On January 27th, the crypto industry recorded a surge in selling pressure as the Chinese AI advancement ‘Deepseek’ sent shockwaves in the U.S. market. However, the XRP price showed notable resilience to the broader market correction, holding its value above $3. A surge in whale activity, this action hints potential for a quick rebound.
As of now, the XRP price trades at $3.06 with an intraday gain of 0.4%. According to Coingecko, the asset’s market cap is at $176 Billion, while the 24-hour trading volume is at $14.5 Billion.
Key Highlights:
- A bull flag pattern drives the current uncertainty sentiment in the XRP price.
- A price jump of 3.5% will push XRP out of a weeks-long correction, targeting $4.
- The XRP correction, accompanied by significant whale accumulation, signals a strong buy-the-dip sentiment among investors.
XRP Whales Accumulate 120 Million Tokens During Price Dip
During Monday’s U.S. market session, the XRP coin showcased a 13% drop to retest the $2.55 support level. However, the price reverted quickly and ended with a 1% and long-wick rejection indicated high demand pressure.
According to renowned trader Ali Martinez, XRP whales have taken advantage of the recent price dip, accumulating a massive 120 million XRP tokens. Generally, investors show this behavior in an established uptrend, signaling their confidence for potential recovery.
Whales bought 120 million $XRP in the recent price dip! pic.twitter.com/hDVAshQHQw
— Ali (@ali_charts) January 27, 2025
XRP Price Consolidation Within Flag Formation
Since mid-January, the XRP price has witnessed heightened volatility, struggling to sustain above the $3.3 resistance. An analysis of the daily chart shows this consolation with long-wick rejection on either side of the candles, indicating no initiation from buyers or sellers.
However, the 4-hour chart shows this consolidation resonated strictly within two downsizing trendlines, indicating the formation of a bull flag pattern. Theoretically, this chart setup provides a temporary pullback for buyers to recuperate the bullish momentum.
A potential breakout from the overhead trendline will conclude this chart formation, bolstering a 32% to $4.08.
Also Read: MicroStrategy Files Form S-3 with US SEC To Expand BTC Holdings
