contrasting behavior, with whales accumulating as retail holders sell off.
  • Analysts suggest the recent pullback may reset XRP for further gains, potentially reaching $15-$20 in the long term.

XRP recently surged to $1.26, marking its highest price in three years, as optimism grows for favorable regulatory conditions and Ripple’s legal resolution with the SEC. Despite the rally, XRP prices have since dropped, with analysts pointing to profit-taking by large holders and increased token reserves on exchanges as contributing factors.

Whale Activity Drives XRP Volatility

Data from Whale Alert revealed substantial transfers of XRP to exchanges during the rally, including a notable 10-million-token deposit to Bitstamp worth over $11 million. CryptoQuant’s metrics show that exchange reserves of XRP grew by 3% between November 6 and November 16, suggesting whales and other large holders were cashing in on gains.

Santiment’s analysis highlights that while retail traders collectively sold off 75.7 million XRP over the past week, whale and shark wallets holding between 1 million and 100 million tokens accumulated an additional 453.3 million XRP. This accumulation signals potential bullish sentiment for future price movements.

Source: Whale Alert

Analysts Predict Further Gains After Correction

XRP’s price volatility impacted traders, with $12.6 million in derivatives liquidations recorded, including $9.1 million from long positions. CoinGlass data also indicates overbought conditions on multiple timeframes, hinting at the potential for continued correction. Combined with the fact that most holders have likely been waiting for a pump like this to either cut losses or break even from many years of holding, a pullback in this area was more than expected.

Some analysts believe XRP’s rally is far from over. Independent trader Chris McCrypto suggested that XRP could eventually reach $15-$20, while CryptoCharged sees the current pullback as a chance to reset key levels, possibly paving the way for further gains.

As XRP trades around $1.08, market participants remain focused on how retail and whale activity will shape its trajectory in the coming weeks.

Tags: xrp
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