XRP Whale Purchased 30 Million XRP, Experts Weigh In

The recent purchase of nearly 30 million XRP valued at $12.7 million from Binance to an anonymous wallet has sparked attention, boosting optimism for XRP’s potential to reach the $0.50 mark. The wallet now holds a total of 31.59 million XRP, indicating renewed interest and potential bullish sentiment for the cryptocurrency.

However, while this whale activity is seen as positive, concerns about potential selling pressure loom. If selling pressure increases, XRP’s price could test support at $0.407 and potentially drop further to $0.369. Therefore, investors are advised to approach with cautious optimism and monitor market fluctuations closely.

Read Also: Ripple and Nasdaq: A Tokenized Future for Stocks?

For savvy investors, monitoring whale wallet activities for potential market shifts is recommended. Investing in XRP if the price falls to around $0.40 or lower is worth consideration. Additionally, keeping an eye on technical indicators such as the Relative Strength Index (RSI) can provide valuable insights for informed trading decisions.

In terms of technical analysis, XRP advocate, Bill Morgan, has shared his strategy of purchasing XRP during dips to $0.40, viewing it as a buying opportunity. He also expressed willingness to buy more if the price drops to $0.375. On a technical level, XRP’s daily RSI has entered the overbought zone at 58.8, suggesting potential bullish momentum. Despite a 7.79% increase in the last 24 hours, XRP has faced an 8.72% decline over the past week. With a circulating supply of 56 billion XRP and a market cap of $24.1 billion, the $1.1 billion trading volume observed in the last 24 hours indicates substantial trading activity.

Conclusion

In summary, the recent whale activity in XRP highlights the dynamic nature of the cryptocurrency market. While the significant purchase has sparked optimism, potential selling pressure remains a pertinent concern. Investors are advised to stay informed and align their strategies with market conditions. The notable trading activity and technical analyses indicate a crucial juncture for XRP, balancing between potential bullish strides and cautionary resistance levels.

Read Also: Terra Classic (LUNC) and USTC: Holding On for Dear Life or Strategic Accumulation?


Follow us on Twitter, FacebookTelegram, and Google News

  • 69 Posts
  • 0 Comments
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat's insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
Loading...