XRP whales have dumped a significant volume of tokens ahead of today’s FOMC meeting and may have delayed the token’s recovery. However, long-term holders are still not selling and continue to show the kind of commitment that favors a bullish XRP price prediction.
According to data from Santiment, whale wallets holding between 100 million and 1 billion XRP have sold nearly $600 million worth of tokens since December 5.
Meanwhile, since December 7, whales dumped over $100 million, showing that deep-pocketed investors are still selling even though the price has recovered.
This explains why XRP has struggled to move past the $2 mark. The token has accumulated a 5% in the past 7 days as the Federal Reserve prepares to make a decision on interest rates today.
Meanwhile, trading volumes have jumped by 60% in the past 24 hours, reaching nearly $4 billion. This accounts for 3% of the token’s circulating market cap and reflects a spike in trading activity ahead of the Fed’s interest rate decision.
XRP Price Prediction: XRP Could Fully Recover If It Breaks This Key Resistance
XRP needs to clear the $2.20 level to reverse its downtrend. The FOMC meeting could provide the necessary catalyst for this to happen, as traders will be reassured about what the future holds once Powell speaks.
Such a bullish breakout would also push XRP above its 200-day exponential moving average (EMA).
The Relative Strength Index (RSI) needs to rise past the mid-line and above the 14-day moving average as well. This is typically interpreted as confirmation that bullish momentum is accelerating.
If XRP breaks through its current resistance, the $3 level could be the first major target, backed by strong psychological significance and historical price action.
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