- XRP has declined by 2.82% over the past 24 hours.
- Ripples whales buy 110 million XRP tokens worth $242 million.
As a seasoned researcher who has navigated through countless market fluctuations and crypto rollercoasters, I find myself intrigued by the recent happenings with Ripple’s XRP. While it’s always exciting to see whales buying the dip, it’s the overall sentiment that matters most.
In the last 24 hours, the crypto market has faced significant bearish trends. As Bitcoin fell to around $95k, many altcoins followed suit, and XRP was no exception. Over this timeframe, Ripple’s XRP token saw a steep decrease, reaching a bottom at approximately $2.15.
Having been an investor for over a decade now, I can confidently say that market drops always present unique opportunities for those who are willing to take a calculated risk. In my experience, these moments, often referred to as “buying opportunities,” have proven to be particularly fruitful for big-time investors, or as we call them in the trading world, “whales.
Ripple whales buy the dip
According to his examination, Ali Martinez noticed that the large investors (whales) in Ripple started buying more XRP after the market drop.
As a researcher observing the digital currency landscape, I’ve noticed that entities known as Ripple Whales have recently acquired an additional 110 million XRP tokens at a total value of approximately $242 million. Such significant purchases by large holders often indicate their optimism towards the potential growth and future of the XRP market.
Over the last two days, we’ve observed an increase in purchasing activity, as indicated by the Taker buy-sell ratio. This ratio, which was previously declining steadily at 0.91, has now risen slightly to 0.93. This upward shift may suggest that more buyers have entered the market, potentially responding to increased selling pressure experienced in the preceding days.
A move from high selling activity to more purchasing indicates that investors are hopeful and see the present XRP prices as ideal opportunities for rejoining the market.
Impact on XRP’s price charts?
Usually, increased buying pressure, especially among large holders positively impacts asset prices.
Currently, XRP is undergoing significant bearish movement. As of now, it’s being traded at approximately $2.28. This represents a decrease of 2.82% in its day-to-day price action. In terms of its weekly performance, XRP has seen a drop of about 2.72%.
Lately, the drop appears to have triggered a wave of sellers panicking. This sudden rise in the proportion of coins on exchanges indicates that investors are feeling pessimistic. The ratio has spiked to 0.029, indicating more coins are moving into exchanges, suggesting a heightened inflow.
It appears that investors are choosing to send their tokens to cryptocurrency exchanges at a higher rate than taking them out. Such activity could indicate that these investors might be planning to sell their tokens, or they’re currently in the process of doing so.
It’s quite significant that the number of active participants in the market has dropped, decreasing from approximately 59,561 to 44,100. This downward trend could potentially result in the altcoin being overpriced, causing its value on price charts to decrease.
Essentially, while whales continue to purchase, the bearish sentiment remains robust, and the bullish trend seems to be weakening as the bearish force gains traction.
Read XRP’s Price Prediction 2024–2025
As a researcher observing market trends, if this sentiment persists, I foresee XRP experiencing a short-term decline, potentially dipping to around $2.20. Yet, should significant whale purchases occur, the buying pressure might propel XRP back up towards $2.35.
Read More
- BCH PREDICTION. BCH cryptocurrency
- TRU PREDICTION. TRU cryptocurrency
- UNI PREDICTION. UNI cryptocurrency
- RIF PREDICTION. RIF cryptocurrency
- GFI PREDICTION. GFI cryptocurrency
- WRX PREDICTION. WRX cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- FXS PREDICTION. FXS cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- ZIL PREDICTION. ZIL cryptocurrency
2024-12-20 16:07