Ripple price stays below $0.60 as whales snap up $228M in XRP

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    Whales have accumulated around $228 million XRP in the last few days.
    XRP remains mildly bullish.

As a seasoned crypto investor with a knack for deciphering market trends and whale behavior, I find myself intrigued by the recent developments surrounding Ripple (XRP). While the price movements have been somewhat subdued, the underlying sentiment remains bullish – much like a slumbering giant stirring in its sleep.

Recently, the value of Ripple (XRP) has seen relatively small fluctuations, yet there’s a generally optimistic outlook among investors regarding this digital currency.

Ripple remains bullish, but momentum is lacking

Examining the trend of Ripple’s price graph suggests a slightly optimistic or neutral stance. At present, XRP is being traded around $0.5853, showing a minor increase of 0.12%. This indicates a phase of stabilization with a lean towards an upward movement.

The technical markers like Moving Averages and the Relative Power Index (RSI) align with this perspective.

More recently, the 50-day moving average (depicted in yellow) has risen above the 200-day moving average (represented by blue), resulting in what’s known as a Golden Cross – an often bullish signal hinting at a potential move toward positive mid-term trends.

Currently, the movement of XRP‘s price appears to be trending horizontally, hovering near the $0.58 mark. The Relative Strength Index (RSI) is at 55.98, suggesting a balance between buying and selling pressure that slightly favors the bulls, but it’s still short of reaching overbought levels.

For a robust bullish surge, XRP needs to exceed its latest peaks at approximately $0.60. Meanwhile, crucial support zones are situated close to the moving averages, around $0.55.

The current setup indicates a cautious market, but whale accumulation suggests otherwise.

Whales increase accumulation of Ripple

Between May and early August 2024, there were only slight changes in the quantity of significant Ripple owners, indicating a lack of intense buying or selling actions, suggesting that they were holding onto their Ripple assets fairly steadily.

In contrast, there was a significant surge in the number of major holders towards early August. This spike suggests that these ‘whales’ have suddenly started amassing more assets.

In the last ten days, it’s been observed that whales have acquired over 380 million XRP, worth around $228 million. This significant increase suggests that big investors might be growing more confident or strategically positioning themselves in preparation for potential market improvements.

After this surge, the count of big wallets seems to have settled at elevated figures, indicating a decrease in selling pressure.

Read Ripple (XRP) Price Prediction 2024-25

Grayscale boosts XRP’s positive sentiment

Adding to the positive sentiment, a recent report by Grayscale highlighted that Ripple achieved the highest weekly returns among its top 10 crypto assets.

Over the given period, Ripple (XRP) surpassed Avalanche by delivering a 9% return, with Avalanche trailing slightly behind at an 8.4% increase. This impressive showing has served to boost investor faith in Ripple, despite its price still working to pick up speed.

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2024-09-22 06:15