XRP Price Decreases by 5%: Should You Buy XRP Now as Whales Accumulate?

Current XRP news: Amid the ongoing cryptocurrency correction due to changes in US monetary policy, XRP, supported by Ripple Labs, has dropped over 5 percent in the past 24 hours to trade at around $2.36 on Thursday, in the first European session. The large-cap substitute currency, with a fully diluted valuation of around $235 billion and 24-hour trading volume of around $20 billion, has been stuck in consolidation mode for the past two weeks. However, the XRP price has confirmed the start of a macro uptrend after breaking out of a six-year-long consolidation triangle following the dominant victory of US cryptocurrency-friendly leader Donald Trump. Furthermore, the XRP/BTC pair has recovered from a significant support level, amidst the awakening of altcoins driven by institutional investors. XRP Whale Buys More According to data analysis on the chain provided by Santiment, XRP whale investors, with balances from 100 million to 1 billion tokens, have added over 860 million XRP this week, worth more than 2 billion dollars. During the ongoing price increase, XRP whales have been continuously accumulating more coins throughout this process. Bet on Solid Platforms Supported by Ripple and its strong business models, XRP has attracted new attention recently. Furthermore, the lawsuit between Ripple and SEC may be dismissed under the upcoming Trump administration. On Wednesday, Ripple Labs launched the stablecoin RLUSD, which is backed by fiat currency, and it has received widespread support from both centralized exchanges and DeFi protocols. The launch of RLUSD will significantly enhance XRP liquidity and improve the company’s cross-border payment capabilities. Medium-term Target Please provide the text to be translated From a technical analysis perspective, the price of XRP, on a daily timeframe, has broken out of the flag pattern that has been forming over the past two weeks. With a potential inverse head and shoulders (H&S) pattern, XRP price could potentially recover to an all-time high of $3.4 in the near future. However, closing below $2 in the coming weeks would invalidate the bullish sentiment and prolong the ongoing market correction.

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