Ripple Labs-backed altcoin XRP is currently capturing attention in the cryptocurrency market. Recent on-chain data shows a significant whale activity, where an entity accumulated 30 million XRP coins within 24 hours. This large-scale acquisition has fueled speculations on the future price movements of the altcoin.
Whale’s Major XRP Purchase Raises Eyebrows
The acquisition involved transferring 29.7 million XRP, valued at $12.7 million, from Binance to an anonymous wallet. This transaction has strengthened optimism about XRP’s potential to reach the $0.50 mark. The wallet now holds 31.59 million XRP coins, signaling a renewed interest in XRP.
XRP faced a challenging period at the beginning of July, with its price plummeting to its lowest level since March 2023. During a market crash on July 5, XRP’s price dropped 12% to around $0.38. Bulls managed to recover some losses, and analysts believe that continued bullish momentum could push XRP towards $0.45 and potentially $0.50.
What If the Selling Pressure Increases?
However, if selling pressure resurfaces, XRP’s price might test the support level at $0.407 and could even drop to $0.369. Investors are advised to maintain cautious optimism given these potential fluctuations.
Actionable Insights for Investors
Actionable Insights
- Monitor whale wallet activities for potential market impact.
- Consider buying opportunities if prices drop to around $0.40 or below.
- Stay updated on technical indicators like RSI for better trading decisions.
Prominent XRP advocate Bill Morgan recently disclosed he purchased XRP over $0.40, viewing the recent dip as an opportunity. He expressed intentions to buy more if prices fall further to $0.375.
From a technical standpoint, XRP’s daily Relative Strength Index (RSI) has entered the overbought zone at 58.8, suggesting potential bullish momentum. Despite a 7.79% rise in the last 24 hours, XRP has fallen 8.72% 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 in the last 24 hours highlights strong trading interest.