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Ripple whales accumulate XRP, hinting at potential price surge

Ripple whales accumulate XRP, hinting at potential price surge

GrafaGrafa2024/08/28 03:00
By:Mahathir Bayena

Crypto whales have recently purchased 50 million XRP (CRYPTO:BTC) within 24 hours, sparking discussions about a possible rally for the digital asset. 

Despite earlier predictions that Ripple's XRP would retest the $0.65 level in August, the token has struggled to reach that point. 

However, as the month draws to a close, significant whale activity has reignited hopes of a bullish reversal.

On-chain data from Santiment reveals that whales holding between 1 million and 10 million XRP tokens have been steadily accumulating, with a total of 50 million XRP purchased over the past day. 

This accumulation is valued at approximately $29.5 million. 

Such large-scale buying is often seen as a precursor to price increases, as it indicates growing confidence in the asset's potential.

In addition to the whale activity, the number of active addresses on Ripple's network has also increased. 

Just a day ago, there were about 15,000 active addresses, but that number has now risen to over 18,000. 

This uptick in active addresses suggests a growing interest in XRP, further supporting the possibility of a price rebound.

Crypto trader TraderSZ has expressed optimism about XRP's potential to rally toward the $1 mark. 

According to his analysis, XRP appears ready to break past its descending trendline, a move that previously led to a surge toward $0.90 and eventually above $1. 

The current price action shows XRP trading above its 20-day Exponential Moving Average (EMA), a bullish indicator that signals a positive trend.

XRP is currently facing resistance at the $0.61 level, a supply zone that requires substantial buying pressure to overcome. 

However, the formation of higher lows in recent weeks indicates that buyers are accumulating at progressively higher prices, suggesting strengthening momentum.

If this trend continues, XRP could resume its upward trajectory, with the $0.63 level as the first significant target. 

Should the bulls manage to push the price beyond this point, a move toward $1 could be within reach. 

Conversely, if selling pressure increases, XRP may see a decline, potentially dropping to $0.54. 

The coming days will be crucial in determining the token's next move.

At press time, the XRP price was $0.5666.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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