XRP's price sees a decline of 10.4% over the past week, though it remains the fourth largest cryptocurrency by market cap at $130 billion. This decrease follows a significant rally in November and December, leading to a phase of consolidation with the Relative Strength Index (RSI) sitting at a neutral 50.88, indicating balanced market pressure with no dominant buyers or sellers.
The neutral RSI, coupled with closely clustered Exponential Moving Averages (EMAs), suggests minimal volatility, reflecting a cautious market awaiting decisive action. Following a peak in whale activity on November 24th, when addresses holding 10-100 million XRP reached 310, a gradual decline hints at reduced large-scale interest among these big holders.
Recently, whales surged from 292 to 299 between December 18-21 but dipped to 296, indicating potential hesitation. This whale activity is crucial as they have the power to influence market trends. Analysts observe that whales may be preparing for a possible breakout or pullback, depending on the shifting dynamics of major interest.
Current XRP prices are charted between $2.17 and $2.33, with predictions of falling to $1.89 if the lower support doesn't hold. Conversely, breaking above $2.33 could see projections of $2.53 to $2.64. With EMAs showing no clear trend, movement will depend heavily on breaking out of current levels.
This ongoing consolidation indicates the market's search for strong catalysts that could steer XRP out of its range-bound state and provide clearer trade directions.
