Ripple's XRP token has been trading in a choppy range recently, starting near $2.06, briefly climbing above $2.15 around December 10, before undergoing a minor drawdown and stabilizing at around $2.04. Despite the pullback, on-chain data from CryptoQuant reveals that whale accounts are actively accumulating XRP, dominating trading during the recent price decline—a pattern historically associated with market bottoming phases.
The firm noted that XRP's Spot Taker Cumulative Volume Delta has flipped to buyer-dominant in recent sessions, signaling rising purchasing interest. Furthermore, South Korean exchange Upbit, one of the largest holders and busiest markets for XRP, is witnessing its first meaningful increase in XRP withdrawals since 2023. While small withdrawals still dominate, CryptoQuant interprets this as an emerging shift in the asset's market behavior.
Technically, analyst CasiTrades highlights that XRP is defending its macro 0.5 Fibonacci support near $2.03, with $1.97 acting as a critical level. A hold above $1.97 prevents confirmation of a deeper retracement, while macro resistance sits at $2.41. A break above this could trigger a bullish scenario with targets near $2.75 and $2.90. Conversely, a failure of the $1.97 support could see a move toward $1.64.
The technical backdrop is further supported by a major multi-year breakout from a base around $0.50. Analysts view this as a change in trend, with the former accumulation range now acting as strong support. Long-term Exponential Moving Averages (EMAs) remain bullish, with the 21 EMA providing dynamic support, preserving the overall price structure without a bearish crossover.
Analyst Egrag Crypto projects Fibonacci targets at $3.40 and $5.85 over a six-month horizon, anticipating volatility but with risk biased to the upside. Fundamental developments are also supportive. The conditional approval of Ripple by the Office of the Comptroller of the Currency (OCC) as a national trust bank has enhanced its regulatory standing. Additionally, Hex Trust's launch of wrapped XRP (wXRP) could boost utility by enabling cross-chain trading on Ethereum, Solana, and Optimism, integrating with Ripple's stablecoin RLUSD, and attracting more institutional activity.
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