As of June 30, the crypto market remains turbulent, with Bitcoin’s price plummeting to $58,500. Among the altcoins, XRP Coin has seen significant weakness, falling to critical low levels. Despite this downturn, large investors, known as whales, continue to accumulate XRP, raising questions about the coin’s future trajectory.
Whale Activity Raises Eyebrows
XRP Coin, which has been a source of disappointment for investors over the years, is currently hovering at $0.47. Notably, addresses holding between 1 million and 10 million XRP Coins have accumulated an additional 100 million coins in just 24 hours. This accumulation, valued at $47 million, stands out in a climate where individual investors are wary of further losses.
Despite the whale interest, the overall trend among individual investors remains downward. On-chain activity for XRP Coin is lackluster, with discouraging signals deterring further participation.
What Will Happen to XRP Coin Price?
Investors are hesitant to engage with the network due to the ongoing lack of profitability. The DAA divergence is signaling a sell, and the price has declined by 0.49%. Currently, the price is just below the support level at $0.473, but additional whale support might prevent further declines.
If the support level is breached, the next significant level is $0.46, with potential dips to $0.41 or $0.38. Conversely, reclaiming the $0.516 threshold could trigger a new upward phase, potentially driving the price to $0.74.
Practical Inferences for Investors
– Whale accumulation indicates potential confidence among large investors.
– On-chain activity remains weak, posing risks.
– Breaching support levels could lead to significant price declines.
– Reclaiming critical thresholds may initiate an upward trend.
No new updates have emerged regarding the ongoing lawsuit, and the SEC’s stance remains firm, especially with its recent focus on Ethereum. Investors remain cautious as they navigate these developments.